The SEC recently implemented its T+2, its move to a two-business day settlement cycle (down from T+3). As the futures industry works toward a T+0 cycle, the SEC has been slowly pushing the securities industry toward a shorter settlement period, which was changed to three from five days in 1995. The SEC states in its release: “The benefits of a shortened settlement cycle extend throughout the financial sector.  The shortened settlement cycle, which was largely enabled by advances in technology, should reduce certain risks in the clearance and settlement process, including credit, market, and liquidity risks for central counterparties, their members, and other market participants.  It also should enhance efficiency by promoting innovation and changes in market infrastructures and operations. “