US tightens trade settlement window + 1 more story

MacKenzie Scott donates $640M; US shifts to one-day trade settlements

Today ChatGPT read 1123 top news stories. After removing previously covered events, there are 2 articles with a significance score over 6.8.

[7.1] MacKenzie Scott donates $640 million to nonprofits
The Associated Press

MacKenzie Scott announced a $640 million donation to 361 small nonprofits, a major increase over the initial pledge. This marks Yield Giving's first donation round through a public application process, contrasting with Scott's prior method of selecting organizations without applications for unrestricted funds. Over 6,000 nonprofits applied, with 279 receiving $2 million each and 82 getting $1 million, based on evaluation scores. Scott has donated $16.5 billion since 2019.

[6.9] US accelerates asset trading settlement to one day
Financial Times [$]

Starting May 28, the US will shorten the settlement time for trades from two days to one. This change, known as T+1, aims to reduce risk and modernize the system. It was prompted by the GameStop trading frenzy in January 2021. The shift will be a challenge for investors and firms, especially outside the US, due to time zones and currency exchanges. Some may face higher costs and liquidity issues.

Highly covered news with significance over 6.5:

[6.6] Hong Kong lawmakers approve controversial national security law (The Associated Press + 5)

[6.6] US reaffirms defense commitment to Philippines amid China tensions (The Associated Press + 3)

[6.5] Apple developing MM1 generative AI model for text/image tasks (WIRED + 18)

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Vadim