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Tuesday, 10 January 2017

UPDATE 1-Saudi bourse to start T+2 settlement in second quarter | Reuters

UPDATE 1-Saudi bourse to start T+2 settlement in second quarter | Reuters:
"The Saudi Stock Exchange will introduce settlement of trades within two working days of execution during the second quarter of 2017, the bourse said on Monday as it published draft rules for short-selling and the borrowing and lending of securities.

Trades must be settled on the same day for now. This has inconvenienced foreign investors in particular as they must have large amounts of money on hand before trading, which can be hard given Riyadh's time zone and its Sunday-Thursday business week.

"Introducing the T+2 settlement cycle aims to align the Saudi stock market with leading global settlement practices, and to increase levels of asset safety for investors," the exchange said in a statement."

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