Settlement times - South Africa
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.
Settlement times in Central European Time (CET)
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 | |||||||
Debt securities (On-market trades with T+0) | |||||||
Receipts | FOP | 17:00 SD-2 | 11:55 SD | 11:55 SD | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-2 | 11:55 SD | 11:55 SD | 10:30 SD | 17:00 SD | SD | |
Deliveries | FOP | 21:00 SD-2 | 11:55 SD | 11:55 SD | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-2 | 11:55 SD | 11:55 SD | 10:30 SD | 17:00 SD | SD | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
AP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
AP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | AP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | SD |
Deliveries | AP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | SD |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
Equities (On-market trades) | |||||||
Receipts | FOP | 11:40 SD-3 | 11:35 SD-2 | 11:35 SD-2 | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-3 | 11:35 SD-2 | 11:35 SD-2 | 10:30 SD | 17:00 SD | SD | |
Deliveries | FOP | 21:00 SD-3 | 11:35 SD-2 | 11:35 SD-2 | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-3 | 11:35 SD-2 | 11:35 SD-2 | 10:30 SD | 17:00 SD | SD | |
Equities | |||||||
Receipts | FOP | 11:40 | 11:35 | 11:35 | 10:30 | 17:00 | |
AP | 21:00 | 11:35 | 11:35 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 11:35 | 11:35 | 10:30 | 17:00 | |
AP | 21:00 | 11:35 | 11:35 | 10:30 | 17:00 | SD | |
Equities | |||||||
Receipts | FOP | 11:40 | 11:35 | 11:35 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 11:35 | 11:35 | 10:30 | 17:00 | |
Equities | |||||||
Receipts | FOP | 11:40 | 8:35 | 8:35 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 8:35 | 8:35 | 10:30 | 17:00 |
a. Maximum settlement cycle is T+6.
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 | |||||||
Debt securities (On-market trades with T+0) | |||||||
Receipts | FOP | 16:00 SD-2 | 10:55 SD | 10:55 SD | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-2 | 10:55 SD | 10:55 SD | 10:30 SD | 17:00 SD | SD | |
Deliveries | FOP | 21:00 SD-2 | 10:55 SD | 10:55 SD | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-2 | 10:55 SD | 10:55 SD | 10:30 SD | 17:00 SD | SD | |
Debt securities | |||||||
Receipts | FOP | 16:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
AP | 21:00 | 12:00 | 12:00 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
AP | 21:00 | 12:00 | 12:00 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 16:00 | 9:55 | 9:55 | 10:30 | 17:00 | |
AP | 21:00 | 9:55 | 9:55 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 9:55 | 9:55 | 10:30 | 17:00 | |
AP | 21:00 | 9:55 | 9:55 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 16:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
AP | 21:00 | 12:00 | 12:00 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
AP | 21:00 | 12:00 | 12:00 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 16:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | FOP | 16:00 | 9:55 | 10:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | FOP | 16:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | AP | 21:00 | 9:55 | 9:55 | 10:30 | 17:00 | SD |
Deliveries | AP | 21:00 | 9:55 | 9:55 | 10:30 | 17:00 | SD |
Debt securities | |||||||
Receipts | FOP | 16:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
AP | 21:00 | 12:00 | 12:00 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
AP | 21:00 | 12:00 | 12:00 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 16:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 14:55 | 14:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | FOP | 16:00 | 9:55 | 9:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 9:55 | 9:55 | 10:30 | 17:00 | |
Equities (On-market trades) | |||||||
Receipts | FOP | 10:40 SD-3 | 10:35 SD-2 | 10:35 SD-2 | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-3 | 10:35 SD-2 | 10:35 SD-2 | 10:30 SD | 17:00 SD | SD | |
Deliveries | FOP | 10:40 SD-3 | 10:35 SD-2 | 10:35 SD-2 | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-3 | 10:35 SD-2 | 10:35 SD-2 | 10:30 SD | 17:00 SD | SD | |
Equities | |||||||
Receipts | FOP | 10:40 | 10:35 | 10:35 | 10:30 | 17:00 | |
AP | 21:00 | 10:35 | 10:35 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 10:40 | 10:35 | 10:35 | 10:30 | 17:00 | |
AP | 21:00 | 10:35 | 10:35 | 10:30 | 17:00 | SD | |
Equities | |||||||
Receipts | FOP | 10:40 | 10:35 | 10:35 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 10:35 | 10:35 | 10:30 | 17:00 | |
Equities | |||||||
Receipts | FOP | 10:40 | 7:35 | 7:35 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 7:35 | 7:35 | 10:30 | 17:00 |
a. Maximum settlement cycle is T+6.
Settlement times in South Africa Standard Time (SAST)
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 | |||||||
Debt securities (On-market trades with T+0) | |||||||
Receipts | FOP | 17:00 SD-2 | 11:55 SD | 11:55 SD | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-2 | 11:55 SD | 11:55 SD | 10:30 SD | 17:00 SD | SD | |
Deliveries | FOP | 21:00 SD-2 | 11:55 SD | 11:55 SD | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-2 | 11:55 SD | 11:55 SD | 10:30 SD | 17:00 SD | SD | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
AP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
AP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | AP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | SD |
Deliveries | AP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | SD |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
AP | 21:00 | 13:00 | 13:00 | 10:30 | 17:00 | SD | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 15:55 | 15:55 | 10:30 | 17:00 | |
Debt securities | |||||||
Receipts | FOP | 17:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 10:55 | 10:55 | 10:30 | 17:00 | |
Equities (On-market trades) | |||||||
Receipts | FOP | 11:40 SD-3 | 11:35 SD-2 | 11:35 SD-2 | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-3 | 11:35 SD-2 | 11:35 SD-2 | 10:30 SD | 17:00 SD | SD | |
Deliveries | FOP | 21:00 SD-3 | 11:35 SD-2 | 11:35 SD-2 | 10:30 SD | 17:00 SD | |
AP | 21:00 SD-3 | 11:35 SD-2 | 11:35 SD-2 | 10:30 SD | 17:00 SD | SD | |
Equities | |||||||
Receipts | FOP | 11:40 | 11:35 | 11:35 | 10:30 | 17:00 | |
AP | 21:00 | 11:35 | 11:35 | 10:30 | 17:00 | SD | |
Deliveries | FOP | 21:00 | 11:35 | 11:35 | 10:30 | 17:00 | |
AP | 21:00 | 11:35 | 11:35 | 10:30 | 17:00 | SD | |
Equities | |||||||
Receipts | FOP | 11:40 | 11:35 | 11:35 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 11:35 | 11:35 | 10:30 | 17:00 | |
Equities | |||||||
Receipts | FOP | 11:40 | 8:35 | 8:35 | 10:30 | 17:00 | |
Deliveries | FOP | 21:00 | 8:35 | 8:35 | 10:30 | 17:00 |
a. Maximum settlement cycle is T+6.