In addition, the SEC and the industry have been working jointly to shorten the settlement cycle to two days for many securities products, culminating in the SEC’s adoption of amendments to Rule 15c6-1(a) earlier this year.
2  authorities need in order to effectively resolve a CCP, the potential incentives related to using various loss-allocation tools in resolution, the application of the “no creditor worse off” safeguard, and the formation of crisis management groups--a key step in facilitating cross-border regulatory coordination in the event of a failure of a systemically important CCP.