CCMA T+2 Organization Structure (2015-2018)
Between 2015 and 2017, the CCMA and its committee members worked with American counterparts to shorten the three-day settlement date for securities to T+2 (two days after trade date). An industry-led initiative in Canada, it was driven by the U.S. plan to reduce this period as a way to lower margin and liquidity needs, particularly during times of economic volatility; to lessen credit and counterparty exposure; and to align the standard North-American securities settlement cycle with that of Europe and other G-20 countries.
The T+2 Project was completed successfully in Canada in sync with U.S. (and certain other) capital markets when Canada moved to T+2 on September 5, 2017 for trades executed that day. September 7, 2017 was the date of the first two-day settlement. The project continued into the spring of 2018 as the CCMA and industry completed a post-mortem report to prepare for an expected further reduction in the settlement cycle at some future date.
Below you will find access to the work of the committees that worked on T+2, including issues list (right sidebar) for the major work streams.