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How trade settlements work
After a security transaction on a stock exchange or regulated market, ownership normally transfers from seller to buyer
at either a domestic central securities depository (CSD) or
an international central securities depository (ICSD) such as Euroclear or Clearstream. Historically, trade settlement would normally take between five to seven days to complete, and even longer in certain markets. Most countries have now shortened their settlement cycles to two days, otherwise known as T+2 (trade date + two days), an achievement largely enabled through the dematerialisation of securities markets. “During the 1990s, securities markets switched slowly from physical paper to electronic settlement. As a result, the time it took to settle a securities transaction after the trade date
「在1990年代,證券結算方式由紙張為本逐漸 轉變為電子化結算,結果交易日後證券交易結 算的時間大幅縮短,由長至T+15縮減至T+5、 T+4、T+3,以至目前的T+2。T+2實際上已成為 北美洲、亞太區和歐洲的規範。」Hex Trust是香 港公司,提供數碼寄存方案。
在目前營運和基礎設施的限制下,市場普遍認 為T+2是最佳做法,買賣任何一方不履行合約 義務的不確定性能夠縮短至兩天,減低了交易 對手風險。然而,這模式有很大限制。考慮到其 他因素,T+2是目前的結算環境中所能達到的 最短結算期。JETTON說:「跨國現金流動及貨 幣兌換,是結算過程中的主要元素,這些都是 限制的因素。」
reduced significantly from anything up to T+15 down to T+5, T+4, T+3, and now T+2. T+2 is the de facto norm across North America, Asia-Pacific and Europe,” said Marty JETTON, Chief Operating Officer at Hex Trust, a Hong Kong-based provider of digital custody solutions.
Under current operational and infrastructural constraints, T+2 is widely considered to be best market practice as it mitigates counterparty risk by reducing to two days the duration of buyers’ exposure to sellers and vice versa. However, the model has serious limitations. T+2 is the tightest settlement period achievable in the current settlement environment when other factors are taken into account. “Movements of cash across national boundaries and conversion of currencies are key elements within the settlement process, and these are limiting factors,” said JETTON.
在證券交易所或受規管市場進行證券交易 後,證券擁有權通常在本地中央證券寄存處 或國際中央證券寄存處(例如Euroclear或 Clearstream)由賣方轉移至買方。以往交易結 算通常需時五至七天完成,有些市場甚至需要 更長時間。目前大部分國家的結算時間已縮短 為兩天,一般稱為T+2(交易日加兩天);能有 這樣的成績,很大程度上是證券市場無紙化的 成果。Hex Trust營運總監Marty JETTON表示:

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