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SEC votes to shorten securities settlement time to two days

A sign for the Securities and Exchange Commission (SEC) is pictured in the foyer of the Fort Worth Regional Office in Fort Worth, Texas June 28, 2012. REUTERS/Mike Stone

By Sarah N. Lynch

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission voted unanimously on Wednesday to shorten the amount of time it takes for stock and bond trades to settle, from three business days down to two business days.

The final rule, which has wide support from Wall Street, is slated to take effect in early September.

(Reporting by Sarah N. Lynch; Editing by Chizu Nomiyama)