As T+1 looms, non-US firms consider out-of-hours trading

Pruned settlement cycle forces foreign buy-siders to explore automating the FX leg of securities trades


Asset managers outside the US are looking to automate foreign exchange trades to help meet tighter cutoff times for settling the transactions.

The impending transition from T+2 to T+1 settlement in the US in May presents a logistical hurdle for non-US buy-side firms. When buying or selling US securities, the firms typically arrange the FX leg the day after trade execution. This FX transaction is then fed through to global settlement service CLS the following day, T+2.

The compressed timeline now

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