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TORONTO - Canada, Mexico and Argentina on Monday started to settle securities trades faster, halving settlement time to one day, in a move designed to reduce counterparty risk and improve market liquidity.Market participants and regulators in the United States are paying close attention to the implementation of the so-called T+1 in Canada, Mexico and Argentina because Wall Street will shift to one-day settlement on Tuesday for equities, corporate and municipal bonds and other securities.
Volumes will likely be up to 25% lighter than normal due to the U.S. holiday on Monday, making it"somewhat of an advantage" for Canada, Evans added. A BYMA spokesman added that implementing the quicker settlement would"strengthen the friction-less arbitrage with other global markets and reduce counterparty risk in normal settlement, increasing security for capital markets participants."
The more countries or markets adopt T+1, the more efficient the faster settlement it will be for global investors.
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