Wall Street’s T+1 Switch Is Proving Tougher Than Anticipated
- Poll of market players shows shift was tougher than expected
- Headcounts are still adjusting; buyside funding costs are up
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This year’s seemingly smooth transition to a faster settlement regime for US stocks turns out to have been far from plain sailing for many industry players, according to Citigroup Inc.
From overhauling arcane funding processes to relocating traders across oceans, the late-May switch to the system known as T+1 proved tougher than expected, the bank found in a survey of market participants.