Settlement procedures

The settlement for international crosses on the CSX will take place in the primary market. The procedures for clearing and settlement will follow those of the primary market.

Settlement

To be admitted to listing and trading on the Exchange, securities must have an ISIN.

Each security which is admitted to listing and trading on the CSX will have an approved settlement mechanism.

Securities may be accepted for listing and trading if they are eligible for deposit and settlement in an acceptable electronic settlement system such as The Depository Trust and Clearing Company (DTCC), Euroclear Bank, TMX CDS or any other system agreed in advance with the CSX.

All securities listed on the CSX may be settled through Clearstream Banking Luxembourg. Securities will need to be eligible for settlement through one of Clearstream’s depositories. Broker members, either directly or through another Clearstream participant, will be required to enter deliver or receive instructions into Clearstream for bilateral settlement informing Clearstream of details of the transaction to be effected. Clearstream will then effect the transfer of funds and securities between the relevant Clearstream accounts of broker members, or their settlement agents and will inform them accordingly.

Where the securities are not eligible for settlement through Clearstream, or any other depository, issuers will be required to appoint a paying agent that is acceptable to the CSX and to Clearstream.

Securities of issuers incorporated in the Cayman Islands may opt to use direct physical settlement as the approved settlement mechanism.

Settlement due date

Settlement shall take place on the third business day (T+3) after the date the transaction is executed.

The CSX settlement calendar is displayed on the CSX website.

CSX Settlement Procedures