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Tadawul goes public with T+2 plans

The Saudi Stock Exchange Tadawul has published its draft rules for the T+2 settlement cycle and is inviting feedback from concerned parties. The cycle is planned to be implemented during the second quarter of 2017.

The draft rules focus mainly on the proposed regulations and procedures surrounding adoption of a Delivery Versus Payment (DVP) system including the segregation of custody and settlement, and covered short selling. Among the provisions is the requirement for all brokers that are exchange members to become custody members of the new Securities Depository Centre.

Further details here.

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