Among potential problems with shorter settlement cycles were issues around securities lending, foreign exchange transaction and delivery of physical securities.

FORBES: Securities Settlement Cycle -- T+2 Gets Chatted Up But No Date

It would be a huge benefit to international trade to eliminate currency valuation risk and transaction (exchange) costs.

FORBES: Irish Stress Tests: Bailout To Cost $99B, Banking Sector To Consolidate

In the past, the fees were bundled into the exchange rate on each transaction and not explicitly shown on statements.

BBC: Paying the price for foreign transactions

The news blog FT Alphaville got a hold of the defense filing Goldman Sach submitted last year when the Securities and Exchange Commission was investigating the complex securities transaction that is at the center of its fraud suit against the Wall Street bank.

FORBES: Goldman's 'Everyone Does It' Defense

This allows banks to cover both their forward exchange and option exposures efficiently, with great savings in transaction costs.

FORBES: Euroflop

Other stocks should be contemplated as long-term plays because of the transaction costs:Your broker must go through an Aussie counterpart, adding overseas commissions and foreign-exchange spreads to the U.S. brokerage fee.

FORBES: Aussie Stock Guide