Market Insights

This notification is to remind you of the upcoming migration of the standard settlement cycle to T+1  (one business day following trade date).  On May 24th, 27th, and 28th 2024, Jamaica, Canada, the U.S. and Mexico will move to T+1 cycles, removing a significant amount of time available for submission, affirmation and settlement of trades. 


As previously announced, the Securities and Exchange Commission (the "SEC") adopted an amendment to Rule 15c6-1 on February 15, 2023. The amendment will reduce the standard settlement cycle from two business days following the trade date to one business day following the trade date (i.e., from "T+2" to "T+1").

Other markets around the world are also discussing plans for a move to T+1 settlement to better align with Jamaica, Canada, Mexico, and the United States. 

Scotiabank’s Current Status

The Bank is prepared with an enterprise-wide focus on achieving operational readiness on a T+1 settlement cycle.  We began by establishing industry-recommended baseline metrics to track settlement efficiency, client allocation and affirmation, recall volumes, corporate action events and reconciliations.  Reinforced processes and controls to support the reduced timeline are now in place.  This involved the implementation of enhanced technology and vendor solutions across various platforms to automate manual processes, streamline workflows and manage escalations efficiently.

In addition to those closely aligned to the T+1 program, Scotiabank staff across the organization are enrolled in T+1 education and training as part of the Bank’s global learning program. 

What are the Expectations?

Please take the opportunity to identify and minimize areas of friction that may impede your ability to provide timely settlement instructions on trade date.

The transition from T+2 to T+1 results in changes to the affirmation, confirmation, and settlement process. We encourage you to review your internal processes and make any necessary adjustments related to changes in the trade settlement cycle.

Further Information 

It’s important to have modernized trade settlement systems and procedures to handle the technical changes related to T+1.  Otherwise, a significant increase in fails may result, leading to unwanted consequences such as increased operational costs, and reputational risk.   

Allocations should be made as soon as possible after order execution to provide enough time for affirmation processing.​  

Please ensure Standard Settlement Instructions (SSIs) are accurate and complete on Trade Date.

Should you have any questions or comments, or if you are experiencing challenges or pain points with any aspect of the transition to T+1, please contact your Scotiabank Relationship Manager.

Frequently Asked Questions