New settlement cycle grants NSCC members clearing fund relief
The move to a shorter settlement cycle for US equities, introduced in September 2017, has spared members of the National Securities Clearing Corporation (NSCC) hundreds of millions in mandatory default fund contributions.
US equities markets moved from a T+3 to a T+2 settlement cycle on September 5, 2017. NSCC, a clearing service within the Depository Trust & Clearing Corporation (DTCC), says after that date the default fund was recalculated to account for the reduced settlement risk
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