February 18, 2022
In a modern world where trading billions of trades can be executed in seconds, there is no reason to justify a settlement period of T+2 any further. I argue that the settlement should be within minutes, in fact, and not measured in days. Regardless, this proposed rule would move us toward the goal of keeping our trading systems up to date.
I refuse to believe that market makers cannot afford to the manpower to update their systems to allow for instantaneous settlement. The fact of the matter is that market makers benefit greatly from T+2 since they have 48 hours or longer (weekends) to locate securities that for all we know, many not actually exist.
I strongly support the implementation of S7-05-02 as a way to make our markets slightly more fair and believe that any who speak against it are clearly speaking on behalf of too-big-to-fail companies who depend on T+2 to make the level of profit they're at today.