Wall Street Reverts to T+1 Settlement, Impact on Crypto

華爾街恢復T+1結算，對加密貨幣的影響

Wall Street, the financial hub of the United States, has reverted to the T+1 settlement times, reminiscent of the 1920 era. This change, mandated by the U.S. Securities and Exchange Commission (SEC), has immediate effect.

美國金融中心華爾街又恢復了T+1結算時間，讓人聯想到1920年時代。這項由美國證券交易委員會 (SEC) 強制執行的變更立即生效。

Historical Context and Shift to T+1 Settlement

歷史背景與T+1結算的轉變

The last time trades were settled in a single day was over a century ago. The SEC's new rule, effective May 28, 2024, requires the switch to the T+1 system, which was previously abandoned due to its complexity.

上一次交易在一天內結算已經是一個多世紀前的事了。 SEC 的新規則於 2024 年 5 月 28 日生效，要求切換到 T+1 系統，該系統此前因其複雜性而被放棄。

While Wall Street firms have been preparing for the T+1 settlement by adjusting staff schedules, it will require some adjustment. The SEC anticipates "short-term upticks in settlement failures and challenges for a small segment of market participants" during the initial implementation.

儘管華爾街公司一直在透過調整員工排班來為T+1結算做準備，但這還需要一些調整。美國證券交易委員會預計，在最初實施期間，「和解失敗的情況會在短期內增加，並且會給一小部分市場參與者帶來挑戰」。

Market Efficiency and Crypto Comparison

市場效率與加密貨幣比較

Despite this move towards faster settlement times, Wall Street still lags behind the crypto market. Cryptocurrencies offer instant settlement, far exceeding the capabilities of traditional stocks.

儘管朝著更快的結算時間邁進，華爾街仍落後於加密貨幣市場。加密貨幣提供即時結算，遠超過傳統股票的能力。

However, analysts recognize that the SEC's decision to halve the settlement time is a significant step that will gradually align Wall Street's settlement practices with those of crypto.

然而，分析師意識到，美國證券交易委員會將結算時間減半的決定是重要的一步，將逐步使華爾街的結算實踐與加密貨幣的結算實踐保持一致。

Impact on Crypto Stocks

對加密貨幣股票的影響

Notably, certain crypto stocks, including Coinbase, MicroStrategy, Hut 8, and Marathon Digital, are expected to benefit from the new settlement scheme. The reduced lag time will facilitate faster transaction closures, potentially increasing investor exposure to these companies.

值得注意的是，包括 Coinbase、MicroStrategy、Hut 8 和 Marathon Digital 在內的某些加密股票預計將受益於新的結算計畫。延遲時間的減少將有助於更快地完成交易，這可能會增加投資者對這些公司的投資。

Conclusion

結論

The SEC's recent shift to T+1 settlement overturns the 2017 decision to extend the settlement period to two days. While firms must comply, market observers are monitoring how investors worldwide will navigate the anticipated initial hurdles.

SEC 最近轉向 T+1 結算，推翻了 2017 年將結算期延長至兩天的決定。雖然公司必須遵守規定，但市場觀察家正在監控全球投資者將如何應對預期的最初障礙。

Analysts believe that the traditional financial market may need to adopt the playbook of cryptocurrencies if it desires instantaneous settlements with no time lag.

分析師認為，傳統金融市場如果想要無時間差的即時結算，可能需要採用加密貨幣的策略。

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