Settlement times - Hong Kong
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 are 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 | |||||||
| Equities and warrants (CCASS- and non–CCASS-eligible) | |||||||
| Receipts | FOP | 21:30 SD-2 | 06:55 SD | 06:55 SD | 02:00 SD | 10:00 SD | |
| AP | 21:30 SD-1 | 06:55 SD | 06:55 SD | 02:00 SD | 10:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 06:55 SD | 06:55 SD | 02:00 SD | 10:00 SD | |
| AP | 21:30 SD-1 | 06:55 SD | 06:55 SD | 02:00 SD a | 10:00 SD | SD | |
| CMU instruments | |||||||
| Receipts | FOP | 21:30 SD-2 | 08:55 SD | 08:55 SD b | 02:00 SD | 10:00 SD | |
| AP | 21:30 SD-2 | 07:55 SD | 07:55 SD b | 02:00 SD | 10:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 08:55 SD | 08:55 SD | 02:00 SD | 10:00 SD | |
| AP | 21:30 SD-1 | 07:55 SD | 07:55 SD | 02:00 SD a | 10:00 SD | SD | |
| Exchange Fund Paper | |||||||
| Receipts | FOP | 21:30 SD-2 | 01:35 SD | 01:35 SD | 02:00 SD | 10:00 SD | |
| AP | 21:30 SD-1 | 01:35 SD | 01:35 SD | 02:00 SD | 10:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 01:35 SD | 01:35 SD | 02:00 SD | 10:00 SD | |
| AP | 21:30 SD-1 | 01:35 SD | 01:35 SD | 02:00 SD a | 10:00 SD | SD | |
a. For deliveries against payment, as finality of the cash payments may not be reached until SD+1 in the local market, CBL reserves the right to debit the customer’s account with the cash proceeds if the payment is not confirmed on SD+1.
b. New Issues: The final deadline for new issues subscriptions in CMU instruments is 20:30 on SD-2 . Settlement instructions for secondary market trades can be transmitted until 08:55 (FOP) and 07:55 (AP) on SD. If previously transmitted, they will already have been transmitted to the depository at the start of real-time processing on SD-1.
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 | |||||||
| Equities and warrants (CCASS- and non–CCASS-eligible) | |||||||
| Receipts | FOP | 21:30 SD-2 | 07:55 SD | 07:55 SD | 03:00 SD | 11:00 SD | |
| AP | 21:30 SD-1 | 07:55 SD | 07:55 SD | 03:00 SD | 11:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 07:55 SD | 07:55 SD | 03:00 SD | 11:00 SD | |
| AP | 21:30 SD-1 | 07:55 SD | 07:55 SD | 03:00 SD a | 11:00 SD | SD | |
| CMU instruments | |||||||
| Receipts | FOP | 21:30 SD-2 | 09:55 SD | 09:55 SD b | 03:00 SD | 11:00 SD | |
| AP | 21:30 SD-2 | 08:55 SD | 08:55 SD b | 03:00 SD | 11:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 09:55 SD | 09:55 SD | 03:00 SD | 11:00 SD | |
| AP | 21:30 SD-2 | 08:55 SD | 08:55 SD | 03:00 SD a | 11:00 SD | SD | |
| Exchange Fund Paper | |||||||
| Receipts | FOP | 21:30 SD-2 | 02:35 SD | 02:35 SD | 03:00 SD | 11:00 SD | |
| AP | 21:30 SD-1 | 02:35 SD | 02:35 SD | 03:00 SD | 11:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 02:35 SD | 02:35 SD | 03:00 SD | 11:00 SD | |
| AP | 21:30 SD-1 | 02:35 SD | 02:35 SD | 03:00 SD a | 11:00 SD | SD | |
a. For deliveries against payment, as finality of the cash payments may not be reached until SD+1 in the local market, CBL reserves the right to debit the customer’s account with the cash proceeds if the payment is not confirmed on SD+1.
b. New Issues: The final deadline for new issues subscriptions in CMU instruments is 20:30 on SD-2 . Settlement instructions for secondary market trades can be transmitted until 08:55 (FOP) and 07:55 (AP) on SD. If previously transmitted, they will already have been transmitted to the depository at the start of real-time processing on SD-1.
Settlement times in Hong Kong Time (HKT)
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 | |||||||
| Equities and warrants (CCASS- and non–CCASS-eligible) | |||||||
| Receipts | FOP | 04:30 SD-1 | 13:55 SD | 13:55 SD | 09:00 SD | 17:00 SD | |
| AP | 04:30 SD | 13:55 SD | 13:55 SD | 09:00 SD | 17:00 SD | SD | |
| Deliveries | FOP | 04:30 SD | 13:55 SD | 13:55 SD | 09:00 SD | 17:00 SD | |
| AP | 04:30 SD | 13:55 SD | 13:55 SD | 09:00 SD a | 17:00 SD | SD | |
| CMU instruments | |||||||
| Receipts | FOP | 04:30 SD-1 | 15:55 SD | 15:55 SD b | 09:00 SD | 17:00 SD | |
| AP | 04:30 SD-1 | 14:55 SD | 14:55 SD b | 09:00 SD | 17:00 SD | SD | |
| Deliveries | FOP | 04:30 SD | 15:55 SD | 15:55 SD | 09:00 SD | 17:00 SD | |
| AP | 04:30 SD | 14:55 SD | 14:55 SD | 09:00 SD a | 17:00 SD | SD | |
| Exchange Fund Paper | |||||||
| Receipts | FOP | 04:30 SD-1 | 08:35 SD | 08:35 SD | 09:00 SD | 17:00 SD | |
| AP | 04:30 SD | 08:35 SD | 08:35 SD | 09:00 SD | 17:00 SD | SD | |
| Deliveries | FOP | 04:30 SD | 08:35 SD | 08:35 SD | 09:00 SD | 17:00 SD | |
| AP | 04:30 SD | 08:35 SD | 08:35 SD | 09:00 SD a | 17:00 SD | SD | |
a. For deliveries against payment, as finality of the cash payments may not be reached until SD+1 in the local market, CBL reserves the right to debit the customer’s account with the cash proceeds if the payment is not confirmed on SD+1.
b. New Issues: The final deadline for new issues subscriptions in CMU instruments is 03:30 on SD-1 . Settlement instructions for secondary market trades can be transmitted until 15:55 (FOP) and 14:55 (AP) on SD. If previously transmitted, they will already have been transmitted to the depository at the start of real-time processing on SD-1.