This week the US will go live with a sweeping project to modernise its markets, a move that will have repercussions for banks and asset managers around the world trading in the world’s biggest capital market.
On Tuesday the country will shorten the time it takes to finalise the millions of securities trades across its markets every day. To make it a continental affair, it will be joined by Canada, Argentina and Mexico.
The move will cover stocks, corporate bonds, exchange traded funds, mutual funds and options. It will also force fund managers around the world trading in North American securities to be more efficient at settling trades.