Settlement times - South Africa

14.08.2023

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.

Settlement times in Central European Time (CET)

30 March 2025 – 25 October 2025

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
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 
(On-market trades with T+1, T+2, T+3)

Receipts

FOP

17:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD-1

13:00
SD-1

10:30
SD

17:00
SD

SD

Deliveries

FOP

21:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD-1

13:00
SD-1

10:30
SD

17:00
SD

SD

Debt securities 
(Off-market trades with T+0)

Receipts

FOP

17:00
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 
(Off-market trades with T+1, T+2, T+3, T+Na)

Receipts

FOP

17:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD

13:00
SD

10:30
SD

17:00
SD

SD

Deliveries

FOP

21:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD

13:00
SD

10:30
SD

17:00
SD

SD

Debt securities 
(SLB with loan dependency)

Receipts

FOP

17:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

Debt securities 
(SLB on record date or T+0)

Receipts

FOP

17:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

Debt securities 
(Repo FOP trades with T+0)

Receipts

FOP

17:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

Debt securities 
(Repo AP trades with T+0 and repo AP trades with T+0 on record date)

Receipts

AP

21:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

SD

Deliveries

AP

21:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

SD

Debt securities 
(Repo trades with T+1, T+2, T+3 and T+Na)


Receipts

FOP

17:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD-1

13:00
SD-1

10:30
SD

17:00
SD

SD


Deliveries

FOP

21:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD-1

13:00
SD-1

10:30
SD

17:00
SD

SD

Debt securities 
(Account Transfer, Lending Account or Portfolio Move trades)

Receipts

FOP

17:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

Debt securities 
(Account Transfer, Lending Account or Portfolio Move trades on record date)

Receipts

FOP

17:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

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
(Off-market trades)

Receipts

FOP

11:40
SD-3

11:35
SD-1

11:35
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-3

11:35
SD-1

11:35
SD-1

10:30
SD

17:00
SD

SD

Deliveries

FOP

21:00
SD-3

11:35
SD-1

11:35
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-3

11:35
SD-1

11:35
SD-1

10:30
SD

17:00
SD

SD

Equities
(SLB, Collateral, Account Transfer and Portfolio Move trades)

Receipts

FOP

11:40
SD-3

11:35
SD

11:35
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-3

11:35
SD

11:35
SD

10:30
SD

17:00
SD

Equities
(SLB and Collateral trades on record date)

Receipts

FOP

11:40
SD-3

8:35
SD

8:35
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-3

8:35
SD

8:35
SD

10:30
SD

17:00
SD

a. Maximum settlement cycle is T+6.

27 October 2024 – 29 March 2025

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
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 
(On-market trades with T+1, T+2, T+3)

Receipts

FOP

16:00
SD-2

14:55
SD-1

14:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

12:00
SD-1

12:00
SD-1

10:30
SD

17:00
SD

SD

Deliveries

FOP

21:00
SD-2

14:55
SD-1

14:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

12:00
SD-1

12:00
SD-1

10:30
SD

17:00
SD

SD

Debt securities 
(Off-market trades with T+0)

Receipts

FOP

16:00
SD-2

9:55
SD

9:55
SD

10:30
SD

17:00
SD

AP

21:00
SD-2

9:55
SD

9:55
SD

10:30
SD

17:00
SD

SD

Deliveries

FOP

21:00
SD-2

9:55
SD

9:55
SD

10:30
SD

17:00
SD

AP

21:00
SD-2

9:55
SD

9:55
SD

10:30
SD

17:00
SD

SD

Debt securities 
(Off-market trades with T+1, T+2, T+3, T+Na)

Receipts

FOP

16:00
SD-2

14:55
SD

14:55
SD

10:30
SD

17:00
SD

AP

21:00
SD-2

12:00
SD

12:00
SD

10:30
SD

17:00
SD

SD

Deliveries

FOP

21:00
SD-2

14:55
SD

14:55
SD

10:30
SD

17:00
SD

AP

21:00
SD-2

12:00
SD

12:00
SD

10:30
SD

17:00
SD

SD

Debt securities 
(SLB with loan dependency)

Receipts

FOP

16:00
SD-2

14:55
SD-1

14:55
SD-1

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

14:55
SD-1

14:55
SD-1

10:30
SD

17:00
SD

Debt securities 
(SLB on record date or T+0)

Receipts

FOP

16:00
SD-2

9:55
SD

10:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

Debt securities 
(Repo FOP trades with T+0)

Receipts

FOP

16:00
SD-2

14:55
SD

14:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

14:55
SD

14:55
SD

10:30
SD

17:00
SD

Debt securities 
(Repo AP trades with T+0 and repo AP trades with T+0 on record date)

Receipts

AP

21:00
SD-2

9:55
SD

9:55
SD

10:30
SD

17:00
SD

SD

Deliveries

AP

21:00
SD-2

9:55
SD

9:55
SD

10:30
SD

17:00
SD

SD

Debt securities 
(Repo trades with T+1, T+2, T+3 and T+Na)


Receipts

FOP

16:00
SD-2

14:55
SD-1

14:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

12:00
SD-1

12:00
SD-1

10:30
SD

17:00
SD

SD


Deliveries

FOP

21:00
SD-2

14:55
SD-1

14:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

12:00
SD-1

12:00
SD-1

10:30
SD

17:00
SD

SD

Debt securities 
(Account Transfer, Lending Account or Portfolio Move trades)

Receipts

FOP

16:00
SD-2

14:55
SD

14:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

14:55
SD

14:55
SD

10:30
SD

17:00
SD

Debt securities 
(Account Transfer, Lending Account or Portfolio Move trades on record date)

Receipts

FOP

16:00
SD-2

9:55
SD

9:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

9:55
SD

9:55
SD

10:30
SD

17:00
SD

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
(Off-market trades)

Receipts

FOP

10:40
SD-3

10:35
SD-1

10:35
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-3

10:35
SD-1

10:35
SD-1

10:30
SD

17:00
SD

SD

Deliveries

FOP

10:40
SD-3

10:35
SD-1

10:35
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-3

10:35
SD-1

10:35
SD-1

10:30
SD

17:00
SD

SD

Equities
(SLB, Collateral, Account Transfer and Portfolio Move trades)

Receipts

FOP

10:40
SD-3

10:35
SD

10:35
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-3

10:35
SD

10:35
SD

10:30
SD

17:00
SD

Equities
(SLB and Collateral trades on record date)

Receipts

FOP

10:40
SD-3

7:35
SD

7:35
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-3

7:35
SD

7:35
SD

10:30
SD

17:00
SD

a. Maximum settlement cycle is T+6.

Settlement times in South Africa Standard Time (SAST)

All year

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
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 
(On-market trades with T+1, T+2, T+3)

Receipts

FOP

17:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD-1

13:00
SD-1

10:30
SD

17:00
SD

SD

Deliveries

FOP

21:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD-1

13:00
SD-1

10:30
SD

17:00
SD

SD

Debt securities 
(Off-market trades with T+0)

Receipts

FOP

17:00
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 
(Off-market trades with T+1, T+2, T+3, T+Na)

Receipts

FOP

17:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD

13:00
SD

10:30
SD

17:00
SD

SD

Deliveries

FOP

21:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD

13:00
SD

10:30
SD

17:00
SD

SD

Debt securities 
(SLB with loan dependency)

Receipts

FOP

17:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

Debt securities 
(SLB on record date or T+0)

Receipts

FOP

17:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

Debt securities 
(Repo FOP trades with T+0)

Receipts

FOP

17:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

Debt securities 
(Repo AP trades with T+0 and repo AP trades with T+0 on record date)

Receipts

AP

21:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

SD

Deliveries

AP

21:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

SD

Debt securities 
(Repo trades with T+1, T+2, T+3 and T+Na)


Receipts

FOP

17:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD-1

13:00
SD-1

10:30
SD

17:00
SD

SD


Deliveries

FOP

21:00
SD-2

15:55
SD-1

15:55
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-2

13:00
SD-1

13:00
SD-1

10:30
SD

17:00
SD

SD

Debt securities 
(Account Transfer, Lending Account or Portfolio Move trades)

Receipts

FOP

17:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

15:55
SD

15:55
SD

10:30
SD

17:00
SD

Debt securities 
(Account Transfer, Lending Account or Portfolio Move trades on record date)

Receipts

FOP

17:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-2

10:55
SD

10:55
SD

10:30
SD

17:00
SD

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
(Off-market trades)

Receipts

FOP

11:40
SD-3

11:35
SD-1

11:35
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-3

11:35
SD-1

11:35
SD-1

10:30
SD

17:00
SD

SD

Deliveries

FOP

21:00
SD-3

11:35
SD-1

11:35
SD-1

10:30
SD

17:00
SD

AP

21:00
SD-3

11:35
SD-1

11:35
SD-1

10:30
SD

17:00
SD

SD

Equities
(SLB, Collateral, Account Transfer and Portfolio Move trades)

Receipts

FOP

11:40
SD-3

11:35
SD

11:35
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-3

11:35
SD

11:35
SD

10:30
SD

17:00
SD

Equities
(SLB and Collateral trades on record date)

Receipts

FOP

11:40
SD-3

8:35
SD

8:35
SD

10:30
SD

17:00
SD

Deliveries

FOP

21:00
SD-3

8:35
SD

8:35
SD

10:30
SD

17:00
SD

a. Maximum settlement cycle is T+6.

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