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beginning September 5, 2017, the trade settlement period for U.S. and Canadian securities will be shortened to two days after the trade date (T+2). Currently, the settlement period is three days after the trade date (T+3).

This change is designed to reduce market risk and bring U.S. standards in line with those of other nations. The change may also benefit investors like you by reducing credit and liquidity risks present between the trade date and the settlement date. Securities impacted by this change include equities, corporate bonds, municipal bonds, and unit investment trusts, as well as financial instruments composed of these security types (ETFs, ADRs, and rights and warrants).

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