Banks and fund managers face shorter window to finalise deals as US reforms its securities market
European fund managers and banks face a rush to be ready for reforms to the US securities market in the wake of the meme stocks mania, or potentially face problems trading in the world’s biggest capital market. A rush of activity has been sparked by a US plan to halve the two-day window set aside to finalise millions of share and bond deals, starting next May. The move marks one of the biggest changes to the US market structure in recent years, with ramifications for traders around the world.
a European trade body for banks and brokers, estimates the move will mean an 83 per cent reduction in settlement times for local banks and investors. Moreover, the shift will throw US securities settlement out of lockstep with related global markets, including the vast $2tn a day spot foreign exchange market.
but he added that current currency settlement windows are also “based around central bank funding windows and cut-off times and so any changes made there, there’s potentially knock on impacts”. Another impact is in the ETF market, for funds that contain both US and non-US assets.
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Yinrun's Big Brother Entrance Has Already Inspired The Internet's Favourite New MemeAsh is the Entertainment Editor at HuffPost UK, based in the London office. He leads our mainstream TV coverage, focusing on daytime, primetime entertainment and drama. Ash first joined HuffPost UK in 2011 and has written for other titles including the Daily Star, Heat and Digital Spy. He has also presented digital celebrity chat show Build and HuffPost video series Good Vibes Only. When not writing about what's on the telly, he can usually be found watching it (Love Island, Strictly or Cruising
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