advent.com | info@advent.com How to Plan & Prepare for T+1 A Guide for Asset & Wealth Managers THOUGHT LEADERSHIPAfter many years of discussion and anticipation, T+1 is becoming a reality. The US Securities and Exchange Commission has finalized rules to shorten the standard settlement time for most securities trades from two business days to one. The move is intended to “reduce latency, lower risk, and promote efficiency as well as greater liquidity in the markets,” according to the SEC Chair Gary Gensler. 1 The rule covers trades in equities, corporate bonds, unit investment trusts, mutual funds, ETFs, ADRs, and options. In previous transitions—specifically T+3 to T+2 in 2017—implementation was a straightforward matter in respect to changing a few settings in trading and a

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