| T+3
in force from Dec. 10
The Securities and Exchange Commission (SEC) has directed a revision
in the settlement cycle for equity transactions in the Colombo stock
market.
As per the SEC directive to the CSE last week, a single tier settlement
cycle of trade day+3 (T+3) will be adopted with effect from December
10, 2007.
This change will apply to transactions (on equity) carried out with
effect from 10th December 2007.
Accordingly the new settlement cycle will be as follows:-
Buyer ‘s settlement - T+3 Seller ‘s settlement - T+3 Inter-participant
settlement - T+3
Custodian Banks will be required to submit trade confirmations/rejections
to CDS by 1430 hours on trade day+1 (T+1).
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