Settlement times - Canada

02.04.2019

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 any 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.

Settlement times in Central European Time (CET)

3 November 2019 - 7 March 2020 and 29 March 2020 - 24 October 2020

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
AP=Against payment FOP=Free of payment SD=Settlement date
Counterparties in the Canadian domestic market a
ReceiptsFOP15:00
SD-1
20:00
SD
20:00
SD b
13:00
SD
22:00
SD
 
AP15:00
SD-1
20:00
SD
20:00
SD b
13:00
SD
22:00
SD
SD
DeliveriesFOP15:00
SD-1
20:00
SD
20:00
SD b
13:00
SD
22:00
SD
 
AP15:00
SD-1
20:00
SD
20:00
SD b
13:00
SD
22:00
SD
SD
Counterparties in DTC
ReceiptsFOP15:00
SD-1
20:00
SD
20:00
SD c
14:30
SD
23:00
SD
 
AP d15:00
SD-1
20:00
SD
20:00
SD c
14:30
SD
23:00
SD
SD
DeliveriesFOP15:00
SD-1
20:00
SD
20:00
SD c
22:00
SD
23:30
SD
 
AP d15:00
SD-1
20:00
SD
20:00
SD c
22:00
SD
23:30
SD
SD

a. Transactions for physical securities (OTC) have to be instructed by:  

  • TD+1 by 19:00 CET (for matching)
  • SD by 19:00 CET (for settlement)

If instructions are sent later, they will be released to the market but will not be presented for settlement until the next business day.

b. With T+2 implementation, customers are required to instruct Canadian trades by 17:00 CET T+1 (Matching deadlines).

As part of the NI (National Instrument) 24-101 Amendments, institutional investors outside the western hemisphere will no longer be allowed an additional 24 hours to match their trades and will have to match their trades by 17:00 CET T+1. 

c. With T+2 implementation, customers are required to instruct trades with U.S./DTC counterparties by 20:00 CET T+1.

d. The settlement currency must be USD for against payment transactions. When an AP trade with a counterparty in DTC takes place during a federal holiday in Canada, the settlement takes place and confirmations are provided accordingly. However the cash (USD) will only be credited the next business day.

25 October 2020 - 31 October 2020 and 14 March 2021 - 27 March 2021
InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
AP=Against payment FOP=Free of payment SD=Settlement date
Counterparties in the Canadian domestic market a
ReceiptsFOP15:00
SD-1
20:00
SD
20:00
SD b
13:00
SD
22:00
SD
 
AP15:00
SD-1
20:00
SD
20:00
SD b
13:00
SD
22:00
SD
SD
DeliveriesFOP15:00
SD-1
20:00
SD
20:00
SD b
13:00
SD
22:00
SD
 
AP15:00
SD-1
20:00
SD
20:00
SD b
13:00
SD
22:00
SD
SD
Counterparties in DTC
ReceiptsFOP15:00
SD-1
20:00
SD
19:00
SD c
14:30
SD
23:00
SD
 
AP d15:00
SD-1
20:00
SD
19:00
SD c
14:30
SD
23:00
SD
SD
DeliveriesFOP15:00
SD-1
20:00
SD
19:00
SD c
22:00
SD
23:30
SD
 
AP d15:00
SD-1
20:00
SD
19:00
SD c
22:00
SD
23:30
SD
SD

a. Transactions for physical securities (OTC) have to be instructed by:  

  • TD+1 by 19:00 CET (for matching)
  • SD by 19:00 CET (for settlement)

If instructions are sent later, they will be released to the market but will not be presented for settlement until the next business day.

b. With T+2 implementation, customers are required to instruct Canadian trades by 17:00 CET T+1 (Matching deadlines).

As part of the NI (National Instrument) 24-101 Amendments, institutional investors outside the western hemisphere will no longer be allowed an additional 24 hours to match their trades and will have to match their trades by 17:00 CET T+1. 

c. With T+2 implementation, customers are required to instruct trades with U.S./DTC counterparties by 20:00 CET T+1.

d. The settlement currency must be USD for against payment transactions. When an AP trade with a counterparty in DTC takes place during a federal holiday in Canada, the settlement takes place and confirmations are provided accordingly. However the cash (USD) will only be credited the next business day.

Settlement times in Toronto Time

3 November 2019 - 7 March 2020 and 29 March 2020 - 24 October 2020

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
AP=Against payment FOP=Free of payment SD=Settlement date
Counterparties in the Canadian domestic market a
ReceiptsFOP09:00
SD-1
14:00
SD
14:00
SD b
07:00
SD
16:00
SD
 
AP09:00
SD-1
14:00
SD
14:00
SD b
07:00
SD
16:00
SD
SD
DeliveriesFOP09:00
SD-1
14:00
SD
14:00
SD b
07:00
SD
16:00
SD
 
AP09:00
SD-1
14:00
SD
14:00
SD b
07:00
SD
16:00
SD
SD
Counterparties in DTC
ReceiptsFOP09:00
SD-1
14:00
SD
14:00
SD c
08:30
SD
17:00
SD
 
AP d09:00
SD-1
14:00
SD
14:00
SD c
08:30
SD
17:00
SD
SD
DeliveriesFOP09:00
SD-1
14:00
SD
14:00
SD c
16:00
SD
17:30
SD
 
AP d09:00
SD-1
14:00
SD
14:00
SD c
16:00
SD
17:30
SD
SD

a. Transactions for physical securities (OTC) have to be instructed by:  

  • TD+1 by 13:00 EST (for matching)
  • SD by 13:00 EST (for settlement)

If instructions are sent later, they will be released to the market but will not be presented for settlement until the next business day.

b. With T+2 implementation, customers are required to instruct Canadian trades by 11:00 EST T+1 (Matching deadlines). As part of the NI (National Instrument) 24-101 Amendments, institutional investors outside the western hemisphere will no longer be allowed an additional 24 hours to match their trades and will have to match their trades by 11:00 EST T+1. 

c. With T+2 implementation, customers are required to instruct trades with U.S./DTC counterparties by 14:00 EST T+1 .

d. The settlement currency must be USD for against payment transactions. When an AP trade with a counterparty in DTC takes place during a federal holiday in Canada, the settlement takes place and confirmations are provided accordingly. However the cash (USD) will only be credited the next business day.

25 October 2020 - 31 October 2020 and 14 March 2021 - 27 March 2021
InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
AP=Against payment FOP=Free of payment SD=Settlement date
Counterparties in the Canadian domestic market a
ReceiptsFOP10:00
SD-1
15:00
SD
15:00
SD b
08:00
SD
17:00
SD
 
AP10:00
SD-1
15:00
SD
15:00
SD b
08:00
SD
17:00
SD
SD
DeliveriesFOP10:00
SD-1
15:00
SD
15:00
SD b
08:00
SD
17:00
SD
 
AP10:00
SD-1
15:00
SD
15:00
SD b
08:00
SD
17:00
SD
SD
Counterparties in DTC
ReceiptsFOP10:00
SD-1
15:00
SD
14:00
SD c
09:30
SD
18:00
SD
 
AP d10:00
SD-1
15:00
SD
14:00
SD c
09:30
SD
18:00
SD
SD
DeliveriesFOP10:00
SD-1
15:00
SD
14:00
SD c
17:00
SD
18:30
SD
 
AP d10:00
SD-1
15:00
SD
14:00
SD c
17:00
SD
18:30
SD
SD

a. Transactions for physical securities (OTC) have to be instructed by:  

  • TD+1 by 13:00 EST (for matching)
  • SD by 13:00 EST (for settlement)

If instructions are sent later, they will be released to the market but will not be presented for settlement until the next business day.

b. With T+2 implementation, customers are required to instruct Canadian trades by 11:00 EST T+1 (Matching deadlines). As part of the NI (National Instrument) 24-101 Amendments, institutional investors outside the western hemisphere will no longer be allowed an additional 24 hours to match their trades and will have to match their trades by 11:00 EST T+1. 

c. With T+2 implementation, customers are required to instruct trades with U.S./DTC counterparties by 14:00 EST T+1 .

d. The settlement currency must be USD for against payment transactions. When an AP trade with a counterparty in DTC takes place during a federal holiday in Canada, the settlement takes place and confirmations are provided accordingly. However the cash (USD) will only be credited the next business day.