The T+1 testing cycle has officially begun in the US. Launched by DTCC and the T+1 Industry Working Group (IWG), it will comprise 21 bi-weekly testing cycles running for nine months through 31 May 2024. Participating infrastructures include DTCC’s subsidiaries such as the National Securities Clearing Corporation (NSCC) and the Depository Trust Company (DTC). Exchanges involved include Cboe and Nasdaq.

The test programme presents opportunities for free-form testing and various scenarios for non-standard settlement, including holiday processing, corporate actions, and double-settlement days.

Participants are not required to execute each scenario and are not limited to testing only the scenarios provided in the test plan. Instead, DTCC recommends that participants “should consider the various processes and systems impacted by the T+1 functional changes at their firms and determine their own scope of testing, with the scenarios as a guideline for each firm’s unique circumstances”. There is also no limit on how many testing cycles firms may choose to participate in.


DTCC has published a detailed testing framework as a guide to help firms plan and execute their T+1 testing.