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The CCMA Board, at its April 2021 meeting, formally approved a new CCMA priority: co-ordinating the Canadian capital markets’ review of shortening the settlement cycle from the current North-American standard of T+2 to T+1 – the day after a trade is made.  Canadian financial services members have been involved in discussions of a reduced settlement cycle with U.S. counterparts since last year, and the CCMA became involved directly this past February. U.S. industry leads have now formally announced efforts to accelerate the securities settlement cycle from T+2 to T+1, with a date for the change to be identified later this year.

The CCMA led national industry-wide efforts to reduce the settlement cycle from T+5 to T+3 in 1995, and from T+3 to T+2 in 2017, on the same day as the U.S. given Canada’s and the U.S.’s highly inter-related capital markets.  After a successful transition, CCMA members completed a T+2 Project – Post-Mortem Report (2018), which provides useful guidance for CCMA Advisory Council members working on the T+1 project.  The CCMA will post additional information as it becomes available under Resources.

TORONTO, April 19, 2018 – The Canadian Capital Markets Association (CCMA) today released their T+2 Project:  Post-Mortem Report (the Report), analyzing Canadian efforts between 2015 and 2017 to shorten the payment cycle for securities purchased from three to two business days after a transaction.  T+2 trading and settlement of equity and debt securities, and for the purchase and redemption of mutual funds, was implemented in Canada on September 5, 2017, with changes co-ordinated with similar conversions in the U.S. and other global markets. Read more

TORONTO, September 8, 2017 – The Canadian Capital Markets Association (CCMA) today announced that Canadian market participants successfully concluded efforts to transition Canada’s capital markets to a two-business-day (T+2) settlement cycle from a three-business-day (T+3) cycle.  The transition required careful co-ordination among hundreds of people and many financial entities in the investment industry in Canada, the U.S. and other countries.  The T+2 trading of equity and most debt securities, and the purchase of most mutual funds, was implemented effectively in Canada on Tuesday, September 5, 2017 in alignment with the U.S. and other markets.  T+2 settlement – payment for those securities – was completed smoothly two days later on September 7, 2017.

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TORONTO, May 29, 2017 – The Canadian Capital Markets Association (CCMA) announced today that fewer than 100 days remain until Canada’s financial markets move to shorten the time between when a securities transaction is made, and when the related securities and cash are exchanged. With the introduction of “T+2” settlement effective September 5, 2017, both Canada and the U.S. plan to shorten their securities settlement periods to two days from three. Read more