Settlement times - Japanese debt securities

14.06.2021

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)

30 October 2022 - 25 March 2023

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
AP=Against payment FOP=Free of payment SD=Settlement date
Japanese Government Bonds (JGBs)
Receipts

FOP

21:30
SD-1
10:50
SD
10:50
SD
01:00
SD
12:15
SD 

AP

21:30
SD-1
03:55
SD
03:55
SD a
01:00
SD
08:00
SD 

SD

Deliveries

FOP

21:30
SD-1
10:50
SD
10:50
SD
01:00
SD

12:15
SD 

AP

15:00
SD-1
03:55
SD
03:55
SD a
01:00
SD
08:00
SD 

SD

Corporate debt securities and municipal bonds (JASDEC)
Receipts

FOP

04:00
SD-1
03:55
SD
03:55
SD
04:00
SD
06:00
SD 

AP

21:30
SD-1
03:55
SD
03:55
SD
04:00
SD
06:00
SD

SD

Deliveries

FOP

21:30
SD-1
03:55
SD
03:55
SD
04:00
SD
06:00
SD

AP

15:00
SD-1
03:55
SD
03:55
SD
04:00
SD
06:00
SD

SD

a. Deadline is for automatic pre-matching (PSMS); deadline for non-STP and telephone pre-matching is 02:55 on SD.

26 March 2023 - 28 October 2023

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
AP=Against payment FOP=Free of payment SD=Settlement date
Japanese Government Bonds (JGBs)
Receipts

FOP

21:30
SD-1
11:50
SD
11:50
SD
02:00
SD
13:15
SD 

AP

21:30
SD-1
04:55
SD
04:55
SD a
02:00
SD
09:00
SD 

SD

Deliveries

FOP

21:30
SD-1
11:50
SD
11:50
SD
02:00
SD
13:15
SD

AP

16:00
SD-1
04:55
SD
04:55
SD a
02:00
SD
09:00
SD 

SD

Corporate debt securities and municipal bonds (JASDEC)
Receipts

FOP

05:00
SD-1
04:55
SD
04:55
SD
05:00
SD
07:00
SD 

AP

21:30
SD-1
04:55
SD
04:55
SD
05:00
SD
07:00
SD

SD

Deliveries

FOP

21:30
SD-1
04:55
SD
04:55
SD
05:00
SD
07:00
SD

AP

16:00
SD-1
04:55
SD
04:55
SD
05:00
SD
07:00
SD

SD

a. Deadline is for automatic pre-matching (PSMS); deadline for non-STP and telephone pre-matching is 02:55 on SD.

Settlement times in Japan Standard Time (JST) - All year around

N.B.: The deadline for physical settlement is 08:55 on SD-1.

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
AP=Against payment FOP=Free of payment SD=Settlement date
Japanese Government Bonds (JGBs)
Receipts

FOP

05:30
SD-1
18:50
SD
18:50
SD
09:00
SD
20:15
SD 

AP

05:30
SD-1
11:55
SD
11:55
SD a
09:00
SD
16:00
SD 

SD

Deliveries

FOP

05:30
SD
18:50
SD

18:50

SD

09:00
SD
20:15
SD 

AP

23:00
SD-1
11:55
SD
11:55
SD a
09:00
SD
16:00
SD 

SD

Corporate debt securities and municipal bonds (JASDEC)
Receipts

FOP

12:00
SD-1
11:55
SD
11:55
SD
12:00
SD
14:00
SD 

AP

05:30
SD-1
11:55
SD
11:55
SD
12:00
SD
14:00
SD

SD

Deliveries

FOP

05:30
SD
11:55
SD
11:55
SD
12:00
SD
14:00
SD

AP

23:00
SD-1
11:55
SD
11:55
SD
12:00
SD
14:00
SD

SD

a. Deadline is for automatic pre-matching (PSMS); deadline for non-STP and telephone pre-matching is 10:55 on SD.