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Preparing for the 2024
Global Securities Settlement Cycle Crunch
Getting ready for the compression of the T+1 securities settlement cycle in May this year requires careful consideration, particularly for firms engaging in US stock trading from other global locations in non-USD base currencies. This consideration extends to firms situated in the United Arab Emirates, which is eight hours ahead of New York, the primary trading centre in the US. Gerard Walsh, global head of Client Solutions, Banking & Markets at Northern Trust, delves into the crucial matters facing Abu Dhabi based managers, and provides suggestions for effective preparation.
By May this year, the trade settlement cycle for US listed securities is stated to decrease from two days (T+2) to just one day (T+1). This change presents a variety of challenges for managers investing in US assets, irrespective of their global location. These challenges are especially acute for managers in locations and time zones with limited overlap with the trading hours of US markets, such as the European and Asia-Pacific markets. In the United Arab Emirates, where The New York Stock Exchange is a primary trading hub, the market opens at 9:30 am Eastern Daylight Time equivalent to 5:30 pm in Abu Dhabi.
