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Transition to T+2 Settlement for Cash Equities

ASX will transition to a T+2 Settlement cycle for cash equities in March 2016, with a current target date of 7 March 2016.

Background & Benefits:

A  drive for market efficiency and determination to keep Australia at the forefront of global best practice underpins ASX’s move from a T+3 to a T+2 settlement cycle for cash market trades in Australia.

With strong industry endorsement following broad market consultation in 2014, ASX will implement a T+2 settlement cycle in March 2016.  The current target date for the transition is Monday 7 March 2016. This date will be confirmed in early 2016. Shortening the settlement period by one business day creates capital and margin savings for industry, and a faster settlement of transactions for investors.  It also lowers systemic risk for the market as a whole by reducing counterparty risk for individual investors, participants and the clearing house.

ASX’s adoption of T+2 Settlement will keep Australia aligned with leading settlement practices around the world, including Hong Kong and Europe, where many countries adopted T+2 Settlement in October 2014.  The US financial services industry has proposed a move to T+2 for equities, corporate and municipal bonds, and unit investment trusts trades by Q3 2017. New Zealand Stock Exchange has proposed a similar implementation date to Australia for NZX's cash equity and debt markets. In Australia, the Australian Financial Markets Association (AFMA) have announced a move to T+2 Settlement for fixed income products on 7 March 2016.

Scope of Change:

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

  • Cash equities securities as settled via CHESS (including equity securities, ETFs, AGBs, warrants & structured products)
  • Corporate action ex periods reduced to 2 days (including record date)
  • Batch Settlement cut off extended 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)
    • Maintain the final payment settlement at 2.30pm (no change)

More information on all changes is provided in the Business & Technical Overview document available in the Implementation & Readiness section below.

For Australian Debt Markets information - refer to
AFMA media release dated 19 August 2015
AFMA member news dated 30 September 2015

For New Zealand Markets information - refer to the NZX T+2 web page

Key Dates:



How to get involved:

ASX will engage with stakeholders via various channels including the Market Implementation Group, consultation, Market Notices, bilateral meetings, Code of Practice meetings and other events and publications. If you would like to be included in ASX’s contact list or have any questions, please contact us at the email address shown below.

Market Implementation Group:

ASX has established a Market Implementation Group that will work towards full industry readiness for implementation of T+2 Settlement.  The Market Implementation Group will be an open forum and will meet at least quarterly during the lead up to implementation, timed for key milestones in ASX’s project delivery.

ASX encourages participation from all interested stakeholders and their associations, share registries, participants and system vendors. Meetings will be held virtually (via webinar) to allow open access to interstate and overseas stakeholders, and where possible documentation, including webinar recordings, will be available on this page. The Standing Agenda and Forward Agenda Program for the MIGs is available at the following link:

MIG Standing Agenda and Forward Agenda Program

ASX has prepared the following document with tips on how  to set up your PC for the optimal webinar experience:

ASX T+2 Settlement MIG webinar tips

Market Implementation Group meetings:

Meeting Date (Sydney time)
 Registration link
 Webinar recording
2pm Thursday 11 Dec 2014 closed

  MP4 format (70MB)
WMV format (106MB)

  Presentation slides
2pm Thursday 19 Mar 2015 closed

MP4 format   (140 MB)
WMV format (150 MB)

Presentation slides

2pm Thursday 25 Jun 2015 closed

MP4 format   (53 MB)
WMV format  (108 MB)

Presentation slides
2pm Thursday 22 Oct 2015

click here to register



Implementation & Readiness Material:

ASX will publish documents during the course of the project to assist industry stakeholders with their own readiness for T+2 Settlement. Documentation includes technical specifications, answers to frequently asked questions and a readiness guide.

To assist industry stakeholders with their own and their customer's readiness ASX has developed a T+2 Industry Readiness Guide. Ask yourself if you have considered the questions in the guide in your plans and preparedness for T+2.  The guide is available in PDF format for view online or printing.  ASX recommends printing on A3 paper, landscape format, colour and if double sided - flipped on the short edge.

Frequently Asked Questions  (Updated September 2015)

Business and Technical Overview (updated 22 May 2015 - reference to Broker Trades T+3 file on page 17)

T+2 Investor Brochure
ASX has prepared a T+2 Brochure intended for communication with retail investors.  The brochure explains the proposed changes and how they may impact an investor. Market and other participants are encouraged to use this brochure in their own communication with clients, and can also save a copy of this brochure to their own websites. You can also publish a direct link to the brochure on the ASX website using the following url:

Testing and Readiness Tracking:

CHESS Software Vendors, Clearing and Settlement Participants:

ASX issued a Market Notice on 19 August 2015 to advise CHESS Software Vendors and Clearing and Settlement Participants of ASX's approach to testing and customer readiness tracking. These entities are requested to complete a T+2 Questionnaire and return to ASX by 28 August 2015, and an Attestation due by 12 February 2016. More information is included in the following documents:

ASX Information Regarding Customer Readiness Tracking and Testing (19 August 2015)

CHESS External User Testing Guidelines - T+2 Settlement (August 2015)

T+2 Questionnaire Due 28 August 2015

Market Participants(Trade):

Market Participants are not required to complete CHESS testing, nor complete an Attestation. Market Participants should amongst other things consider the changes that may impact their processes as outlined in the T+2 Industry Readiness Guide, and the Business & Technical Overview document, for example:

  • Investor Awareness - How will you notify your investors of the changes to the settlement regime?

  • Electronic Trade Confirmations - How is your business managing the update to the settlement date when you send your customer's electronic trade confirmations?

  • Trade Cancellations - With the introduction of T+2 there will no longer be a facility to cancel trades on T+1. Trade cancellations will only be accepted on Trade date.

  • Special Markets - In line with the reduction of settlement period the ex-period has also been reduced. This means special markets will be effective for one day instead of two.

Payment Providers:

Payment Providers are not required to complete CHESS testing, nor complete an Attestation. Payment Provider Deeds will change effective on the transition date, and ASX will be in contact with Payment Providers closer to the transition date. Payment Providers should amongst other things consider the internal changes required in their procedures to meet the new batch cut off time of 11.30am from the transition date onward.

mFund Participants:

mFund Participants are not required to complete CHESS testing, nor complete an Attestation. mFund Participants should amongst other things consider the internal changes required in their procedures to meet the new fund batch cut off time of 11.15am from the transition date onward.

Market  Notices:

ASX will release key information via Market Notices during the course of the project.  Links to the Market Notices will also be provided on this page.
20 November 2014

28 November 2014

20 February 2015

3 March 2015

29 May 2015

19 August 2015

24 September 2015

Consultation Papers, articles and publications:

Consultation Paper - Shortening the Settlement Cycle in Australia: Transitioning to T+2 for Cash Equities - published 25 February 2014

Consultation Paper - Implementing a T+2 Settlement Cycle for the Cash Market: Draft Rule Amendments - published 27 May 2015

Note the rule changes proposed in the consultation papers are subject to regulatory clearance.


Vendor & Participant Workshops:

ASX will host a second round of workshops with Vendors and their Participants in November 2015 to review testing and readiness.

System Vendor
 Registration link
 Workshop Date & Time
Broadridge click here to register 2pm Tuesday
10 November 2015

ASX, 20 Bridge Street, Sydney / phone

Dion Global click here to register 2pm Wednesday
11 November 2015

ASX, 20 Bridge Street, Sydney / phone

SecuritEase click here to register

2pm Wednesday 18 November 2015

ASX, 20 Bridge Street, Sydney / phone

GBST click here to register

2pm Thursday
19 November 2015

ASX, 20 Bridge Street, Sydney / phone

Participants unable to attend ASX offices for the workshops can request conference call details.  Please email ASX at

Participants who operate in-house settlement systems and other stakeholders can also request a workshop by contacting ASX at

Contact us:

You can contact the ASX T+2 Settlement project team on the following email address: