S’pore dealers brace themselves for sleepless nights as US cuts trade settlement time

SINGAPORE – The move by the US securities market to slash the time to settle trades will mean sleepless nights and an even more hectic work pace for brokerages and dealing rooms in Singapore and the Asia Pacific.

Financial centres in the region, including Singapore, are at least 12 hours ahead of New York, while Australia and New Zealand are 16 to 18 hours ahead. If you sell shares of ABC Limited on Monday, the transaction must be settled on Tuesday. If you have a securities certificate, you will have to deliver it to your broker-dealer earlier.

Brokers said the shorter settlement period means less time for market participants to address errors in the transaction process and for regulators to block the potential proceeds from fraud, among other challenges.

Source: News Formal (newsformal.com)

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