NZX to settle trades faster from March 7

New Zealand's stock exchange operator, NZX, will move to settle trades within two days instead of the current three day process from next Monday, March 7, the company confirmed.

"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" next Monday, NZX said in a statement.

As well as requiring some market rule changes, the new process will shorten the corporate actions timetable by one day, reducing the ex dividend period to two days, including the record date, the exchange operator said.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

NZAS Sign Long Term Contracts
Amended - IFT230 Maturity and Exchange for IFT350
Synlait forecast milk price update
Chorus submits 2023 fibre regulatory report
Infratil Infrastructure Bond Exchange Offer opens
May 31st Morning Report
NZAS and Mercury sign long-term agreement, creating opportunity for future investment in renewables
Meridian and NZAS sign long term contracts
ArborGen Holdings Results for Year Ended 31 March 2024
BAI - Full unaudited results to 31 March 2024