D.  Shortening of JGB settlement cycle  The Bank also has been supporting market participants with regard to shortening the time lag between the execution of JGB trading and settlement. Back in 1984, when the FISC was established, there was no standard settlement cycle for JGBs, varying among each trade.
From 1986 to 1987, the settlement cycle was standardized to within 10 business days from the trade date, with settlement only on particular days. 7 The settlement cycle was then shortened to T+7 in 1996, and to T+3 in 1997, each through rolling settlement, which became the standard settlement cycle for JGBs for 15 years.