The transition to a faster T+1 settlement cycle for U.S. securities transactions, implemented earlier this year, has had a greater-than-expected impact on market participants, according to a Citigroup survey. The shift, aimed at reducing risk within the financial system, has proven challenging, particularly in dealing with foreign currencies and markets. Europe has reported the greatest difficulties. Despite the intention to streamline processes, the industry has faced significant hurdles, with some estimates suggesting a cost impact of around $4 billion. Bloomberg noted that the US stock market is now as fast as it was about a hundred years ago.