February 9, 2022
To whom this may concern,
Currently I work for an order management system providers who owns around 50% of the OMS market place. One day settlements are in the realm of possibility under the current technological systems in place. There are a good amount of checks and balances in place for clients sending out and receiving orders via FIX. T+1 settlements are already supported in some cases for clients.
T+0 settlements we should shy away from. Given we are in a high tech society we have the means to do so. But I answer phone calls and emails every single day and there are trade breaks between Brokers Clients custodians all of the time. Instant settlements would be hard to support with the margin for error being that much slimmer. The mistakes that could be made would be hard to roll back and I think it leaves a lot of people in a vulnerable place. At the end of the day sometimes it is best to help protect people from themselves.