NZX [NZX], the operator of the New Zealand stock exchange, is seeking feedback on a proposal to shorten the settlement time in cash markets by a day, putting it in line with other bourse operators.
The proposal is to shorten the trading settlement cycle from trade date plus three business days settlement, or T+3, to trade date plus two business days, or T+2, for cash market trades, the Wellington-based company said in a statement.
The change would reduce risk for those involved in settlements and keep New Zealand in step with Australian capital markets. Technological changes made it possible to change over, it said.
The bourse operator released a consultation paper on the proposal for feedback.
(BusinessDesk)
Jonathan Underhill
Wed, 12 Nov 2014
Wed, 12 Nov 2014
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZX proposes move to T+2 from T+3 for cash market trades
43041