Settlement times - UK equities, corporate bonds and investment trusts
All times are given in Central European Time.
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.
| 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 | |||||||
| CREST-eligible securities (see also the notes below) | |||||||
| Receipts | FOP | 21:30 SD-2 | 18:25 SD | 18:25 SD | 07:00 SD | 20:00 SD | |
| AP | 21:30 SD-2 | 15:20 SD | 15:20 SD | 07:00 SD | 18:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-2 | 18:25 SD | 18:25 SD | 07:00 SD | 20:00 SD | |
| AP | 21:30 SD-2 | 15:20 SD | 15:20 SD | 07:00 SD | 18:00 SD | SD | |
| Non–CREST-eligible / physical securities | |||||||
| Receipts | FOP | 11:50 SD-3 | 11:45 SD-2 | 11:45 SD-2 | 22:00 SD-1 | 18:00 SD | |
| AP | 21:30 SD-2 | 11:45 SD-2 | 11:45 SD-2 | 22:00 SD-1 | 18:00 SD | SD | |
| Deliveries | FOP | 21:30 SD-2 | 11:45 SD-2 | 11:45 SD-2 | 22:00 SD-1 | 18:00 SD | |
| AP | 21:30 SD-2 | 11:45 SD-2 | 11:45 SD-2 | 22:00 SD-1 | 18:00 SD | SD | |
Notes for CREST-eligible securities
The regular settlement period in CREST is trade date plus two local business days (SD=T+2) and the ultimate deadline for an instruction to be considered for settlement on SD is as indicated above. However, matching in CREST for instructions to and from members’ accounts operated under the 0.5% SDRT regime should be performed at the latest by close of business two local business days after trade date.
To minimise the risk of matching fines and in consideration of the fact that the settlement cycle for UK equities is T+2, all customers are recommended to send their free of payment and against payment instructions by 14:00 on SD-1.