The U.S. securities industry now has a target launch date for the planned move to a shorter securities settlement cycle.

The U.S. T+2 Industry Steering Committee announced on Monday that the U.S. securities industry is aiming to move from the current three-day settlement cycle (so-called T+3 settlement) to a two-day cycle (T+2) on Sept. 5, 2017.

The committee says that the implementation date was chosen based on input from industry participants, and in consultation with other markets globally. “In selecting the date, efforts were made to avoid any known high-volume days, large corporate action days or holidays,” it says.

The Canadian Capital Markets Association (CCMA) has previously said that it intends to meet the same target and timeline as the U.S. industry for moving to T+2 clearing. Last year, it established a T+2 steering committee to coordinate the required work in Canada.

The U.S. industry committee says that achieving the target implementation date will depend on regulators amending rules, and successful industry-wide testing in 2017. The move to shorten the U.S. settlement cycle is intended to “reduce operational, systemic and counterparty risk, lower liquidity needs and limit procyclicality,” the committee says. “A shorter settlement cycle will enhance U.S. market structure, improving safety and efficiency for investors.”