The cost of settling trades could be cut by $170m across the financial services industry if 24 hours were sliced off the process, according to the latest survey from US investment consultancy the Boston Consulting Group.

Regulators and market watchdogs, including the European Commission and the International Organization of Securities Commissions, have already made the case for a cut, arguing that it reduces risk inherent in trading. But the twin benefits of risk and cost reduction will only bear fruit if all parties to a trade have the requisite processes and technologies in place, according to people working in the settlement industry.