Virtually all firms (98%) say they’re “very comfortable” or “somewhat comfortable” they’ll smoothly transition to T+2 on September, 5, 2017, reveals a survey by the Canadian Capital Markets Association (CCMA).

T+2 settlement is one of IIROC’s current priorities, with the SRO planning industry-wide testing for April and May 2017. IIROC’s 2017 report says, “In 2017, Canada and the U.S. plan to shorten the normal trade settlement cycle from T+3 to T+2. This is a U.S.-led initiative intended to reduce systemic risk and inefficiencies in the investment industry.” IIROC first published proposed amendments to trade settlement-related rules in July 2016.

Read: What IIROC’s prioritizing this year

So far, 80% to more than 90% of CCMA survey respondents say they’re very or somewhat confident their firms are on target to complete development and test successfully. Presently, 55% of dealers are in the test planning stages.

Read: Don’t miss important compliance reminders

This is CCMA’s second survey on T+2 settlement, and it garnered almost 50% more respondents than the first survey in May 2016. IIROC dealer respondents increased to 34 firms from 27, while MFDA dealer respondents remained at 3 firms–likely due to making direct sales that settle on a T+1 basis.

The most recent survey, which received 118 responses compared to 80 for the first one, was conducted in December 2016. About a third of respondents were buy side and about a third were sell side. The remainder were split among custodians, infrastructure and service providers.

Read full survey results here.

Also read: Examining IIROC’s guidance on order execution discount brokers