DTCC Says 84% of Trades Are Ready for T+1 Shift in Two Weeks

The finance industry is revving up ahead of an official shift to faster settlement in two weeks.

In a sign that the sector is increasingly ready for the move, some 83.5% of transactions in April were “affirmed” — a mandatory step before settlement — by 9 p.m. Eastern Time on the day of the trade, compared to 75% in March, the Depository Trust & Clearing Corporation said Monday.

While asset managers with manual processes continue to lag, that brings the industry close to the DTCC’s target of 90%, which it says is necessary to maintain current levels of market efficiency ...