Singapore Moves to Shorten Settlement Cycle

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Singapore, one of Asia's financial hubs, will move to T+2 from 2016.

The Singapore Exchange (SGX) and the Monetary Authority of Singapore (MAS) has jointly announced that the South-East Asian nation's securities market will move to T+2 settlement, in line with other global reforms.

Singapore currently has T+3 settlement, in which a transaction completes no later than three days after a deal is struck. It will move to T+2 by 2016, says the joint consultation paper, which will be open for comment for 12 weeks.

In the same release, the two bodies also updated their collateral guidelines, the introduction of a short-selling reporting regime, new measures over transparency and listing admissions changes.

"This joint consultation and enhancements to SGX's regulatory tools encompass structural and regulatory aspects crucial to a well-functioning securities market," says Magnus Bocker, CEO at SGX. "Today's world is fast-changing and we need to strengthen Singapore's securities market to meet the expectations of investors and companies."

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