New York, NY, May 24, 2024 – SIFMA today issued the following statement from Tom Price, managing director and head of technology, operations, and business continuity for SIFMA, on the transition to T+1 settlement:

“As we head into transition weekend and make final preparations for the move from T+2 to T+1 settlement, SIFMA’s members, along with our partners ICI and DTCC, have committed the time and resources to prepare, and that gives us a high degree of confidence as we proceed with the transition. We will be engaging in communications with the industry over the coming weekend and will assess how the work is going and address any issues which arise. Monday we will look to Canada, Mexico and Argentina as those countries move to T+1, and on Tuesday May 28, we will be ready for the market open on the effective date of the U.S. transition. Shortening the time between the trade date and settlement date reduces risk in the system, and the industry has worked hard to prepare for this important change.”

-30-

SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).