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 Date||Trade Day||Settlement Date||Settlement Day|
|Final T+3 trading day||4 March 2016||Friday||9 March 2016||Wednesday|
|7 March 2016||Monday||9 March 2016||Wednesday|
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 date||Ex period|
|Up to and including Tuesday 8 March 2016||3 business days|
|On and after Wednesday 9 March 2016||2 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.
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.