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Investing October 12, 2001
SIA to Recommend T+1 Delay
October 12, 2001 (PLANSPONSOR.com) - The Securities
Industry Association (SIA) is expected to announce later
today that it recommends the postponement of T+1
settlement.
Reported by Camilla Klein
According to a report by the Securities Industry News, the SIA will recommend that the original T+1 deadline be moved by one year, from June 2004 to June 2005.
SIA officials are scheduled to meet with Securities and Exchange Commission Chairman Harvey Pitt later today to discuss the decision, which follows the wake of last month’s terrorist attacks.
The delay had been expected since many firms are still dealing with their contingency plans, which include setting up backup facilities.
The SIA has spearheaded the move to T+1 and in June of 2000 issued a business case study recommending setting a 2004 deadline for initiating one-day settlement.