LONDON - Britain should set a date for halving the time it takes to settle a stock trade - and stick with it, U.S. Securities and Exchange Commission Chair Gary Gensler said on Thursday.
Gensler told an event in London held by UK Finance, a banking industry body, that the U.S. move cut the average amount of margin required by clearing houses by 25% to 30%, equivalent to about $3.8 billion, in first two days."It went smoothly," Gensler said, via video-link."I wouldn't shy away from saying how important it is to just set a date and stick with it," Gensler said.
The move to T+1 is seen as a precursor to same day settlement for stocks, already in place in China for A shares.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.