With effect from trade date on 22 May 2024, the SEC fee for US Market SELL trades will be revised from (0.0008%) to (0.00278%) of USD transaction amount (Min. USD0.01).
A copy of the US Commission’s order can be found at below: https://www.sec.gov/news/press-release/2024-47
Regarding the Important Notice with company website released on 22Feb2024. Please be reminded that the Canada stock market will shorten the settlement cycle to one business date after trade (T+1) from 27 May 2024 onwards. And the U.S. Stock market will also shorten the settlement cycle to one business date after trade (T+1) from 28 May 2024 onwards.
Please kindly remind clients to have sufficient funds in accounts on settlement date in order to avoid any overdue interest.
Refer to the announcements from the Canadian Capital Markets Association
On Feb. 15, 2023, the Securities & Exchange Commission (SEC) announced rule changes that will shorten the settlement cycle of U.S. securities to one business day after trade date (T+1), effective 28 May 2024 .
The resources below provide more detailed information on the transition to the T+1 settlement cycle:
• T+1 press release, with links to the Final Rule and Fact Sheet, issued by the Securities & Exchange Commission (SEC) on February 15, 2023.
• Shortening the Settlement Cycle website, hosted by the Depository Trust and Clearing Corporation (DTCC), which features links to the T+1 Implementation Playbook and T+1 Test Approach: Detailed Testing Framework, as well as related press releases, articles and T+1 frequently asked questions (FAQs) for industry participants.
Please kindly remind clients to have sufficient funds in accounts on settlement date in order to avoid any overdue interest.
More details will be announced once we have the update.