SIA Pushes Next-Day Settlement Deadline to 2005
T+1 INITIATIVES
NEW YORK--The target date for the industry's conversion to next-day settlement processing has been moved from June 2004 to June 2005, the Securities Industry Association has announced. The move was widely expected by industry observers in the wake of the Sept. 11 terror attacks. The Wall Street date to ready systems for testing has been pushed from mid-2003 to mid-2004.
"In making this decision, the SIA board of directors considered member firms' needs to develop plans for 2002 that better
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