Settlement times ‒ Hong Kong ‒ China Connect securities

23.06.2023

The deadlines shown below are valid provided that the client's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL and in the local market. Clients 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 client 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 client 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, clients are advised to input instructions at least 15 minutes before the associated deadline.

Public holidays and non-settlement days

For both Stock Connect and Bond Connect, the settlement period is affected by public holidays in China and Hong Kong. In particular, settlement is not allowed on Hong Kong public holidays. In addition, settlement is not allowed on Saturdays or Sundays.

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

Stock Connect 

Receipts

FOP

11:00
SD-1

10:55
SD

10:55
SD

12:15

SD

13:30

SD

 

AP

21:30
SD-1

10:55
SD

10:55b
SD

12:15
SD

13:30
SD

SD

Deliveries

FOP

21:30
SD-1

10:15
SD

10:15
SD

10:30
SD

13:30
SD

 

AP

21:30
SD-1

10:15
SD

10:15b
SD

10:30
SDa

13:30
SD

SD

Bond Connect

Receipts

AP

21:30
SD-2
05:30
SD
05:30
SD

07:00
SD

10:30
SD

SD

Deliveries

AP

21:30
SD-2
05:30
SD
05:30
SD

07:00
SD

10:30
SD

SD

a. For deliveries against payment, cash confirmation will be executed on T+1 from 09:30 HKT with back value to T. Please see Stock Connect - Cash Settlement under Settlement services.
b. For DVP settlement, clients are advised to instruct as early as possible to avoid settlement failure, which may result in buy-in and penalty claims from brokers. For RDP settlement, the settlement deadline will be  09:55 CET winter/10:55 CET summer. Please see Stock Connect ‒ RDP settlement under Settlement services.

30 March 2025 – 25 October 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

Stock Connect 

Receipts

FOP

12:00
SD-1

11:55
SD

11:55
SD

13:15
SD

14:30
SD

 

AP

21:30
SD-1

11:55
SD

11:55b
SD

13:15

SD

14:30
SD

SD

Deliveries

FOP

21:30
SD-1

11:15
SD

11:15
SD

11:30
SD

14:30
SD

 

AP

21:30
SD-1

11:15
SD

11:15b
SD

11:30
SDa

14:30
SD

SD

Bond Connect

Receipts

AP

21:30
SD-2

06:30
SD

06:30
SD

08:00
SD

11:30
SD

SD

Deliveries

AP

21:30
SD-2
06:30
SD

06:30
SD

08:00
SD

11:30
SD

SD

a. For deliveries against payment, cash confirmation will be executed on T+1 from 09:30 HKT with back value to T. Please see Stock Connect - Cash Settlement under Settlement services.
b. For DVP settlement, clients are advised to instruct as early as possible to avoid settlement failure, which may result in buy-in and penalty claims from brokers. For RDP settlement, the settlement deadline will be 09:55 CET winter/10:55 CET summer. Please see Stock Connect - RDP settlement under Settlement services.

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

Stock Connect 

Receipts

FOP

18:00
SD-1

17:55
SD

17:55
SD

19:15
SD

20:30
SD

 

AP

04:30
SD

17:55
SD

17:55b
SD

19:15
SD

20:30
SD

SD

Deliveries

FOP

04:30
SD

17:15
SD

17:15
SD

17:30
SD

20:30
SD

 

AP

04:30
SD

17:15
SD

17:15b
SD

17:30
SDa

20:30
SD

SD

Bond Connect

Receipts

AP

03:30
SD-1

12:30
SD
12:30
SD

14:00
SD

17:30 SD

SD

Deliveries

AP

03:30
SD-1
12:30
SD
12:30
SD

14:00
SD

17:30 SD

SD

a. For deliveries against payment, cash confirmation will be executed on T+1 from 09:30 HKT with back value to T. Please see Stock Connect - Cash settlement under Settlement services.
b. For DVP settlement, clients are advised to instruct as early as possible to avoid settlement failure, which may result in buy-in and penalty claims from brokers. For RDP settlement, the settlement deadline will be 16:55 HKT. Please see Stock Connect - RDP settlement under Settlement services.