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US securities markets to switch to T+1 settlement cycle on May 28, Gensler says

( May 21, 2024, 19:47 GMT | Official Statement) -- MLex Summary: US Securities and Exchange Commission Chair Gary Gensler said the US securities markets will convert to a T+1 settlement cycle on May 28. This means that investors who sell their stock on a Monday will get their money the following day, also helping the markets because "time is money and time is risk," he said. The SEC addressed the shortened settlement cycle in response to the GameStop meme-stock trading frenzy in 2021.Statement follows below:...

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