Wall Street's top regulator was poised Wednesday to adopt rules tightening the time-frame for stock trades in an effort to tamp down the kind of risk seen in 2021's GameStop fiasco, when retail investors suffered heavy losses.
People exit the headquarters of the U.S. Securities and Exchange Commission in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly
Feb 15 - Wall Street's top regulator was poised Wednesday to adopt rules tightening the time-frame for stock trades in an effort to tamp down the kind of risk seen in 2021's GameStopThe U.S. Securities and Exchange Commission was also due to vote on whether to propose changing rules protecting client assets held by investment managers.
Officials say shortening the time between when a securities order is placed and when a trade concludes can lessen the kind of "systemic risk" spotlighted in early 2021 when the share price of the consumer electronics retailer GameStop Corp plummeted during a bout of intense market volatility.to cut the so-called settlement cycle to a single business day from two, six years after an earlier SEC rule shortened the period from three days.
Market participants' eagerness to move to the shorter settlement cycle "will help expedite the transition and overcome any obstacles," such as expensive systems updates and industry-wide changes to processes, Cornell University Law Professor Birgitta Siegel said in
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