---
slug: 001-us-equities-settlement-cycle
origin: U.S. Securities and Exchange Commission — amendments to Rule 15c6-1 shortening the standard settlement cycle for US securities to T+1
origin-url: https://www.sec.gov/rules/final/2023/34-96930.pdf
edition: 2024-05-28
license: CC0-1.0
converter: hand-authored
content-hash: sha256:ac35428fc6181045c9b43e4ddc798e52209e97ca7ec03ed41c66583dee117f68
status: authoritative
---

# US equities settlement cycle (T+1)

The US standard settlement cycle was shortened **T+2 → T+1** under SEC Rule
15c6-1, with a **compliance date of 28 May 2024**. A standard US-equity trade
therefore settles **one business day** after its trade date, where business days
exclude weekends and US market holidays.

## The cutover edge

The move produced a one-off **"double settlement day"**:

- The last T+2 trade date, Fri 24 May 2024, settled Wed 29 May 2024 — Mon 27 May
  was Memorial Day, a US market holiday, so the two business days after Friday
  land on Wednesday.
- The first T+1 trade date, Tue 28 May 2024, also settled Wed 29 May 2024.

So trades struck under the old and the new cycle converged on a single
settlement date, 29 May 2024.

## Editioning

Prior editions are retained under `superseded/`, so the `@2017-09-05` edition (the T+2
rule in force before the cutover) still resolves. A trade is settled under the
cycle in force **on its trade date**, not under today's rule applied
retroactively.

This is a hand-authored distillation, not a verbatim reproduction of the rule
text. Cite this document by its registry `KB-NNNN` id, pinned to the `@2024-05-28` edition.