Time to rake over the T+1 ashes.

Financial News, July, 2002

Byline: Richard Greensted

Elton John was right: sorry seems to be the hardest word. In fact, his 1976 hit should have become the anthem for T 1, next-day settlement. "It's sad, so sad, it's a sad, sad situation, and it's getting more and more absurd," he sang.The sentiment will certainly resonate with the US Securities Industry Association (SIA), which has rather gracelessly accepted the inevitability of its failure to convince a bleeding industry to spend $8bn (e8bn) on a project that had few admirers outside the consulting fraternity that made so much money out of it.

An apology, however, has not yet arrived from the SIA.

However many hundreds of millions have already been spent on T 1, the SIA clearly does not feel the need to put up its...

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