[New rules for US stock settlement, good for financial markets]

US stocks have officially started T+1 settlement, which is generally good for financial markets, but the volatility during the transition period may increase, which may affect the short-term volatility of the currency market and trader sentiment.

1. Starting from Tuesday (May 28), the trading settlement cycle of the US stock market will be officially shortened from the previous T+2 to T+1, and the trading system will remain T+0.

The benefits of shortening the settlement cycle are: improving market efficiency, saving transaction costs, reducing margin requirements, reducing market manipulation risks, and curbing speculative behavior;

The disadvantages are: traders will have less time to fix errors, which may lead to a short-term increase in the failure rate of transactions.

2. This Wednesday will be the transition period "double settlement day" when the T+2 transactions last Friday and the T+1 transactions this Tuesday will be settled on the same day. In order to avoid unexpected risks during the transition period and the increase in short-term failure rates, traders and brokers may reduce transactions, resulting in a lack of further upward momentum in the US stock market in the short term. The US stock index futures continued to slide after opening on Wednesday.

3. Short-term: Affected by this, the capital inflow of $BTC spot ETF may also be adversely affected. BTC may continue to consolidate and there is a possibility of further small correction.

4. Medium- and long-term: Shortening the settlement cycle will improve capital liquidity and transaction efficiency, and will also hit short-selling traders. In the medium and long term, it is good for the financial market.

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