NZX
29/02/2016 08:31
GENERAL
NOT PRICE SENSITIVE
REL: 0831 HRS NZX Limited
GENERAL: NZX: NZX confirms move date to T+2 settlement cycle
Following successful testing by NZX market participants and software
providers, NZX confirms it will transition to a shortened T+2 settlement
cycle for all trades executed on its cash markets on Monday 7 March 2016.
Shortening of the settlement cycle from trade date plus three business days
(T+3) to trade date plus two business days (T+2) ensures NZX matches
international best practice in this area, and maintains alignment across New
Zealand and Australia's capital markets, with the ASX also moving to a T+2
settlement cycle on Monday 7 March.
The transition requires a number of changes to NZX's existing rules, which
will come into effect on Monday 7 March 2016. The updated rules amendment
notices can be viewed at: https://nzx.com/regulation/T2-settlement
In addition, corporate actions will be aligned with the T+2 settlement cycle.
This will shorten the timetable by one day, reducing the Ex Period to 2 days,
including the Record Date. An explanation of how this will impact the
timetables of corporate actions falling near the effective date of the move
to a T+2 settlement cycle is provided at the link above.
More information about the transition to a T+2 settlement cycle can be found
at: https://nzx.com/regulation/T2-settlement
For further information please contact:
Kate McLaughlin
Head of Communications
T: 09 309 3654
M: 027 533 4529
E: [email protected]
About NZX Limited
NZX builds and operates capital, risk and commodity markets and the
infrastructure required to support them. We provide high quality information,
data and tools to support business decision making. We aim to make a
meaningful difference to wealth creation for our shareholders and the
individuals, businesses and economies in which we operate. To learn more
about NZX, please visit: www.nzxgroup.com
End CA:00278466 For:NZX Type:GENERAL Time:2016-02-29 08:31:31
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