T + 3 = X?

It's an unfortunate rule of thumb that when something brings benefits in one area it often causes problems in another. So it is with the move to T+3 in the US. Certainly, when the big day arrives on June 7 there will be a few teething problems, but the general perception seems to be positive. A move to clearance and settlement three days after a trade will reduce the risk to clearing firms, their participants and investors; and it will keep the US at the forefront of international competitiveness.