Rolling settlement cycle shortened to two-day settlement, requiring custodians to confirm trades and meet strict pay-in/pay-out timelines. Implementation of T+2 rolling settlement effective April 1, 2003 shortens the settlement cycle and prescribes custodian duties: confirmations of trades by custodians by 11:00 a.m. on T+1 (exception window until 1:00 p.m. for late confirmations), issuance of physical instructions to DPs by 4:00 p.m. and electronic instructions by 6:00 p.m. on T+1, pay-in to be completed before 10:30 a.m. on T+2, and pay-out of securities and funds by 1:30 p.m. on T+2.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rolling settlement cycle shortened to two-day settlement, requiring custodians to confirm trades and meet strict pay-in/pay-out timelines.
Implementation of T+2 rolling settlement effective April 1, 2003 shortens the settlement cycle and prescribes custodian duties: confirmations of trades by custodians by 11:00 a.m. on T+1 (exception window until 1:00 p.m. for late confirmations), issuance of physical instructions to DPs by 4:00 p.m. and electronic instructions by 6:00 p.m. on T+1, pay-in to be completed before 10:30 a.m. on T+2, and pay-out of securities and funds by 1:30 p.m. on T+2.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
