The Public Securities Association welcomes the opportunity provided by the Securities and Exchange Commission to comment on "The Report of the Bachmann Task Force on Clearance and Settlement Reform in U.S. Securities Markets."

We support the efforts of the task force and believe that implementing the report's recommendations will result in reduced risk and greater efficiency in the U.S. securities markets. We are concerned, however, about the deadlines contained in the recommendations on compressing the settlement cycle to T plus 3 and same-day funds settlement, particularly with respect to the securities market.

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