On September 5, 2017, the U.S. Securities and Exchange Commission (SEC) is shortening the settlement cycle from three business days to two business days for most securities transactions, including but not limited to trades for stocks, corporate and municipal bonds, mutual funds, and unit investment trusts (UITs).
As a result, you will receive faster payment following the sale of a security. Additionally, you will be required to provide funds more promptly following the purchase of a security, or interest will begin accruing after settlement date if the debit has not been covered.
You can find more information about this industry-wide change by visiting the SEC website here.
Of course, If you have any questions, please do not hesitate to contact us.