Sept 5 (Reuters) - Fitch:
* Fitch says US, Canada T+2 settlement to reduce counterparty risks
* Fitch says introduction of shortened settlement cycle for most financial products in U.S., Canada to reduce operational, systemic risks between each party
* Fitch says introduction of shortened settlement cycle for financial products in U.S., Canada will also improve capital, efficiency in financial system
* Fitch says over long term, T+2 settlement should result in cost savings for trading firms, including trust and processing banks and buy-side firms