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

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