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Posted By
Greg
Noble
greg.noble@cognitomedia.com

On the 28th day of this month, the United States trade settlement cycle will be reduced from two business days after trade data (T+2) to one (T+1). 

Canada and Mexico will join the U.S. on that date, meaning most of North America will work with a shortened trade cycle. 

While the change was announced in February of last year, the debate of when and how dates back until at least the introduction of T+2 in September 2017. 

A shortened trade cycle changes the processes companies use around methods and timing of trades, notifications, and recalls. The global centrality of American markets means that this shift's impacts will be felt internationally. 

That is reflected in the press coverage. 

Here we attempt a (non-authoritative) list of reporters creating influential material on the transition, from veterans to new faces. 

Claudia Preece, The Trade

Claudia joined The Trade as a Senior Reporter in May 2023 and primarily reports on trading markets, asset management, and funds. 

Speaking to sources from different backgrounds, she has reported on the need for data automation and has highlighted the trends and concerns from a UK standpoint. Earlier this year, Claudia interviewed Google’s Rohit Bhat for an engaging discussion about the impact of T+1 on digital assets.  

Sophia Thomson, Global Custodian

Joining the Global Custodian in early 2024, Sophia has already made an impact in the space. She concentrates on the funds and asset management industry, covering how T+1 will impact them. 

She has a global perspective, highlighting settlement news from Mexico, the US, and the UK.   

Huw Jones, Reuters

A mainstay of the financial regulation media scene, Huw has been the European Regulation Correspondent at Reuters for 15 years through many regulatory cycles, including various interactions of the Markets in Financial Instruments Directive or MiFID.

His European-tinged reporting was the first to nail down the likely date for T+1 in the UK – 2027.   

Jeremy Chan, Financial News

Jeremy has a Trans-Atlantic focus on regulation as the Trading and Technology Correspondent at Financial News, although his parent publication has largely left America. He arrived from Accountancy Age three years ago. 

Jeremy has quoted Neill Penney, group head of FX at LSEG and Mike Robertson, head of consulting at Delta Capita in T+1 stories.  

Mark Baker, Euromoney

Mark has been with Euromoney since 2015. He has held numerous positions at the publication as well as Global Capital and International Financing Review (IFR). 

In January, Mark published an informative piece on the potential disruption that could be caused following the rush to transition to T+1.  The piece posed some key questions and the troubles the UK and Europe may face if they follow the US and move to T+1 too hastily. 

Wesley Bray, The Trade   

Joining Claudia at The Trade is Wesley Bray who has been an Editorial Assistant at the publication since he joined back in 2020. 

Wesley has published several quality news pieces surrounding the T+1 settlement, publishing opinions from organizations such as BNY Mellon. Whenever developments arise, Wesley always produces timely and educational piece content for The Trades website. 

Greg Ritchie, Bloomberg

Greg started at Bloomberg in 2019 as a political reporter before becoming the FX & Fixed Income Reporter in 2020.  

Greg recently published an informative piece explaining the T+1 reasoning and its impact on markets. While the complex regulatory change has been in the media for a while, pieces explaining why something is happening are rarer and valuable. 

Alice Atkins, Bloomberg   

Alice was a producer at Bloomberg before re-focusing on emerging markets news and stock market news.  She has frequently covered the T+1 news with her colleague Greg Ritchie. She wrote about how Jupiter Asset Management plans to cope with faster US equity settlement. 

Laura Matthews, Reuters

In 2022, Laura joined Reuters as a Derivatives and Trading Correspondent following stints at FX Week and Euromoney. 

Laura has published important pieces on T+1, especially one in March outlining the problems that may arise for international funds. Her articles on the subject are always detailed and bring in the opinions of important players in the markets globally. 

Rick Steves, Finance Feeds 

Rick is currently the Managing Editor at Finance Feeds and The Industry Spread.  

For Finance Feeds, Rick has published well-sourced articles relating to T+1, with a few pieces looking at the changes' impact on Foreign Exchange (FX). His pieces always include insights from numerous sources, such as Alex Knight, Head of EMEA at Baton Systems, and James Maxfield, Chief Product Officer at Duco. 

The implementation date won’t mark the end of the beat. Many companies are behind, and we’ll see how much leeway the regulator gives these stragglers. And then eyes will turn to Europe and Asia, who have yet to set dates for T+1. We predict many more stories ahead, both from these talented journalists and others. 

Greg Noble is an account executive in London