SEC Proposes Reducing Settlement by One Day to T+2

The Securities and Exchange Commission (the “SEC”) has proposed to amend its Rule 15c6-1(a) to require broker-dealers to settle most non-exempt securities in T+2 instead of T+3, although shorter settlement is possible.  See proposal, here. Comments are due by December 5, 2016.  There seems to be little opposition to the basic shortening, which comes some 23 years after the adoption of the T+3 standard.  But there is some concern about the consequences of such an across-the-board requirement.