Settlement times - China - China Interbank Bond Market
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 a | 17:00 | 06:55 | 06:55 | 11:00 | 12:00 | |
AP b | 17:00 | 06:55 | 06:55 | 11:00 | 12:00 | SD | |
Deliveries | FOP a | 17:00 | 06:55 | 06:55 | 11:00 | 12:00 | |
AP | 17:00 | 06:55 | 06:55 | 11:00 | 12:00 | SD | |
a. FOP instructions are allowed for portfolio transfers only.
b. Customers must ensure that funds are available in their CNY account at HSBC by 14:00 VD China time. Non-receipt of funds will result in the trade failing.
c. The earliest VD for repatriation of cash proceeds from a sale is SD+1 and is subject to the cash proceeds being transferred back to the customer’s HSBC account by CDCC/SCH on SD.
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 a | 18:00 | 07:55 | 07:55 | 12:00 | 13:00 | |
AP b | 18:00 | 07:55 | 07:55 | 12:00 | 13:00 | SD | |
Deliveries | FOP a | 18:00 | 07:55 | 07:55 | 12:00 | 13:00 | |
AP | 18:00 | 07:55 | 07:55 | 12:00 | 13:00 | SD | |
a. FOP instructions are allowed for portfolio transfers only.
b. Customers must ensure that funds are available in their CNY account at HSBC by 14:00 VD China time. Non-receipt of funds will result in the trade failing.
c. The earliest VD for repatriation of cash proceeds from a sale is SD+1 and is subject to the cash proceeds being transferred back to the customer’s HSBC account by CDCC/SCH on SD.
Settlement times in China Standard Time (CST)
All year
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 a | 00:00 | 13:55 | 13:55 | 18:00 | 19:00 | |
AP b | 00:00 | 13:55 | 13:55 | 18:00 | 19:00 | SD | |
Deliveries | FOP a | 00:00 | 13:55 | 13:55 | 18:00 | 19:00 | |
AP | 00:00 | 13:55 | 13:55 | 18:00 | 19:00 | SD | |
a. FOP instructions are allowed for portfolio transfers only.
b. Customers must ensure that funds are available in their CNY account at HSBC by 14:00 VD China time. Non-receipt of funds will result in the trade failing.
c. The earliest VD for repatriation of cash proceeds from a sale is SD+1 and is subject to the cash proceeds being transferred back to the customer’s HSBC account by CDCC/SCH on SD.