24 August 2017
Visit http://response.ncr.com

UK and Ireland to move to T+2 settlement

02 December 2013  |  7961 views  |  0 London - tube platform

The UK and Irish capital markets are to move to a shortened T+2 securities settlement timeframe with effect from October 2014.

The move is in advance of the anticipated deadline of 1 January 2015 in the proposed EU Central Securities Depositories Regulation (CSDR), which aims to harmonise EU securities settlement cycles.

Under the switch, the cash and securities components of a trade will be exchanged two days, rather than three days, after the trade. Over-the-counter (OTC) transactions are exempt from the mandatory T+2 settlement cycle.

Alexander Justham, chief executive officer of London Stock Exchange, says: "We're pleased to assist the market in its move towards shorter trade settlement, as we did in 2001 when the UK markets shifted the standard securities settlement cycle from T+5 to T+3. We will work with the market on the coordination and customer communication required to affect this move."

Euroclear CSDs in Belgium, France and the Netherlands confirmed their switch to T+2 in July.

The shorter settlement cycle will likely require some changes in market practice disciplines such as pre-settlement matching, confirmation and affirmation of client transactions as early as possible, ideally on trade date.
KeywordsDEPOSITORIES

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Euroclear CSDs to move to T+2 in 2014

Euroclear CSDs to move to T+2 in 2014

24 July 2013  |  4676 views  |  0 comments | 1 tweets
London Stock Exchange to open central securities depository

London Stock Exchange to open central securities depository

16 July 2013  |  6052 views  |  0 comments | 4 tweets
Back office costs for T2S to run as high as EUR27 million

Back office costs for T2S to run as high as EUR27 million

06 March 2013  |  6005 views  |  4 comments | 2 tweets | 3 linkedin
Repo settlement delays expose market fragility

Repo settlement delays expose market fragility

31 January 2013  |  4430 views  |  1 comments
Half of market participants not preparing for T+2 - Omgeo

Half of market participants not preparing for T+2 - Omgeo

31 October 2012  |  9299 views  |  1 comments | 4 tweets | 2 linkedin
US to explore shortened trade settlement cycle

US to explore shortened trade settlement cycle

23 May 2012  |  8333 views  |  0 comments | 1 tweets
Up to one in ten trades still fail to settle on time

Up to one in ten trades still fail to settle on time

16 May 2012  |  10567 views  |  1 comments
ECB signs nine depositories to T2S project

ECB signs nine depositories to T2S project

08 May 2012  |  7640 views  |  1 comments
Regulators release new market infrastructure standards

Regulators release new market infrastructure standards

16 April 2012  |  10263 views  |  0 comments
Commission proposes EU-wide settlement overhaul

Commission proposes EU-wide settlement overhaul

07 March 2012  |  6940 views  |  1 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comdownload the paper nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
21553 views comments | 45 tweets | 89 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
12120 views comments | 22 tweets | 35 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
11561 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
11308 views comments | 10 tweets | 8 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10929 views 0 | 7 tweets | 1 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job