Bob Diamond: The settlement window is closing as 24/7 trading opens up
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When I started my career at Morgan Stanley in the early 1980s, trades were executed over landlines and settled with handwritten tickets. Over the following four decades, the industry built a system that is remarkably good at what it does within the constraints of its architecture: business hours, centralised clearing, regulated intermediaries, and settlement cycles that have shortened from five days to one. These were sensible design choices for that era. But they are design choices, not laws of
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