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SINGAPORE - Capital Market Infrastructure Summary

Central Securities Depositories
Central Depository Pte Ltd (CDP)
Monetary Authority of Singapore (MAS)

BIS Model
Model 1

Settlement Cycle
T+3 for Equities
T+3 for Listed corporate bonds
T+5 generally but negotiable for Unlisted corporate bonds
T+1 for government bonds

In early 2014, the Singapore Exchange (SGX) and the Monetary Authority of Singapore (MAS) announced a move to T+2 settlement by 2016.

The Central Depository Pte Limited ("CDP"), a wholly-owned subsidiary of Singapore Exchange Ltd ("SGX"), provides clearing, settlement and book-entry central registration facilities for equities and fixed income instruments. CDP principally serves the Singapore market, but has links with other central securities depositories in the United States, Japan and China to support settlement of cross-border trades. All trades exeCôted on SGX are required to be settled on T+3, with each trade settling on a gross basis during an end-of-day settlement run. Monetary Authority of Singapore (MAS) is the central depository for government securities, for which regular trades settle on T+1 and cash trades on T. Settlement occurs through MAS Electronic Payment System (MEPS), with securities and cash settling on a gross basis.

Key terms defined in our glossary:

Central Securities Depository
BIS Model 1
Settlement Cycle

The above information is written as a general guide only and is subject to change. Please refer to our 'Terms' page for more details.