Settlement times - Saudi Arabia

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 automatically be 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 channels, 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.

Settlement times in Central European Time (CET)

Teaser_CEST_dates_summertime

a. Free of payment transactions with change of beneficial owner are not permitted unless approved by the Saudi authorities.

Teaser_CET_dates_wintertime

a. Free of payment transactions with change of beneficial owner are not permitted unless approved by the Saudi authorities.

Settlement times in Arabic Standard Time (AST)

All year

a. Free of payment transactions with change of beneficial owner are not permitted unless approved by Saudi authorities.

Note: Clients should be aware that trade settlement takes place from Sunday to Thursday in Saudi Arabia, however CBL does not operate on Sundays. With the implementation of PTTP, settlement cycles ranging from T+0 to T+5 will be introduced for Negotiated Deals, which will allow clients to avoid Sundays as a settlement day. Clients who execute Negotiated Deals with their brokers on Wednesdays are strongly advised to ensure that the agreed settlement date (SD) between both parties does not occur on Sundays by agreeing to a T+0, T+1 or T+3/4/5 cycle. The client’s broker will be able to modify the settlement cycle as agreed between both parties and thereby avoiding Sundays as the settlement date (SD). Settlement of trades in Saudi Arabia is mandatory and trades failing to settle on SD will go through a fail trade (buy-in) process from SD+1 and may result in penalties being passed to the client from the client’s broker.

CBL’s deadline for both MT540 and MT541 new issue settlement instructions is SD -1 12:00 AST time.