CLEARING & SETTLEMENT
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As markets adjust to the reality of one-day securities settlement in North America, what FX and funding complications could laggards face? And what systemic risks are market participants worried about if settlement fails rise?
In May 2024, securities settlement in the United States, Canada and Mexico moved from two days to one (T+2 to T+1). The move hopes to reduce counterparty and market risk and lower margin requirements, with a significant knock-on effect on the global FX markets.
Jason Vitale