Settlement times - Canada

The deadlines shown below are valid provided that the client's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL and in the local market. Clients 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 client 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 Client 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, Clients are advised to input instructions at least 15 minutes before the associated deadline.

Note for CEU clients: Please be advised that settlement instructions sent to CEU are subject to the applicable settlement cycles of the TARGET2-Securities (T2S) platform. During T2S Real-Time Settlement (RTS) hours—between 05:00 and 18:00 CET—CEU clients are strongly encouraged to submit instructions at least 15 minutes in advance of deadlines stated below to allow sufficient time for processing.  
Outside of RTS hours, including during night-time settlement, scheduled T2S maintenance windows, or periods when T2S may be temporarily unavailable, processing delays may be longer. Clients should refer to CASCADE/T2S settlement cycles  documentation to ensure alignment with cut-off times and operational schedules. For market deadlines outside of RTS hours, clients are advised to submit their instructions at least 15 min before the end of RTS processing in T2S.  

Settlement times in Central European Time (CET)

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, clients 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, clients 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.

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, clients 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, clients 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

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, clients 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, clients 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.

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, clients 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, clients 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.