The (LSEG) announced this Wednesday that it has successfully implemented Settlement and Central Securities Depository functionality for the (SGX).
The new system has been in live operation since December 10, 2018, and it marks the first full end-to-end post-trade transformation to be made within a tier 1 market in recent years, the statement said.
The new Clearing module is built on the exchange’s technical and hardware framework which was updated towards the beginning of last year. The updated system provides SGX with a complementary set of post-trade solutions, allowing the exchange and its participants to align with global practices.
The exchange operator first announced the changes back in November. As at the time, the key changes include improving SGX’s system, which previously had a securities settlement cycle of three days (T+3). However, the new framework has reduced this settlement cycle down to two days (T+2) and facilitates the simultaneous settlement of money and securities.
Source: LinkedIn
SGX update was a whole market implementation
The process of applying the new technology was a “whole market implementation” and involved brokers, custodian banks, settlement banks, registrars and retail investors alike. The SGX is the latest exchange operator to use LSEG technology, which is already being utilised the , London Stock Exchange and the in Africa.
Source: LinkedIn
“Built upon a common infrastructure to support clearing, settlement and depository modules, LSEG Technology’s Millennium PostTrade solution, delivers true benefit for our customers by improving operational efficiency and reducing the total cost of ownership.”
SGX Launches New Securities Settlement & Depository System
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