On September 28, 2016, the Securities and Exchange Commission proposed an amendment to Rule 15c6-1(a) of the Securities Exchange Act of 1934 to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days (T+3) after the trade date to two business days (T+2) after the trade date. This shortened settlement cycle is meant to enhance efficiency and reduce the credit, market, and liquidity risks faced by U.S. market participants.