May 14, 2024
Ops Notice 2024-024

TMX Group

TMX Operational Notice

Update: Changes to the Settlement Cycle (T+1)

Further to Operations Notice 2023-045 and Notice 2024-024, TMX Equities is reminding Participants that the settlement cycles in the Canadian and U.S. securities industries are being shortened from trade date plus two business days ("T+2") to trade date plus one business day ("T+1"). The first day of T+1 trading in the Canadian securities industry will be Monday, May 27, 2024. Since Monday, May 27, 2024, is a U.S. Holiday, the change to the settlement cycle in the U.S. securities industry is expected to be effective Tuesday, May 28, 2024.

Key Reminders:

Special Settlement Terms for Cash Next Day Delivery

In connection with the T+1 industry migration, orders and crosses submitted with special settlement terms for cash next day delivery will be rejected effective May 27, 2024.

Field Name

FIX Tag Value

Current Behaviour

Future Behaviour





Participants are advised to monitor any open GTC or GTD orders marked with special settlement terms for cash next day delivery. TMX Market Operations will contact any affected Participants as the T+1 migration date approaches. All other special settlement terms will continue to be handled normally.

This behavior is currently deployed in our GTE environment and updated specifications are available on the TMX Webstore.

T+1 Migration Record and Ex-Dates

The change to a T+1 settlement cycle results in ex-dates for dividends, distributions, and other corporate actions changing from one business day before the record date to the day of the record date. As a result of the transition from T+2 to T+1, no listed security will commence ex-dividend trading on Monday, May 27, 2024. The chart below provides examples of the ex-dates under the T+1 settlement cycle:

Record Date


Friday, May 24, 2024

Thursday, May 23, 2024

Monday, May 27, 2024

Friday, May 24, 2024

Tuesday, May 28, 2024

Tuesday, May 28, 2024

Wednesday, May 29, 2024

Wednesday, May 29, 2024

Should you have any questions, please contact Equities Operations for additional information.