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*** Shortened settlement cycle..............>

US TSYS
US TSYS: *** Shortened settlement cycle (transaction settlement in 2 days or T+2
vs. prior 3-day or 7-3 settle) for most financial products in U.S. and Canada
starts today. While reducing "operational and systemic risks...and  improve
capital and efficiency," ratings agency Fitch said, "over the long term, this
should result in cost savings for trading firms, including trust and processing
banks, broker dealers and buy-side firms. Initially, there could be some
operational challenges associated with the infrastructure upgrades to meet the
shortened settlement cycle, particularly for smaller companies.

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