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SDA should be more rigorously implemented in order to reduce any risks. I am sure that has the potential to become a global standard in itself.

I am more keen on looking at it from an integrated point of view where at many key places of the world, the settlement cycles differ with one another.

With UK coming to T+2, it would be mostly in sync with Germany, but would differ with US and Canada who still practice T+3. The Asians are more incoherent with cycle ranging between T+1 to T+3. Post-crisis nature of the trading activity has become more delicate and with European economy loosing confidence as a whole, the movement to T+2 by UK should be evaluated carefully at systemic levels.

While it might be in accordance to Basel III norms of reducing counterparty risk exposures and also reducing costs of transactions among the presently incoherent economies, the need of the hour is a careful evaluation of acceptance for such a step in terms of global harmonization.

Quite rightly said when you mentioned about the issues with the large European or american financial organisations which are sitting cashless. When no cash, they cannot think of new car bacause new one comes with a premium. No matter even if the vendors launch multiple variants (from a basic one to full-specced), the banks dont have the money and hence dragging the existing setup.

The immediate need is to address the core issues banks are facing, reducing ops costs and increasing risk coverage across asset portfolio. IT will be one of the enablers to achieve this but t has to start with pruning down the existing car bit by bit. In parallel picking the newer ones bit by bit and building the new car.