US T + 1 Settlement Date

This enhancement modifies the APL settlement date utility SLMODE to default the settlement date on trades occurring on or after May 28, 2024 to T+1 for most securities. On this date, US markets will transition to a T+1 standard settlement cycle for most publicly listed securities. The settlement date utility defines default settlement date by Issue Type (ISSTY). For most ISSTYs, the default settlement date will move from T+2 to T+1.

Since APL is a trade date system rather than a settlement date system, the importance of correct settlement dates is confined to a few areas. Specifically, settlement date is used when calculating bought/sold accruals on fixed income securities. Settlement date is also used in APL GEN4 for clients using the staggered trade logic for projected settlement date cash.

Some clients have custom default settlement date logic for specific ISSTYs. These defaults will remain in place unless they were T+1 in which case they will no longer require an override. Also, trades with a trade date prior to May 28, 2024 will remain unaffected by this change.