News 07th July 2014 International settlement timelines are changing On 6th October 2014, new regulation comes into effect in Europe, reducing market settlement cycles to T + 2 (trade date + two business days). This means that trades which are executed from Monday 6th October (for example) will be for settlement two business days after execution, and not the current three business days. US markets will also be making this change although the date has not been confirmed. If you make a purchase, your account will be debited one day earlier than previously, i.e. two business days after execution, and the contract note you would have received after execution of your order would state the settlement date. To ensure that you receive this notice of settlement date before settlement it is essential that you are enabled to receive your contract notes electronically. This is particularly important given recent reductions in New Zealand Post delivery times. Please speak to your JBWere representative to arrange this if you are not already set up with this facility. The New Zealand and Australian markets are also discussing shortening their settlement cycles to T + 2, but we do not anticipate this occurring until at least mid-2015. If you have any questions please speak to your JBWere representative who will be able to provide greater detail on what this means and provide you with ways in which you could navigate these changes to ensure that they are seamless to you.