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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
In Brief: SIA Gives More Time On 1-Day Settlement
By: Niamh Ring
American Banker. Monday, October 15, 2001
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Excerpt: The Securities Industry Association announced Friday that the target date for completion of the industry's conversion to next-day settlement processing of securities (T+1) has been moved back a year, to June 2005, to give Wall Street more time to address business continuity issues. "The industry remains committed to straight-through processing leading to T+1," said Donald Kittell, executive vice president of the securities trade group, said in a press statement. Last month's terrorist attacks underscored the need for more extensive straight-through processing, and for a reduction in the manual processing of trade information and the physical movement of check payments and securities, Mr. Kittell said. Currently it takes three business days to settle securities transactions.
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