T+2 transition project

ASX implemented a T+2 settlement cycle on Monday 7 March 2016. The transition to T+2 settlement received strong industry endorsement following broad market consultation. This page is a repository of industry resources from the project.

The transition to T+2 settlement included the following changes for cash equities:

  • T+2 settlement (trade date + 2 settlement days) for cash equities securities as settled via CHESS (including ordinary shares, units, bonds, hybrids, CDIs, exchange-traded Australian Government Bonds (AGBs) , exchange-traded products (including ETFs), warrants and instalments).
  • Corporate action ex periods reduced to 2 days (including ex date and record date)
  • Batch Settlement cut off amended to 11.30am:
    • Maintain the CHESS batch cut-off extension option of 30 minutes
    • Reduce the Payment Provider Authorisation Cut-off to 60 minutes (from 90 minutes)

Implementation & Readiness Material from the project

Here is a summary of key documents and steps ASX took during the T+2 project.

Market Notices

ASX released key information via Market Notices during the course of the project.

Market Notice Date and Link Content
20 November 2014 Details of establishment of Market Implementation Group
28 November 2014 Details of 1st Market Implementation Group meeting
20 February 2015 Details of 2nd Market Implementation Group meeting
3 March 2015 Business & Technical Overview document, Vendor & Participant workshops to be held in March 2015
29 May 2015 Details of 3rd Market Implementation Group meeting and Consultation on proposed draft rule amendments
19 August 2015 Customer Readiness Questionnaire and Testing Guidelines
24 September 2015 Details of 4th Market Implementation Group meeting
2 November 2015 Capital Liquidity Handbook - T+2 settlement changes
3 Novermber 2015 Changes to ASX Trade test environments
12 November 2015 Details of 5th Market Implementation Group meeting
13 November 2015 CHESS Release Test Environment (RTE), other test information
23 November 2015 Creation of Corporate Action events in CHESS RTE
24 November 2015 Fixed Income Products - Market Preparedness Statement
4 December 2015 Impact on ASX Market Information Products, availability of test files
7 December 2015 Creation of Corporate Action events (December) in CHESS RTE
17 December 2015 Impact on ASX Market Information Products - correction to Broker Trades and Execution Venue Reports availability
22 December 2015 Market Information Products - availability of second batch of test files from Wednesday 23 December 2015
7 January 2016 Creation of additional Corporate Action events in CHESS RTE
8 January 2016 Market Information Products - availability of third batch of test files from Friday 8 January 2016
11 January 2016 Details of 6th Market Implementation Group meeting
29 January 2016 Market Information Products - additional information on Settlement Date and ReferencePoint Course of Sales & Broker Trades test files availability
5 February 2016 Reminder of the Attestation Deadline - 12 February 2016
9 February 2016 Market Information Products - additional ReferencePoint Course of Sales & Broker Trades test files
18 February 2016 Implementation 'Go' Decision and ASX Rule Book changes
19 February 2016 Market Information Products - confirmation of go live date and re-cap on changes
29 February 2016 Criteria for participant requests to extend DvP settlement cut-off - effective 7 March 2016
29 February 2016 T+2 Settlement for Fixed Income Products
1 March 2016 ETO Margin Settlement changes in Austraclear for T+2
2 March 2016 Update - Implementation of the ETO Margin Settlement changes in Austraclear for T+2 have been delayed
4 March 2016 ASX media release - T+2 Settlement begins in Australia on Monday 7 March 2016
4 March 2016 T+2 Transition Cash Market Margining (CMM) Margin Settlement Process and Reports
4 March 2016 Update - Held collateral changes for T+2 Settlement
9 March 2016 Completion of first T+2 batch settlement, reminder re non-settlement and non-business days in March 2016

Consultation Papers, articles and publications

Market Implementation Group meetings                            

Meeting Date (Sydney time) Webinar recording Presentation
2pm Thursday 11 Dec 2014 MP4 format (70MB)
WMV format (106MB)
Presentation slides
2pm Thursday 19 Mar 2015 MP4 format   (140 MB)
WMV format (150 MB)
Presentation slides
2pm Thursday 25 Jun 2015 MP4 format   (53 MB)
WMV format  (108 MB)
Presentation slides
2pm Thursday 22 Oct 2015 MP4 format   (77 MB)
WMV format  (173 MB)
Presentation slides
2pm Thursday 10 Dec 2015 MP4 format (93 MB)
WMV format (95 MB)
Presentation slides

2pm Thursday 18 Feb 2016

(final meetng)
MP4 format (68 MB)
WMV format (105 MB)
Presentation slides