The Securities Industry Association board scrapped its efforts to move...

The Securities Industry Association board scrapped its efforts to move the financial services industry to T+1 by 2005, saying there is no industry consensus for shortening the securities trade settlement cycle. Instead, SIA will focus on improving overall trading efficiency through the implementation of straight-through processing technologies. For now, the current three-day settlement cycle will remain intact, said Donald D. Kittell, SIA executive vice president.