Settlement times - U.S.A.
The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL and in the local market. Customers must also ensure that any necessary provision is available. If one or more of these criteria are not met, CBL cannot guarantee timely settlement.
Important Note: As part of CBL’s internal compliance procedures, all incoming customer instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the Customer via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, Customers are advised to input instructions at least 15 minutes before the associated deadline.
Note: U.S. securities can be listed on foreign exchanges. For deadlines and details, please refer to the Multi-Market Securities Guide.
Settlement times in Central European Time (CET)
31 March 2024 – 26 October 2024 and 3 November 2024 – 8 March 2025
Instruction | Provisioning | Deadline for | Expected settlement results | ||||
start | end | from | to | value | |||
AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
Book-entry settlement via DTC’s Institutional Delivery (ID) service | |||||||
Receipts | AP | 16:15 | 16:55 | 16:55 | 04:30 | 20:00 | SD |
21:30 | 20:00 | ||||||
Deliveries | AP | 16:15 | 16:55 | 16:55 | 04:30 | 18:00 | SD |
21:30 | 20:00 | ||||||
Book-entry settlement in all other cases | |||||||
Receipts | FOP | 21:30 | 20:00 | 20:00 | 04:30 | 20:00 | |
AP | 21:30 | 20:00 | 20:00 | 04:30 | 20:00 | SD | |
Deliveries | FOP | 21:30 | 20:00 | 20:00 | 14:30 | 20:00 | |
AP | 21:30 | 20:00 | 20:00 | 14:30 | 20:00 | SD | |
Deliveries | FOP | 21:30 | 20:00 | 20:00 | 09:00 | 20:00 | |
AP | 21:30 | 20:00 | 20:00 | 09:00 | 20:00 | SD | |
Physical settlement | |||||||
Receipts | FOP | 21:30 | 20:00 | 20:00 | f | ||
AP | 21:30 | 20:00 | 20:00 | f | SD | ||
Deliveries | FOP | 21:30 | 20:00 | 20:00 | f | ||
AP | 21:30 | 20:00 | 20:00 | f | SD | ||
a. Instructions provisioned and released by the above-mentioned times will be affirmed and settled via DTC’s ID service provided that the instruction of the counterparty is in place for DTC ID settlement. CBL and Citibank will attempt to accept or to deliver securities that can no longer settle via the ID service through DTC’s same-day delivery service (which does not offer the added convenience of prior trade affirmation) - please refer to the “Book-entry settlement in all other cases” section.
b. This is the input deadline for customers with a positive ID affirmation profile and the cancellation deadline for customers with a negative ID affirmation profile.
c. To ensure timely processing, it is recommended that back-to-back instructions reach CBL by 20:30 on SD-1.
d. For deliveries to CBF and CREST accounts in DTC, the delivery instruction should be received in CBL before the following deadlines for same-day settlement (assuming that the instruction can be handled STP by our depository):
- For deliveries to CBF account 2000 in DTC: 15:45 CET;
- For deliveries to CREST account 2012 in DTC: 15:15 CET.
e. Against payment deliveries of DTC-eligible securities are now subject to RAD approval, eliminating risk of DK (Don’t Know), and deliveries are consequently confirmed intraday.
f. Expected settlement results times vary.
27 October 2024 – 2 November 2024 and 9 March 2025 – 29 March 2025
Instruction | Provisioning | Deadline for | Expected settlement results | ||||
start | end | from | to | value | |||
AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
Book-entry settlement via DTC’s Institutional Delivery (ID) service | |||||||
Receipts | AP | 15:15 | 15:55 | 15:55 | 04:30 | 20:00 | SD |
21:30 | 19:00 | ||||||
Deliveries | AP | 15:15 | 15:55 | 15:55 | 04:30 | 20:00 | SD |
21:30 | 19:00 | ||||||
Book-entry settlement in all other cases | |||||||
Receipts | FOP | 21:30 | 19:00 | 19:00 | 04:30 | 20:00 | |
AP | 21:30 | 19:00 | 19:00 | 04:30 | 20:00 | SD | |
Deliveries | FOP | 21:30 | 19:00 | 19:00 | 13:30 | 20:00 | |
AP | 21:30 | 19:00 | 19:00 | 13:30 | 20:00 | SD | |
Deliveries | FOP | 21:30 | 19:00 | 19:00 | 08:00 | 20:00 | |
AP | 21:30 | 19:00 | 19:00 | 08:00 | 20:00 | SD | |
Physical settlement | |||||||
Receipts | FOP | 21:30 | 19:00 | 19:00 | f | ||
AP | 21:30 | 19:00 | 19:00 | f | SD | ||
Deliveries | FOP | 21:30 | 19:00 | 19:00 | f | ||
AP | 21:30 | 19:00 | 19:00 | f | SD | ||
a. Instructions provisioned and released by the above-mentioned times will be affirmed and settled via DTC’s ID service provided that the instruction of the counterparty is in place for DTC ID settlement. CBL and Citibank will attempt to accept or to deliver securities that can no longer settle via the ID service through DTC’s same-day delivery service (which does not offer the added convenience of prior trade affirmation) - please refer to the “Book-entry settlement in all other cases” section.
b. This is the input deadline for customers with a positive ID affirmation profile and the cancellation deadline for customers with a negative ID affirmation profile.
c. To ensure timely processing, it is recommended that back-to-back instructions reach CBL by 20:30 on SD-1.
d. For deliveries to CBF and CREST accounts in DTC, the delivery instruction should be received in CBL before the following deadlines for same-day settlement (assuming that the instruction can be handled STP by our depository):
- For deliveries to CBF account 2000 in DTC: 15:45 CET;
- For deliveries to CREST account 2012 in DTC: 15:15 CET.
e. Against payment deliveries of DTC-eligible securities are now subject to RAD approval, eliminating risk of DK (Don’t Know), and deliveries are consequently confirmed intraday.
f. Expected settlement results times vary.
Settlement times in New York Time
31 March 2024 – 26 October 2024 and 3 November 2024 – 8 March 2025
Instruction | Provisioning | Deadline for | Expected settlement results | ||||
start | end | from | to | value | |||
AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
Book-entry settlement via DTC’s Institutional Delivery (ID) service | |||||||
Receipts | AP | 10:15 | 10:55 | 10:55 | 22:30 | 14:00 | SD |
15:30 | 14:00 | ||||||
Deliveries | AP | 10:15 | 10:55 | 10:55 | 22:30 | 14:00 | SD |
15:30 | 14:00 | ||||||
Book-entry settlement in all other cases | |||||||
Receipts | FOP | 15:30 | 14:00 | 14:00 | 22:30 | 14:00 | |
AP | 15:30 | 14:00 | 14:00 | 22:30 | 14:00 | SD | |
Deliveries | FOP | 15:30 | 14:00 | 14:00 | 08:30 | 14:00 | |
AP | 15:30 | 14:00 | 14:00 | 08:30 | 14:00 | SD | |
Deliveries | FOP | 15:30 | 14:00 | 14:00 | 03:00 | 14:00 | |
AP | 15:30 | 14:00 | 14:00 | 03:00 | 14:00 | SD | |
Physical settlement | |||||||
Receipts | FOP | 15:30 | 14:00 | 14:00 | f | ||
AP | 15:30 | 14:00 | 14:00 | f | SD | ||
Deliveries | FOP | 15:30 | 14:00 | 14:00 | f | ||
AP | 15:30 | 14:00 | 14:00 | f | SD | ||
a. Instructions provisioned and released by the above-mentioned times will be affirmed and settled via DTC’s ID service provided that the instruction of the counterparty is in place for DTC ID settlement. CBL and Citibank will attempt to accept or to deliver securities that can no longer settle via the ID service through DTC’s same-day delivery service (which does not offer the added convenience of prior trade affirmation) - please refer to the “Book-entry settlement in all other cases” section.
b. This is the input deadline for customers with a positive ID affirmation profile and the cancellation deadline for customers with a negative ID affirmation profile.
c. To ensure timely processing, it is recommended that back-to-back instructions reach CBL by 20:30 on SD-1.
d. For deliveries to CBF and CREST accounts in DTC, the delivery instruction should be received in CBL before the following deadlines for same-day settlement (assuming that the instruction can be handled STP by our depository):
- For deliveries to CBF account 2000 in DTC: 15:45 CET;
- For deliveries to CREST account 2012 in DTC: 15:15 CET.
e. Against payment deliveries of DTC-eligible securities are now subject to RAD approval, eliminating risk of DK (Don’t Know), and deliveries are consequently confirmed intraday.
f. Expected settlement results times vary.
27 October 2024 – 2 November 2024 and 9 March 2025 – 29 March 2025
Instruction | Provisioning | Deadline for | Expected settlement results | ||||
start | end | from | to | value | |||
AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
Book-entry settlement via DTC’s Institutional Delivery (ID) service | |||||||
Receipts | AP | 10:15 | 10:55 | 10:55 | 23:30 | 15:00 | SD |
16:30 | 14:00 | ||||||
Deliveries | AP | 10:15 | 10:55 | 10:55 | 23:30 | 15:00 | SD |
16:30 | 14:00 | ||||||
Book-entry settlement in all other cases | |||||||
Receipts | FOP | 16:30 | 15:00 | 15:00 | 23:30 | 15:00 | |
AP | 16:30 | 14:00 | 14:00 | 23:30 | 15:00 | SD | |
Deliveries | FOP | 16:30 | 15:00 | 15:00 | 08:30 | 15:00 | |
AP | 16:30 | 14:00 | 14:00 | 08:30 | 15:00 | SD | |
Deliveries | FOP | 16:30 | 15:00 | 15:00 | 03:00 | 15:00 | |
AP | 16:30 | 14:00 | 14:00 | 03:00 | 15:00 | SD | |
Physical settlement | |||||||
Receipts | FOP | 16:30 | 15:00 | 15:00 | f | ||
AP | 16:30 | 14:00 | 14:00 | f | SD | ||
Deliveries | FOP | 16:30 | 15:00 | 15:00 | f | ||
AP | 16:30 | 14:00 | 14:00 | f | SD | ||
a. Instructions provisioned and released by the above-mentioned times will be affirmed and settled via DTC’s ID service provided that the instruction of the counterparty is in place for DTC ID settlement. CBL and Citibank will attempt to accept or to deliver securities that can no longer settle via the ID service through DTC’s same-day delivery service (which does not offer the added convenience of prior trade affirmation) - please refer to the “Book-entry settlement in all other cases” section.
b. This is the input deadline for customers with a positive ID affirmation profile and the cancellation deadline for customers with a negative ID affirmation profile.
c. To ensure timely processing, it is recommended that back-to-back instructions reach CBL by 20:30 on SD-1.
d. For deliveries to CBF and CREST accounts in DTC, the delivery instruction should be received in CBL before the following deadlines for same-day settlement (assuming that the instruction can be handled STP by our depository):
- For deliveries to CBF account 2000 in DTC: 15:45 CET;
- For deliveries to CREST account 2012 in DTC: 15:15 CET.
e. Against payment deliveries of DTC-eligible securities are now subject to RAD approval, eliminating risk of DK (Don’t Know), and deliveries are consequently confirmed intraday.
f. Expected settlement results times vary.