February 19, 2022
This is a step in the right direction but wholly insufficient. 2 years for t+1 is laughable. The technology exists for instant settlement. Anything less is a feeble attempt to protect the estamblishment that has proved over and over they are incapable of self restraint, (let alone self regulation).
Regulators have came out and admitted to their current ineffectiveness. Well instant settlement puts an end to all of that.
Settlement time only exists as they are today to give more opportunities to institutions over retail. With the proliferation of dark pools, swaps, and who knows how many other derivatives you are creating a ticking time bomb. Furthermore you are disenfranchising a generation of investors that are starting to see the markets, regulators and politicians for what they are. The tide is going out and everyone is naked, fat and greedy.
PS. Short selling should have stayed banned in 1792.