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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » T+5 settlement?

T+5 settlement?

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1T+5 settlement? Empty T+5 settlement? Wed Apr 29, 2020 3:19 pm

God Father


Manager - Equity Analytics
Manager - Equity Analytics
CSE should change the Broker settlement period to T+5 instead of current T+2, this will create more liquidity in the market. This is the only way CSE could revive and restart the market without a further collapse. Active Capital markets creates more direct and indirect investment into Sri Lanka.

2T+5 settlement? Empty Re: T+5 settlement? Thu Apr 30, 2020 6:30 pm

niru


Manager - Equity Analytics
Manager - Equity Analytics
Currently T+3.

3T+5 settlement? Empty Re: T+5 settlement? Sat May 02, 2020 9:18 am

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
T+ 30 is better Smile

4T+5 settlement? Empty Re: T+5 settlement? Sat May 02, 2020 10:41 am

Eugine Fernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
MARGIN PROVIDERS NOW SENDING LETTERS LIKE BELOW TO THEIR CLIENTS.


Dear Sir 
 
We wish to inform you that, Dialog Finance PLC is complied with the Directive issued for Margin Providers under and in terms of Section 13 c of the Securities and Exchange Commission of Sri Lanka Act No.36 of 1987 as amended on 31st March 2020. The interest charge in your account for the time period of 11th March 2020 to 30th June 2020 will be deferred. 

Further, considering the adverse economic situation of the country and the steep decline in the All Share Price Index (ASPI) of the Colombo Stock Exchange resulting from the COVID-19 outbreak,Management has decided to temporary hold the further utilization of the Margin Facilities granted to our margin clients with effect from May 2020. We sincerely apologize for any inconvenience this may have caused you.
We trust that you will act promptly and provide your full cooperation to us, to maintain the stipulated margin exposure limit in your margin facility at this difficult time too.

 
[size=16]Please do not hesitate to contact me if you require any further clarification in this regard and we will notify you of further updates.


Thank you and Stay Safe.






Best Regards,[/size]

5T+5 settlement? Empty Re: T+5 settlement? Sat May 02, 2020 2:24 pm

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Hmmm. Maybe t+365 would do!  Twisted Evil Rolling Eyes

T+3 is itself a hindrance that disrupts the liquidity in the market. They were talking about the DVP mechanism(T+0) to improve efficiency and liquidity but never implemented it. If COVID-19 doesn't force CSE and SEC to embrace and implement new technology and services, nothing ever will. Trust me. 

Well from the above post, seems like they will not charge interest on the given dates which is good news. The bad or the worst news is, they will make Margin Calls and force sell to cover up their losses. The only way out is to exit at first glance in the next few days.

6T+5 settlement? Empty Re: T+5 settlement? Sat May 02, 2020 5:38 pm

niru


Manager - Equity Analytics
Manager - Equity Analytics
It was not clear in the SEC directive about the relief to investors.

Is SEC asking not to charge interest for the period from 11 March to 30 June 2020.
( interest write off)

OR

Asking to charge full interest for above period at the end of 30 June 2020.

Can someone explain?

7T+5 settlement? Empty Re: T+5 settlement? Sat May 02, 2020 6:26 pm

niru


Manager - Equity Analytics
Manager - Equity Analytics
@wallstreetguy wrote:Hmmm. Maybe t+365 would do!  Twisted Evil Rolling Eyes

T+3 is itself a hindrance that disrupts the liquidity in the market. They were talking about the DVP mechanism(T+0) to improve efficiency and liquidity but never implemented it. If COVID-19 doesn't force CSE and SEC to embrace and implement new technology and services, nothing ever will. Trust me. 

Well from the above post, seems like they will not charge interest on the given dates which is good news. The bad or the worst news is, they will make Margin Calls and force sell to cover up their losses. The only way out is to exit at first glance in the next few days.

I think DvP means not T+0, it means transfer of securities and funds happening simultaneously.

8T+5 settlement? Empty Re: T+5 settlement? Sat May 02, 2020 6:38 pm

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Yes. So if the transfer of securities and funds happens simultaneously, therefore the above means settlement also happens at the same time, which results in the settlement period cut off from existing T+3 to an earlier settlement, am I right?

enlighten me if I'm wrong.

9T+5 settlement? Empty Re: T+5 settlement? Sat May 02, 2020 8:02 pm

niru


Manager - Equity Analytics
Manager - Equity Analytics
In today scenario buyer owns the share immediately when a trade is matched. i.e. even before settlement for that share.

But in DvP when buyer settled the fund only he will become the owner. Settlement date can be T+3 or whatever the cycle determine by CDS, need not be T+0.

10T+5 settlement? Empty Re: T+5 settlement? Sat May 02, 2020 8:27 pm

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
EQUITY SETTLEMENTS
Settlement for the equity shares traded in all the Boards will occur on the third market day after the trade date (T+3).

The CDS will issue, on each market day, a settlement schedule, which will reflect the debits and credits that have been entered into the participant’s account and the net amount to be settled by each participant on a particular settlement date.

The buyer should ensure that ‘Cleared Funds’ are made available to the buying participant by 09:00 hours on the settlement date.

The participants should ensure that sufficient cleared funds are available in the settlement bank account by 09:30 hours on the settlement date to settle payments arising out of transactions carried out by such participant based on the settlement schedule issued by the CDS.

The inter-participant settlement of funds for Debt Securities traded on the CSE shall take place by 10:30 hours on the Settlement Date, through settlement bank(s) as per the Settlement Schedules issued by the CDS.

Margins for Purchase of Securities of and over the value of Rupees 20 Million

In the event the aggregate value of all the purchases executed by any participant (other than the custodian Banks) on behalf of a particular client in relation to a particular security during a particular market day equals or exceeds Rs. 20 Mn., such participant shall provide a minimum margin of 15% of the aggregate value of the securities so purchased in the form of ‘cleared funds’ to the CDS or a bank guarantee in favor of the CDS, by 09.00 hours on Trade Day +1 (T +1).

The CDS shall issue schedules containing the margins payable by Member Firm participants at the end of each market day.

Participants are required to deposit such margins into their settlement account in their settlement Bank. Alternatively, Participants may furnish a bank guarantee, in a format acceptable to the CDS, obtained by the Account Holder in favor of the CDS.

The CDS would credit the settlement account of the member Firm Participant on T+3 with the margin amount paid on Trade day.

In the event a trade is not affirmed by a Custodian Bank, the Participant shall be required to submit the margin by 09.00 hours on T+2.

Trade affirmations and Rejections by Custodian Banks

The CDS at the end of every market day will initiate a trade confirmation identifying the CDS account holder and the Participant Custodian Bank. The trade has to be affirmed by the relevant custodian bank by using CDS Form 22 by the Participant Custodian Bank by 14:.30 hours on Trade Day plus 1 (T+1.)

Custodian banks have the right to reject any transaction executed for any of their clients by a Member Firm of the CSE provided such a rejection of a trade is notified to the CDS by 14.30 on T + 1.For this purpose Custodian Banks are required to submit CDS Form 23 to the CDS.

The CDS will on receipt of the rejection shall instruct the Member Firm to buy back shares in the event of a sale or meet the settlement obligation in the event of a purchase. New settlement schedules would be generated to the custodian bank, the relevant member firm and the settlement bank.

https://www.cds.lk/equity_settlements.php

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