It’s “imperative” that the $7.5 trillion-a-day currency market prepares for next year’s shift in how US equity trades will settle, said Anna Nordstrom, who heads domestic and international markets functions for the Federal Reserve Bank of New York’s markets group. That switch in May will cut in half to one day the time it takes equity transactions to settle in the world’s biggest stock market, in a practice known as T+1. It will leave US stocks out of step with foreign exchange, where trades typically take two days to complete. In prepared remarks for FX Markets USA 2023, an industry conference in New York on ... (full story)