Sterling Trading Tech Readies Broker-Dealers and Clearing Firms for May 28 T+1 Compliance
CHICAGO, March 20, 2024 – Sterling Trading Tech (STT), a leading global provider of technology in order management, risk and margin, and trading, today announced that it is working with brokerages, clearing firms, and market participants to assure their complete compliance with the SEC’s new rule to a T+1 settlement cycle on trades from the current T+2 cycle. The Rule is effective May 28, 2024.
The SEC stated on February 15, 2023: “The final rule is designed to benefit investors and reduce the credit, market, and liquidity risks in securities transactions faced by market participants.”[1] The Rule will also affect: institutional firms; straight through processing for clearing agencies that provide central matching services; and RIAs. As with all regulatory requirements impacting operations, affected firms must be in full compliance on the effective date.
STT shares the Commission’s view that risk reduction, lower latency, and increased efficiency can only benefit investors and markets. STT is fully ready to assist clients and market participants as they prepare.
Said David Weiss, CTO, at STT: “Our team has conducted a thorough analysis and assessed all potential impacts for T+1. We are ready and fully equipped to ally with our clients on implementation. STT has taken proactive measures to implement the requirements for reporting, and we encourage all firms to communicate with their clearing firms to ensure compliance on their end. Working with our team at STT will assure seamless navigation and implementation.”
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