South Africa’s financial markets took a major step forward today with the successful launch of a shorter three-day settlement cycle, known as T+3. The move follows months of intensive market-wide activity culminating in a change-over to new systems in the days leading up to today’s launch. The South African market is now aligned with international best practice settlement standards. From this point onwards, equities will be delivered in exchange for payment in four days (T+3 = Trade plus three days) versus the previous six-day (or T+5 = Trade plus five days) settlement cycle, meaning that all trades traded today will settle this Thursday.
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