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U.S. urges Britain to pick a date for stock market shake up

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SEC chair urges timetable for plan to half the time it takes to settle a stock trade

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.

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