The unnoticed and extremely smooth transition from T+3 to T+2 provides the Industry the con dence to continue working toward further risk reduction in the securities settlement pro- cess. The unclear timeline for the next shortening of the securi- ties settlement cycle (T+1 or T+0?) gives us an opportunity to discuss potentials, plan, and leverage those transitional activities that caused the awless success of the transition to T+2. Let’s explore and discuss, recognizing that the further shortening of the settlement cycle will continue to be an Industry initiative and may add to the level of operational risk within custody insti- tutions. It is important to focus on this emerging risk to custody organizations.