The SEC Issues Proposed Rules on the Move to T Plus One

The SEC has issued proposed rules on the move to T plus one. The date is not yet settled, but there's a fairly strong consensus that it will be around Labor Day 2024. Some folks also have suggested even moving from T plus one to a trade date settlement so that you would actually settle at the end of the trading day. But in some ways, there's maybe a little less work for us. We actually already support T plus one settlement and even T zero end of day settlement. So we're waiting for the SEC to finalize those rules. And the whole industry really has to move together.