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About the Effort

The Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and The Depository Trust & Clearing Corporation (DTCC) are collaborating on efforts to accelerate the U.S. securities settlement cycle from T+2 to T+1.

On February 15, 2023, the SEC adopted final requirements for a May 28, 2024, implementation date for the move to T+1 settlement for transactions in US cash equities, corporate debt, and unit investment trusts.

The T+1 Playbook, T+1 Test Approach, and other updated T+1 documentation provide a detailed approach to identifying the potential impacts, implementation activities, timelines, dependencies, and risk impacts that market participants should consider in order to successfully prepare for the transition to a T+1 Settlement Cycle on May 28, 2024.

  • T+1 Conversion Guide

    T+1 Conversion Guide

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  • T+1 Test Approach: Detailed Testing Framework

    Updated Testing Document

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  • The Key to T+1 Success: 90% Affirmation by 9 PM ET on Trade Date

    Download the report to better understand the importance of affirmation, insights on the current state affirmation rates across the industry and specific actions we can all can take now to improve upon them prior to T+1.

  • The Key to T+1 Success

    The Key to T+1 Success

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  • Understanding the Role of Affirmation

    For U.S. institutional trades, the affirmation process takes place before the settlement instruction is sent to the depository. However, in non-U.S. markets, affirmations are generally embedded within the depository system - in what is known as pre-settlement matching between the local broker and the local custodian. To meet the industry goal for same-day affirmation, it is critical that we are all on the same page about the role of affirmation in U.S. Post Trade Processing.


    Learn About the Steering Committee and Working Groups

    T+1 Industry Playbook

    Download the Industry Playbook

    Frequently Asked Questions

    Find Answers to Frequently Asked Questions


    Find Related Documents


    Read Related Press Releases & Connection Articles

    Settlement By the Numbers

    Find More Data