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Hudson Depository Clearance Center Group

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Hudson Depository Clearance Center Supports Shorter Settlement Cycle Initiative

Hudson Depository Clearance Center announced this week that it is prepared to meet or exceed the reduced settlement cycle proposed by financial regulators worldwide.

Providenciales, Turks and Caicos Islands, October 20, 2012 --( Interest in a shorter cycle increased after a European Commission reported in early 2011 the need for a consistent cycle in the EU. In the draft proposal, securities legislation would require a consistent T + 2 cycle across Europe. Most Europe-based markets settle on T+3, with the obvious exception being Germany, which settles on T+2.

Settlement cycles contrast in other markets and areas around the world.
 The settlement cycle was reduced from T+5 to the present T+3 in 1995 after improvements in computerization.

The industry twice looked at reducing the cycle again since then. Once in 2000 by the Securities Industry Association which was the precursor to the Securities Industry and Financial Markets Association. The Securities and Exchange Commission also tried four years later but subsequently decided that the required technology was not available to facilitate a shorter cycle.

The value of all U.S. equity and bond trades, which settle on T+3, averaged nearly $448 billion per day last year. Shortening the timeframe would reduce those costs and risks for financial institutions involved in trading including clearing houses and transfer agents.

This information circular and the website (hereafter called the "website") are administered by Hudson Depository Clearance Center Group (hereafter called "HDCC"). Please read and consider the following terms and conditions carefully before acting on any information in this circular or accessing the website and any information contained therein.

This circular and the website is provided for informational purposes only as supplemental means of disclosure according to legal requirements and should be regarded together with other sources. Although every effort is made to include exact and up-to-date information in this circular and the website, we make no warranties or representations as to the accuracy of the information, which may not hold all the information or may not correspond precisely to the information released to the media.

The purpose of this circular and the website is to provide information to HDCC’s clients and stakeholders, as well as news releases for the media. Items displayed on the website may contain important information as defined by International Securities and Exchange Law.

This circular and the website hold forward-looking financial information. HDCC makes no warranties or guarantees with respect to forward-looking financial information, which is subject to risk and uncertainty. Note that the specified goals or objectives may not be attained for a variety of reasons, including changes in the industry environment.

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Disclaimer - Please note that HDCC disclaims any liability, expressed or implied, for any direct, indirect, secondary, consequential, or exceptional damages arising out of or in any way associated with actions taken on the basis of the information available in this circular and or the website. HDCC reserves the right to alter the contents of this circular or the website at any time without prior notification. HDCC is not obliged to alter or update the information on the website, including without limitation any forecast or other forward looking reports contained therein. The website contains links and banners allowing users to access other websites which are not administered by HDCC and the company accepts no liability whatsoever for the use of such websites.
Contact Information
Hudson Depository Clearance Center Group
Sidney Taylor

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