(July 18 – 10:15 ET) – CIBC Mellon has launched a new section on its Web site entitled “Moving to T+1”. The section makes available information on the move to a trade date plus one (T+1) settlement cycle. The site can be accessed at www.cibcmellon.com/t+1.
“In launching this new section of our site CIBC Mellon is demonstrating our commitment to clients to keep them informed on this very important industry initiative,” said Thomas C. MacMillan, CEO, CIBC Mellon. “Our goal is to assist our clients in adopting an infrastructure that will accommodate a shorter settlement cycle.”
Although Canadian securities market currently settles trades on a T+3 cycle, the industry has realized the need to improve efficiencies and reduce risk in the system. The “Moving to T+1” site educates visitors on this issue by providing an overview of T+1, CIBC Mellon’s own approach, several frequently asked questions and answers, a glossary and links to other relevant industry sites. This site will be updated regularly as new information becomes available.
-IE Staff