Shorter securities settlement cycle in the US will limit the time allowed for the corresponding FX settlement cycle. We have been actively engaging with sell- and buy-side clients and industry bodies to better understand the implications of the T+1 shift on the FX community. As the industry moves forward, prioritizing execution and operational efficiency across the asset manager and fund community will remain a focal point, and we will continue to work to address any emerging issues in collaboration with our settlement members and the wider FX market.