A looming shift in the way US equity trades are settled is sending unintended shock waves through the $7.5 trillion-a-day global market for foreign exchange. At major financial institutions including banks, brokers and investment houses, currency desks are preparing for the world’s biggest stock market to halve the time it takes to settle equity transactions to just one day. That switch — due in May next year — will put US stocks out of step with the world of foreign exchange, where trades typically take two days to complete. It means many overseas institutions trying to buy American assets will need to secure ... (full story)