SECURITIES AND EXCHANGE COMMISSION 17 CFR PART 240 [RELEASE NO. 33-8398; 34-49405; IC-26384; FILE NO. S7-13-04] RIN 3235-AJ19
AGENCY: Securities and Exchange Commission.
ACTION: Concept release; Request for comment.
SUMMARY: The Securities and Exchange Commission ("Commission") is seeking comment on methods to improve the safety and operational efficiency of the U.S. clearance and settlement system and to help the U.S. securities industry achieve straight-through processing. First, the Commission is seeking comment on whether the Commission should adopt a new rule or the self-regulatory organizations should be required to amend their existing rules to require the completion of the confirmation and affirmation process on trade date ("T+0") when a broker-dealer provides delivery-versus-payment or receive-versus-payment privileges to a customer. Second, the Commission is seeking comment on the benefits and costs associated with implementing a settlement cycle for most broker-dealer transactions that is shorter than three days ("T+3"). Third, the Commission is seeking comment on reducing the use of physical securities.
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