Settlement times - China - B-Shares
It is mandatory for customers who want to receive securities free of payment on their CBL account to send an appropriate receive free instruction to CBL.
Public holidays
The settlement period is affected by public holidays in the People’s Republic of China and as follows:
- For shares purchased or sold in Shanghai, by public holidays in New York;
- For shares purchased or sold in Shenzhen, by public holidays in Hong Kong.
Settlement Date (SD)
SD is defined as the later of the third business day in the People’s Republic of China after Trade Date and:
- (For Shanghai) the third business day after Trade Date on which banks in New York have been open for business; or
- (For Shenzhen) the third business day in Hong Kong after Trade Date. The deadline for receipt of valid instructions in CBL (SD-2/SD-1) is defined as the second/first business day in CBL preceding SD.
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 is 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)
27 October 2024 – 29 March 2025
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| Receipts | FOP | 00:00 SD-2 | 22:30 SD-2 | 20:30 SD-2 | 04:00 SD | 08:00 SD a | |
| AP b | 16:30 SD-2 | 22:30 SD-2 | 20:30 SD-2 | 04:00 SD | 08:00 SD a | SD | |
| Deliveries | FOP | 16:30 SD-2 | 22:30 SD-2 | 20:30 SD-2 | 04:00 SD | 08:00 SD a | |
| AP | 16:30 SD-2 | 22:30 SD-2 | 20:30 SD-2 | 04:00 SD | 08:00 SD a,c | SD | |
a. The expected settlement results will be received: between 06:00 and 08:00 SD for Shanghai B shares; and between 04:00 and 06:00 SD for Shenzhen B shares.
b. HKD for Shenzhen B shares; USD for Shanghai B shares.
c. Settlement funds are credited to the delivering customer's account, pending CSDCC’s transfer to and HSBC’s receipt of the funds at HSBC’s Hong Kong or U.S. cash correspondent. Non-receipt may result in a reversal of the funds.
31 March 2024 – 26 October 2024
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| Receipts | FOP | 01:00 SD-2 | 22:55 SD-2 | 20:30 SD-2 | 05:00 SD | 09:00 SD a | |
| AP b | 17:30 SD-2 | 22:55 SD-2 | 20:30 SD-2 | 05:00 SD | 09:00 SD a | SD | |
| Deliveries | FOP | 17:30 SD-2 | 22:55 SD-2 | 20:30 SD-2 | 05:00 SD | 09:00 SD a | |
| AP | 17:30 SD-2 | 22:55 SD-2 | 20:30 SD-2 | 05:00 SD | 09:00 SD a,c | SD | |
a. The expected settlement results will be received: between 07:00 and 09:00 SD for Shanghai B shares; and between 05:00 and 07:00 SD for Shenzhen B shares.
b. HKD for Shenzhen B shares; USD for Shanghai B shares.
c. Settlement funds are credited to the delivering customer's account, pending CSDCC’s transfer to and HSBC’s receipt of the funds at HSBC’s Hong Kong or U.S. cash correspondent. Non-receipt may result in a reversal of the funds.
Settlement times in Shanghai/Shenzhen time
27 October 2024 – 29 March 2025
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| Receipts | FOP | 07:00 SD-2 | 05:30 SD-1 | 03:30 SD-1 | 11:00 SD | 15:00 SD a | |
| AP b | 23:30 SD-2 | 05:30 SD-1 | 03:30 SD-1 | 11:00 SD | 15:00 SD a | SD | |
| Deliveries | FOP | 23:30 SD-2 | 05:30 SD-1 | 03:30 SD-1 | 11:00 SD | 15:00 SD a | |
| AP | 23:30 SD-2 | 05:30 SD-1 | 03:30 SD-1 | 11:00 SD | 15:00 SD a,c | SD | |
a. The expected settlement results will be received: between 13:00 and 15:00 SD for Shanghai B shares; and between 11:00 and 13:00 SD for Shenzhen B shares.
b. HKD for Shenzhen B shares; USD for Shanghai B shares.
c. Settlement funds are credited to the delivering customer's account, pending CSDCC’s transfer to and HSBC’s receipt of the funds at HSBC’s Hong Kong or U.S. cash correspondent. Non-receipt may result in a reversal of the funds.
31 March 2024 – 26 October 2024
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| Receipts | FOP | 07:00 SD-2 | 04:55 SD-1 | 02:30 SD-1 | 11:00 SD | 15:00 SD a | |
| AP b | 23:30 SD-2 | 04:55 SD-1 | 02:30 SD-1 | 11:00 SD | 15:00 SD a | SD | |
| Deliveries | FOP | 23:30 SD-2 | 04:55 SD-1 | 02:30 SD-1 | 11:00 SD | 15:00 SD a | |
| AP | 23:30 SD-2 | 04:55 SD-1 | 02:30 SD-1 | 11:00 SD | 15:00 SD a,c | SD | |
a. The expected settlement results will be received: between 13:00 and 15:00 SD for Shanghai B shares; and between 11:00 and 13:00 SD for Shenzhen B shares.
b. HKD for Shenzhen B shares; USD for Shanghai B shares.
c. Settlement funds are credited to the delivering customer's account, pending CSDCC’s transfer to and HSBC’s receipt of the funds at HSBC’s Hong Kong or U.S. cash correspondent. Non-receipt may result in a reversal of the funds.