On Feb. 15, 2023, the Securities & Exchange Commission (SEC) announced rule changes that will shorten the settlement cycle of U.S. securities to one business day after trade date (T+1), effective 28 May 2024 .

The resources below provide more detailed information on the transition to the T+1 settlement cycle:

• T+1 press release, with links to the Final Rule and Fact Sheet, issued by the Securities & Exchange Commission (SEC) on February 15, 2023.

• Shortening the Settlement Cycle website, hosted by the Depository Trust and Clearing Corporation (DTCC), which features links to the T+1 Implementation Playbook and T+1 Test Approach: Detailed Testing Framework, as well as related press releases, articles and T+1 frequently asked questions (FAQs) for industry participants.

Please kindly remind clients to have sufficient funds in accounts on settlement date in order to avoid any overdue interest.

More details will be announced once we have the update.