Australia and New Zealand: Change from T+3 to T+2 Settlement Cycle


Clearstream Banking1 advises customers that, with effect from

Monday 7 March 2016

the Australian and New Zealand settlement cycles for all debt and equities trades will shorten from a T+3 to a T+2 settlement cycle.

The change to settlement cycles is a result of efficiency market reforms being implemented by the Australian Securities Exchange (ASX) and the New Zealand Exchange (NZX).

Trading and settlement

The implementation dates for the new settlement cycles for the Australian and New Zealand markets are as follows.

Trade DateTrade DaySettlement DateSettlement Day
Final T+3 trading day4 March 2016Friday9 March 2016Wednesday

First T+2
trading day

7 March 2016Monday9 March 2016Wednesday

Corporate Actions

As a result of the change in settlement cycles, the corporate action ex-period will be reduced to 2 days (including record date), as follows.

Record dateEx period
Up to and including Tuesday 8 March 20163 business days
On and after Wednesday 9 March 20162 business days

Impact on customers

Customers are requested to note the above changes and to send timely settlement instructions to Clearstream Banking accordingly to avoid settlement delays.

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1.Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for CBF customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.