T+1 Information and Tools


The CCMA and the organizations it works with prepare and share material to help advance a smooth transition to T+1, should the U.S. capital markets proceed with their proposed move to a shorter standard settlement cycle.  Examples include white papers, submissions, surveys, checklists, and so on.  Below is Canadian information, followed by links to U.S. and international T+1 material, as well as links to CCMA T+2 resources that also may be useful.

Canadian T+1 Information

Note:  Latest CCMA T+1 Asset List v.2 Jan. 31, 2023  (under further revision) / Mise à jour de la liste des actifs T+1 v.2 31 janvier 2023 (en cours de révision)

August 30, 2023: Summary of the Second T+1 Readiness Survey Results / 30 août 2023 : Résultats du sondage de l’état de préparation à T+1

April 5, 2023:  CDS Documentation – T+1 Industry Test Plan Approach

March 22, 2023:  Webinar The ValueExchange, CCMA and TMX Survey Result

March 8, 2023:  Survey Results – ValueExchange “Operationalizing T+1”

February 23, 2023:  White Paper – The Move to T+1 – A business case for automating the middle office (Firebrand Research with Torstone Technology)

February 21, 023:  Publication – T+1 Implementation Date – The U.S. Securities and Exchange Commission Sets May 28, 2024 (CIBC Mellons Straight Talk)

February 15, 2023:  CCMA Announces SEC Releases Final T+1 Rules, Date
15 février 2023: 
La SEC publie les règles finales afférentes au passage à T+1 et la date de transition

February 9, 2023:  CCMA Letter to SEC – Risks of Q1 Implementation v. Benefits of Labour Day 2024

January 31, 2023: Updated CCMA T+1 Asset List / 31 janvier 2023 : Mise à jour de la liste des actifs T+1

January 31, 2023: Updated Recommended T+1 ITP Processing Timing  / 31 janvier 2023 : Recommandations mis à jour des modifications T+1 apportées au cycle de traitement de la CDS

December 22, 2022:  Plain Language Summary of Confirm Requirements

December 15, 2022:  CCMA Announcement – Canadian securities regulators outline steps to support transition to T+1 / Le 15 décembre 2022 : Annonce de l’ACMC – Les autorités en valeurs mobilières du Canada décrivent les étapes à suivre pour appuyer la transition vers T+1

December 15, 2022 / 15 décembre 2022 :  

December 1, 2022:  CDS Migration to T+1 (Business Requirements)

September 12, 2022: Investment funds and the move to T+1:  The best solution to the complex transition may be flexibility” (Executive Executive), Paul Bourque, President and CEO, Investment Funds Institute of Canada

July 31, 2022:  CCMA publishes list of assets changing to a T+1 settlement cycle in various formats, with explanation of changes

July 31, 2022:  CCMA issues T+1 Awareness Survey Results (July 29, 2022) (see July 31 newsletter for a summary of highlights)

July 31, 2022:  Recommended T+1 CDS Scheduler Adjustments / 31 juillet 2022 :Recommandations et répercussions des modifications T+1 apportées au cycle de traitement de la CDS

May 31, 2022:  CCMA requests comments on List of Assets Moving to T+1 Settlement / L’ACMC invite vos commentaires sur la Liste d’actifs canadiens T+1 pour l’ACMC

May 31, 2022:  CCMA seeks feedback on T+1 awareness in the industry:

May 2, 2022: CCMA seeks comments on list of assets expected to change to standard T+1 settlement cycle

April 29, 2022:  CCMA issues high-level integrated T+1 timeline, reflecting Fundserv and U.S./SEC timelines

April 11, 2022:  CCMA responds regarding T+1 implementation date to SEC request for comments on proposed T+1 rules

April 11, 2022:  IIAC replies to SEC regarding T+1 proposals

April 11, 2022:  CDS/TMX recommends common T+1 implementation date in answer to SEC request for comments on proposed T+1 rules

February 3, 2022:  CSA issues Staff Notice 24-318 – Preparing for the Implementation of T+1 Settlement

January 31, 2022:  CCMA issues January newsletter, Time to Talk T+1 / L’ACMC a publié le dernier numéro de son infolettre :  « C’est le temps de parler T+1 »

December 20, 2021:  IIAC Publishes Op Ed – IIAC and Members Working with CCMA towards T+1

December 1, 2021: CCMA Confirms Faster Securities Settlement Project in Canada Is a Go / 1 décembre 2021 : L’ACMC confirme que le projet de règlement accéléré des valeurs mobilières au Canada sera mis en œuvre

November 16, 2021:  Update on CCMA T+1 Settlement Efforts (CIBC Mellon, Straight Talk)

August 17, 2021:  Article – U.S industry plots move to T+1; Canada is also considering a move to the shorter settlement cycle

June 21, 2021:  CDS Bulletin – Canada’s Transition to T+1 – June 1, 2021.pdf

April 30, 2021:  Article – Contemplating T+1 for Canada – As the U.S. industry considers shorter settlement, the CCMA ponders it too

April 29, 2021:  CCMA Announcement – Study of Shortening the Standard Canadian Settlement Cycle to T+1


April 19, 2018:  T+2 Project Post-Mortem Report (CCMA)

July 6, 2017:  Canadian List of Assets at Standard T+2 Settlement Date (CCMA)

November 10, 2000:  Economic Case for Canada to Move to T+1 (Charles River Associates)

U.S. T+1 Related Information

March 23, 2023:   DTCC T+1 Test Approach (updated)

March 23, 2023:   T+1 Impacted Product Scope

February 15, 2023:  SEC releases final T+1 rules and transition date for T+1

February 15, 2023 – DTCC T+1 Test Approach: Detailed Testing Framework

December 20, 2022:  SIFMA urges SEC to choose Q3 2024 for T+1 implementation (posted on SEC website January 13, 2023)

December 20, 2022:  SIFMA/ICI/DTCC publishes updated T+1 Implementation Playbook (main change relates to securities lending notice recall)

November 17, 2022: Suzanne Quinn (Baillie Gifford Overseas Ltd) makes recommends proposals to SEC to address FX concerns

November 4, 2022:  U.S. Senator Thom Tillis asks SEC to comment on volume of SEC regulatory proposals and capacity

October 10, 2022:  Nine industry associations write to ask SEC to publish T+1 implementation date (CCMA is a signatory)

September 30, 2022:   DTCC letter to SEC re content, time period, and method for submission of annual report

August 25, 2022:  SIFMA letter to SEC regarding T+1 settlement and affirmation

August 3, 2022:  SIFMA letter to SEC re importance of e-delivery in a T+1 environment

September 19, 2022:  Industry gears up for T+1 settlement but needs SEC clarity (Pensions & Investments), Brian Croce

August 1, 2022: SIFMA, ICI and DTCC issue T+1 Playbook, Workbook, and other material to help prepare for the move to T+1

April 11, 2022:  T+1 proposal responses to the SEC

April 5, 2022:  SIFMA/ICI/DTCC joint presentation on accelerating settlement to T+1

March 30, 2022:  Asset Servicing Times article (p. 19) on the countdown to T+1 with David Smith from Broadridge Consulting Services.

February 9, 2022:  Shortening the Securities Transaction Settlement Cycle (Securities and Exchange Commission (SEC) File No. S7-05-22, Request for Comments on T+1, including implementation by March 31, 2024, and on T+0 (247 pages))

February 7, 2022: T+O? More risk, fewer benefits (Sifma op ed)

December 1, 2021:  SIFMA, ICI and DTCC lay out path to shorten U.S. securities settlement cycle to T+1 (joint news release by SIFMA, ICI, DTCC)

December 1, 2021: Accelerating the U.S. Securities Settlement Cycle to T+1 (a ‘roadmap’ for shortening the settlement cycle to T+1, including considerations, recommendations, and next steps)

August 31, 2021:  U.S. T+1 Microsite (DTCC)

August 13, 2021:  Letter to U.S. SEC Chairman Gensler re T+1 (Sifma, ICI, DTCC)

April 28, 2021:  DTCC Proposes Approach to Shortening U.S. Settlement Cycle to T+1 Within 2 Years

April 28, 2021:  Media Release – U.S. Leading Effort to Shorten U.S. Securities Settlement Cycle to T+1, Collaborating with the Industry on Next Steps (SIFMA, ICI and DTCC)

March 31, 2021:  Interview – How Recent Volatility and Margin Requirements Make the Case for T+1 Settlement (Nasdaq Talks; five-minute listen)

February 24, 2021: White Paper – Advancing Together: Leading the Industry to Accelerated Settlement (DTCC)

February 27, 2020: Working Paper – Settling Down; T+2 Settlement Cycle and Liquidity (Utah University Centre for Growth and Opportunity)

Non-North-American T+1-related Information

September 21, 2022:  T+1 Settlement in Europe: Potential Benefits and Challenges (discussion paper) Association for Financial Markets in Europe (AFME), September 2022

September 21, 2022:  AFME calls for industry discussion on shortening settlement cycles in Europe, Global Custodian, Jonathan Watkins

September 1, 2022:  The Operational Twists and Turns in the Race to T+1, Traders Magazine, Rob McGowan, Senior Sales Executive, Gresham Technologies

February 16, 2022: India going live on T+1 on 25 February 2022 (DTCC announcement it is working with India’s T+1 Industry Working Group (IWG); two main objectives are avoiding both an increase in the number of unconfirmed trades a shift of India into a pre-funding market)

November 12, 2021: “Explainer: All You Need to Know about T+1 Settlement” (Palak Shah, The Hindu Business Line)

November 9, 2021:  “Stock exchanges to start T+1 settlement cycle from Feb 25, 2022 in phases(Ashley Coutinho, Business Standard)

November 9, 2021:  “Top Indian Stocks to Switch to New Settlement Cycle Only in 2023(Dhwani Pandya and Ashutosh Joshi Bloomberg) 

Note:    The Centre for European Policy Studies (CEPS) and European Capital Markets Institute (ECMI) held a December 15, 2022 joint event titled: Settlement cycle: Should it stay (T+2) or should it go (T+1)?