December 19, 2023
Ops Notice 2023-045

TMX Group

TMX Operational Notice

Changes to the Settlement Cycle (T+1)

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.

The T+1 industry testing period is scheduled in two week cycles beginning Friday, January 12, 2024 through to Friday, April, 26, 2024. Details surrounding the test are available in the CDS T+1 Detailed Industry Test Guide which can be found on the CDS T+1 portal. For more information related to the test, please reach out to the CDS T+1 technical team at

The TMX Equities Gateway Test Environment ("GTE") will be available for clients to enter orders and trades during the T+1 industry testing period. GTE will be operating with an updated opening time of 8:30am as of January 12th in order to accommodate the CDS testing schedule. Hourly trade files will be sent to CDS from 9am to noon, with a final trade file at 12:30pm. Clients should only perform T+1 testing on the symbol list utilized for the testing period, which can be found here.

For more information, please contact TMX Market Operations at