Settlement process - International (CBL)


Settlement cycles

Bonds, MTNs:usually T+3
Money market instruments:from T+2 to T+0
Equities and equity-linked instruments:usually T+3
Investment funds:dependent on the terms and conditions of the prospectus

Settlement flow

Please refer to the service specifications of the respective ICSD or CSD.


Registered securities are rare on international markets. There is no standard procedure for recording the owner’s name in the book of the issuer or of the issuer’s registrar.

Stamp duty

Certain issues may be subject to stamp duty, depending on the terms and conditions of the security and the applicable domestic law.