Societe Generale Extends Night Shift as US Trading Speeds Up (1)

Societe Generale SA is extending the hours of a night shift team to prepare for the US reducing the time to settle securities transactions to just one day.

Luxembourg-based settlement staff in the bank’s securities services arm, which has around €4.9 trillion ($5.3 trillion) of assets under custody, will work until midnight, from 10 p.m. local time previously, according to Mathieu Maurier, who heads the division’s operations in the country. That’s to help ensure trades go through smoothly ahead of the move to so-called T+1.

“Most of the transactions we are getting from clients are between 10 ...