The JSE has announced that the market will implement the third and final phase of its move to a T+3 settlement cycle in the middle of 2016. Implementation, to take place between 25 June and 23 July 2016, is in line with initial projections that the project would be going live between May and July 2016.
“The successful implementation of Phase 3 will conclude one of the most ambitious initiatives undertaken by the exchange, and will bolster the credibility of South Africa as an investment destination by bringing the market even closer to international best practice in the settlement space,” says JSE Director of Post-Trade and Information Services Leila Fourie.
Phase 1 and Phase 2 of the project, implemented in July 2013 and October 2014, have already introduced significant efficiencies to the current settlement process, and have established a solid foundation for the move to a shorter settlement cycle.
“The JSE currently has a strong post-trade base across all markets and aims to provide world-class services. T+3 is just one of the initiatives that the JSE is implementing to achieve this. The exact implementation date will be confirmed once we have done further testing,” says Fourie.