Daily · Settlement Speed & Exchange Rules · August 13, 2026

Accelerated settlement and collateral requirements

The UK is moving to a T+1 securities settlement cycle, with a publication date of August 13, 2026, and an effective date of October 11, 2027. This represents a fundamental shift in how transactions are finalized for buy-side and sell-side firms, financial market infrastructures, and third-party service providers, requiring significant operational adjustments to meet the shorter window. Simultaneously, the US SEC has proposed a rule change regarding the LCH SA CaLM Minimum Cash Collateral Requirement and the LCH Liquidity Risk Policy. This proposal, which specifically impacts LCH SA, focuses on the minimum cash collateral required to mitigate liquidity risks. Our read: These updates signal a coordinated push to reduce systemic risk by increasing settlement speed and tightening liquidity controls.

US exchange operations and fee updates

The SEC has implemented an amendment to the Plan for the Allocation of Regulatory Responsibilities. This change affects a broad range of market participants, including NYSE American, Cboe, Nasdaq, and FINRA, altering how regulatory duties are shared across these exchanges and agencies. In a separate move, Nasdaq PHLX LLC has updated its pricing schedule, specifically modifying the Customer Rebate Program and Multiply Listed Options Fees. These changes directly impact the cost of trading and the incentives for liquidity providers operating on the PHLX exchange. Our read: These adjustments reflect a technical realignment of the US equity and options ecosystem to optimize regulatory oversight and pricing.

Renewed window for regulatory exemptions

The SEC has reopened the comment period for entities requesting exemptive relief from certain aspects of Rule 17ad-22(e)(18)(iv), pursuant to Section 36(a) of the Securities Exchange Act of 1934. This provides a renewed opportunity for firms seeking relief from specific regulatory requirements under this rule to submit their requests or provide additional input. Our read: This reopening provides a critical window for firms to secure specific regulatory carve-outs that could reduce their overall compliance burden.

This overview is informational, not legal or compliance advice. Consult your lawyer or compliance specialist on specific decisions.

Sources

This overview is based on official regulator publications for the period:

EU (1)

UK (1)

US (14)