Settlement times - Canada
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)
31 March 2024 – 26 October 2024 and 3 November 2024 – 8 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 | |||||||
| Counterparties in the Canadian domestic market a | |||||||
| Receipts | FOP | 15:00 SD-1 | 20:00 SD | 20:00 SD b | 13:00 SD | 22:00 SD | |
| AP | 15:00 SD-1 | 20:00 SD | 20:00 SD b | 13:00 SD | 22:00 SD | SD | |
| Deliveries | FOP | 15:00 SD-1 | 20:00 SD | 20:00 SD b | 13:00 SD | 22:00 SD | |
| AP | 15:00 SD-1 | 20:00 SD | 20:00 SD b | 13:00 SD | 22:00 SD | SD | |
| Counterparties in DTC | |||||||
| Receipts | FOP | 15:00 SD-1 | 20:00 SD | 20:00 SD c | 14:30 SD | 23:00 SD | |
| AP d | 15:00 SD-1 | 20:00 SD | 20:00 SD c | 14:30 SD | 23:00 SD | SD | |
| Deliveries | FOP | 15:00 SD-1 | 20:00 SD | 20:00 SD c | 22:00 SD | 23:30 SD | |
| AP d | 15:00 SD-1 | 20:00 SD | 20:00 SD c | 22:00 SD | 23:30 SD | SD | |
a. Transactions for physical securities (OTC) have to be instructed by:
- TD+1 by 19:00 CET (for matching)
- SD by 19:00 CET (for settlement)
If instructions are sent later, they will be released to the market but will not be presented for settlement until the next business day.
b. With T+2 implementation, customers are required to instruct Canadian trades by 17:00 CET T+1 (Matching deadlines).
As part of the NI (National Instrument) 24-101 Amendments, institutional investors outside the western hemisphere will no longer be allowed an additional 24 hours to match their trades and will have to match their trades by 17:00 CET T+1.
c. With T+2 implementation, customers are required to instruct trades with U.S./DTC counterparties by 20:00 CET T+1.
d. The settlement currency must be USD for against payment transactions. When an AP trade with a counterparty in DTC takes place during a federal holiday in Canada, the settlement takes place and confirmations are provided accordingly. However the cash (USD) will only be credited the next business day.
27 October 2024 – 2 November 2024 and 9 March 2025 – 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 | |||||||
| Counterparties in the Canadian domestic market a | |||||||
| Receipts | FOP | 15:00 SD-1 | 20:00 SD | 20:00 SD b | 13:00 SD | 22:00 SD | |
| AP | 15:00 SD-1 | 20:00 SD | 20:00 SD b | 13:00 SD | 22:00 SD | SD | |
| Deliveries | FOP | 15:00 SD-1 | 20:00 SD | 20:00 SD b | 13:00 SD | 22:00 SD | |
| AP | 15:00 SD-1 | 20:00 SD | 20:00 SD b | 13:00 SD | 22:00 SD | SD | |
| Counterparties in DTC | |||||||
| Receipts | FOP | 15:00 SD-1 | 20:00 SD | 19:00 SD c | 14:30 SD | 23:00 SD | |
| AP d | 15:00 SD-1 | 20:00 SD | 19:00 SD c | 14:30 SD | 23:00 SD | SD | |
| Deliveries | FOP | 15:00 SD-1 | 20:00 SD | 19:00 SD c | 22:00 SD | 23:30 SD | |
| AP d | 15:00 SD-1 | 20:00 SD | 19:00 SD c | 22:00 SD | 23:30 SD | SD | |
a. Transactions for physical securities (OTC) have to be instructed by:
- TD+1 by 19:00 CET (for matching)
- SD by 19:00 CET (for settlement)
If instructions are sent later, they will be released to the market but will not be presented for settlement until the next business day.
b. With T+2 implementation, customers are required to instruct Canadian trades by 17:00 CET T+1 (Matching deadlines).
As part of the NI (National Instrument) 24-101 Amendments, institutional investors outside the western hemisphere will no longer be allowed an additional 24 hours to match their trades and will have to match their trades by 17:00 CET T+1.
c. With T+2 implementation, customers are required to instruct trades with U.S./DTC counterparties by 20:00 CET T+1.
d. The settlement currency must be USD for against payment transactions. When an AP trade with a counterparty in DTC takes place during a federal holiday in Canada, the settlement takes place and confirmations are provided accordingly. However the cash (USD) will only be credited the next business day.
Settlement times in Toronto Time
31 March 2024 – 26 October 2024 and 3 November 2024 – 8 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 | |||||||
| Counterparties in the Canadian domestic market a | |||||||
| Receipts | FOP | 09:00 SD-1 | 14:00 SD | 14:00 SD b | 07:00 SD | 16:00 SD | |
| AP | 09:00 SD-1 | 14:00 SD | 14:00 SD b | 07:00 SD | 16:00 SD | SD | |
| Deliveries | FOP | 09:00 SD-1 | 14:00 SD | 14:00 SD b | 07:00 SD | 16:00 SD | |
| AP | 09:00 SD-1 | 14:00 SD | 14:00 SD b | 07:00 SD | 16:00 SD | SD | |
| Counterparties in DTC | |||||||
| Receipts | FOP | 09:00 SD-1 | 14:00 SD | 14:00 SD c | 08:30 SD | 17:00 SD | |
| AP d | 09:00 SD-1 | 14:00 SD | 14:00 SD c | 08:30 SD | 17:00 SD | SD | |
| Deliveries | FOP | 09:00 SD-1 | 14:00 SD | 14:00 SD c | 16:00 SD | 17:30 SD | |
| AP d | 09:00 SD-1 | 14:00 SD | 14:00 SD c | 16:00 SD | 17:30 SD | SD | |
a. Transactions for physical securities (OTC) have to be instructed by:
- TD+1 by 13:00 EST (for matching)
- SD by 13:00 EST (for settlement)
If instructions are sent later, they will be released to the market but will not be presented for settlement until the next business day.
b. With T+2 implementation, customers are required to instruct Canadian trades by 11:00 EST T+1 (Matching deadlines). As part of the NI (National Instrument) 24-101 Amendments, institutional investors outside the western hemisphere will no longer be allowed an additional 24 hours to match their trades and will have to match their trades by 11:00 EST T+1.
c. With T+2 implementation, customers are required to instruct trades with U.S./DTC counterparties by 14:00 EST T+1 .
d. The settlement currency must be USD for against payment transactions. When an AP trade with a counterparty in DTC takes place during a federal holiday in Canada, the settlement takes place and confirmations are provided accordingly. However the cash (USD) will only be credited the next business day.
27 October 2024 – 2 November 2024 and 9 March 2025 – 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 | |||||||
| Counterparties in the Canadian domestic market a | |||||||
| Receipts | FOP | 10:00 SD-1 | 15:00 SD | 15:00 SD b | 08:00 SD | 17:00 SD | |
| AP | 10:00 SD-1 | 15:00 SD | 15:00 SD b | 08:00 SD | 17:00 SD | SD | |
| Deliveries | FOP | 10:00 SD-1 | 15:00 SD | 15:00 SD b | 08:00 SD | 17:00 SD | |
| AP | 10:00 SD-1 | 15:00 SD | 15:00 SD b | 08:00 SD | 17:00 SD | SD | |
| Counterparties in DTC | |||||||
| Receipts | FOP | 10:00 SD-1 | 15:00 SD | 14:00 SD c | 09:30 SD | 18:00 SD | |
| AP d | 10:00 SD-1 | 15:00 SD | 14:00 SD c | 09:30 SD | 18:00 SD | SD | |
| Deliveries | FOP | 10:00 SD-1 | 15:00 SD | 14:00 SD c | 17:00 SD | 18:30 SD | |
| AP d | 10:00 SD-1 | 15:00 SD | 14:00 SD c | 17:00 SD | 18:30 SD | SD | |
a. Transactions for physical securities (OTC) have to be instructed by:
- TD+1 by 13:00 EST (for matching)
- SD by 13:00 EST (for settlement)
If instructions are sent later, they will be released to the market but will not be presented for settlement until the next business day.
b. With T+2 implementation, customers are required to instruct Canadian trades by 11:00 EST T+1 (Matching deadlines). As part of the NI (National Instrument) 24-101 Amendments, institutional investors outside the western hemisphere will no longer be allowed an additional 24 hours to match their trades and will have to match their trades by 11:00 EST T+1.
c. With T+2 implementation, customers are required to instruct trades with U.S./DTC counterparties by 14:00 EST T+1 .
d. The settlement currency must be USD for against payment transactions. When an AP trade with a counterparty in DTC takes place during a federal holiday in Canada, the settlement takes place and confirmations are provided accordingly. However the cash (USD) will only be credited the next business day.