T+1 Settlement Efforts: Canadian Outlook and Considerations

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April 2023

Canadian financial services members have been involved in discussions of a reduced settlement cycle with U.S. counterparts since early last year. U.S. industry leads have now formally announced efforts to accelerate the securities settlement cycle to T+1 from T+2.

CIBC Mellon is playing an active role in the readiness and consultations taking place across the industry leading up to the T+1 implementation.

On top of creating a project team to assess the operational impacts of T+1, CIBC Mellon employees actively participate in various T+1 working groups with key industry stakeholders in order to stay at the forefront of regulatory and industry changes.

In establishing a comprehensive team of knowledgeable professionals, we can not only ensure our readiness but ensure we are supporting clients through this transition by means of providing localized insights.

For more information, read our paper.




This article is provided for general information purposes only and CIBC Mellon and its affiliates make no representations or warranties as to its accuracy or completeness, nor do any of them take any responsibility for third parties to which reference may be made. This article should not be regarded as legal, accounting, investment, financial or other professional advice nor is it intended for such use.

About CIBC Mellon

CIBC Mellon is a Canadian company exclusively focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. Founded in 1996, CIBC Mellon is 50-50 jointly owned by The Bank of New York Mellon (BNY Mellon) and Canadian Imperial Bank of Commerce (CIBC). CIBC Mellon's investment servicing solutions for institutions and corporations are provided in close collaboration with our parent companies, and include custody, multicurrency accounting, fund administration, recordkeeping, pension services, exchange-traded fund services, securities lending services, foreign exchange processing and settlement, and treasury services.

As at December 31, 2023, CIBC Mellon had more than C$2.6 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY Mellon network, which as at December 31, 2023 had US$47.8 trillion in assets under custody and/or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company, and may be used as a generic term to refer to either or both companies.

For more information – including CIBC Mellon's latest knowledge leadership on issues relevant to institutional investors active in Canada – visit www.cibcmellon.com or follow us on Twitter @CIBCMellon.