Argentina Equity & Fixed Income T+0-T+2 SD+1 2:30 SD+1 2:30 Fixed Income (MAECLEAR) T+0-T+2 SD 23:00 SD 23:00 Physical T+0-T+2 SD 23:00 SD 23:00 Australia Equity T+2 SD 5:30 SD 10:30 Fixed Income T+2 SD 9:30 SD 9:30 Austria Equity & Fixed Income T+2 SD 20:30 SD 22:00 Bahrain Equity & Fixed Income T+2 SD 11:00 SD 12:00 Bangladesh Equity & Fixed Income T+2(T+n on request) T+1 10:00 N/A Belgium Equity & Fixed Income T+2 SD 20:30 SD 20:30 Bermuda Equity & Fixed Income T+2 SD-1 23:00 SD-1 23:00 Bosnia & Herzegovina Federation of Bosnia T+2 SD-1 21:00 N/A Republika Srpska T+2 SD-1 18:00 N/A Botswana Equity & Corp Bonds T+3 SD-2 19:00 SD-2 19:00 Government Bonds T+3 SD-2 21:00 SD-2 21:00 Brazil T+3 (DVP) SD 2:00 N/A Equity T+3 (RVP) SD 3:00 N/A Fixed Income T+3 SD 23:00 N/A Bulgaria Equity & Bond/On-exchange T+2 SD-1 20:30 N/A Equity & Bond/OTC T+2 SD 16:00 SD 20:30 Government Securities T+0 SD 19:45 SD 19:45 Canada Equity & Fixed Income T+2 SD+1 2:00 SD+1 2:00 Pre-Matching T+2 SD-1 22:00 SD-1 22:00 Chile Equity (not linked to FX) T+2 SD 23:30 SD 23:30 Equity (linked to FX) T+2 SD 20:00 SD 20:00 Fixed Income (not linked to FX) T+0 SD 23:30 SD 23:30 Fixed Income (linked to FX) T+0 SD 20:00 SD 20:00 China A-Shares T+0 SD 17:30 N/A B-Shares T+3 SD-1 8:00 N/A Inter-Bond Market(CIBM) T+0 SD 11:30 N/A T+1 SD 12:00 N/A Clearstream Internal, Mandatory settlement only (Instructions in CAD, MXN, USD) T+2 SD+1 0:30 SD+1 2:30 Internal, Mandatory settlement only (Instructions in all other currencies than the above) T+2 SD 22:30 SD+1 2:30 Internal, Optional settlement T+2 SD+1 2:30 SD+1 2:30 Bridge, Mandatory Settlement (Instructions in ARS, CAD, EUR, GBP, MXN, PEN, and USD) T+2 SD 21:30 SD 23:55 Bridge, Mandatory (Instructions in all other currencies than the above) T+2 SD 19:50 SD 23:55 Bridge, Optional settlement T+2 SD 23:55 SD 23:55 Colombia Equity T+1-T+3 SD 4:00 N/A Government and Corporate Bonds T+n SD 4:00 N/A Government and Corporate Bonds T+0 SD 23:00 N/A Costa Rica Equity T+3 SD+1 0:00 SD+1 0:00 Government and Corporate Bonds T+1 & T+2 (Receive) SD 0:00 SD 0:00 Government Bonds T+1 & T+2 (Auctions) SD-2 23:30 SD-2 23:30 Secondary Market T+1 & T+2 (Deliver) SD+1 0:00 SD+1 0:00 Croatia Equity T+2 SD-1 20:30 SD 21:00 Fixed Income T+2 SD-1 20:30 SD 21:00 Cyprus Equity & Fixed Income T+2 SD 15:30 SD 16:30
Czech Republic Equity & Fixed Income T+2 SD 16:30 SD 20:45 Denmark Equity & Fixed Income T+2 SD 15:30 SD 17:00 Ecuador Equity & Fixed Income T+1 SD-1 23:00 SD-1 23:00 Egypt Equity & Corporate Bonds T+2 SD-1 14:00 SD-1 14:00 Government Bonds T+1 SD-1 14:00 SD-1 14:00 T-Bills T+2 SD 15:00 SD 15:00 Estonia Equity & Fixed Income T+2 SD 13:00 SD 13:00 Euroclear Internal, Batch process T+2 SD 4:00 SD 4:00 Internal, Automatic real-time process (Instructions in ARS, CAD, MXN, PEN, and USD) T+2 SD 23:45 SD+1 2:00 Internal, Automatic real-time process (Instructions in EUR and GBP) T+2 SD 22:30 SD+1 2:00 Internal, Automatic real-time process (Instructions in all other currencies than the above) T+2 SD 20:30 SD+1 2:00 Internal, Optional real-time process T+2 SD+1 2:00 SD+1 2:00 Bridge, Automatic real-time process (Instructions in ARS, CAD, MXN, PEN, and USD) T+2 SD 23:30 SD+1 1:00 Brdige, Automatic real-time process (Instructions in EUR and GBP) T+2 SD 21:50 SD+1 1:00 Bridge, Automatic real-time process (Instructions in all other currencies than the above) T+2 SD 20:20 SD+1 1:00 Bridge, Batch process T+2 SD 3:00 SD 3:00 Bridge, Optional daytime processing T+2 SD+1 1:00 SD+1 1:00 Finland Equity T+2 SD 19:00 SD 19:00 Fixed Income T+2 SD 20:00 SD 22:00 France Equity & Fixed Income T+2 SD 20:30 SD 20:30 Germany Overnight Cycle T+2 SD-1 23:15 SD-1 23:15 Equity & Fixed Income T+2 SD 17:30 SD 22:15 Ghana Equity T+3 SD-1 16:30 SD-3 18:00 Fixed Income T+0 SD 20:00 N/A Fixed Income T+1-T+2 SD-1 21:00 N/A Greece Equity T+2 SD 19:00 SD 19:00 Corporate Bonds T+0-T+2 SD 19:00 SD 19:00 Government Bonds/T2S T+2 SD 20:00 SD 22:00 Hong Kong Equity T+2 SD 12:15 SD 12:15 Fixed Income T+2 SD 12:30 SD 12:30 Bond Conect HSBC Model T+1-T+2 SD-1 16:00 N/A Stock Connect HSBC Direct Model T+0 SD 17:30 N/A Stock Connect Traditional Model Receive T+0 N/A SD 4:00 Stock Connect Traditional Model Deliver T+0 N/A SD 15:30 SPSA Enhanced Model T+0 SD 16:00 SD 16:00 SPSA Enhanced Model (RDvP-HKD/USD) T+0 SD 14:30 SPSA Enhanced Model (RDvP- Deliver-RMB) T+0 SD 15:30 SPSA Enhanced Model (RDvP- Receive-RMB) T+0 SD 16:15 SPSA Transfer Model (between SPSA and Non SPSA accounts) T+1 N/A SD 4:00 Hungary Equity & Fixed Income T+2 SD 21:30 SD 22:00 Iceland Equity & Fixed Income T+2 SD 21:00 SD 21:00 India Equity T+2 SD-1 12:30 N/A
Government Bonds/OTC T+1 SD-1 16:00 N/A Government Bonds/OTC T+2 SD-2 16:00 N/A Corporate Bonds/OTC T+0 SD 12:30 N/A Corporate Bonds/OTC T+1 SD-1 18:30 N/A Corporate Bonds/OTC T+2 SD-2 18:30 N/A IPO (MSD = Market Suscription Date) MSD-1 18:00 N/A Indonesia Equity & Fixed Income T+3 SD 7:00 SD 7:00 Ireland Crest Prematching T+2 SD 0:30 SD 0:30 Fine for late matching (T+1) Equity T+2 SD-1 18:30 SD 21:00 Fixed Income T+2 SD 19:25 SD 21:10 Israel Equity & Fixed Income (Mon-Thur) T+1(T+2 on request) SD-1 22:00 SD-1 22:00 Equity & Fixed Income (Sunday) T+1(T+2 on request) SD-1 20:30 SD-1 20:30 Italy Overnight Cycle T+2 SD 0:30 SD 0:30 Equity & Fixed Income T+2 SD 20:30 SD 22:30 Ivory Coast Equity T+3 SD-2 23:00 SD-1 23:00 Fixed Income T+3 SD-2 23:00 SD-1 23:00 Japan Equity T+3 SD 6:00 SD 6:00 Fixed Income T+3 SD 6:00 SD 6:00 Jordan Equity T+2 SD-1 17:00 N/A Corporate Bonds T+2 SD-1 17:00 N/A Government Bonds/Bills OTC T+N SD 12:00 N/A Kazakhstan Equity & Fixed Income/On-exchange T+0 SD 15:30 N/A Equity & Fixed Income/OTC T+0-T+3 SD 15:30 SD 15:30 Kenya Equity & Fixed Income T+3 SD-1 12:00 N/A Kuwait Equity T+3 SD-2 18:30 SD-2 16:00 Fixed Income T+2 SD-1 13:00 SD-1 13:00 Latvia Equity & Fixed Income T+2 SD 13:00 SD 13:00 Lebanon Equity T+3 SD 12:15 SD 12:15 Fixed Income vs USD T+3 SD 12:15 SD 12:15 Fixed Income vs LBP T+3 SD-1 12:15 SD 12:15 Physical T+3 SD-1 12:15 N/A Lithuania Equity & Fixed Income T+2 SD 13:00 SD 13:00 Malaysia Equity & Fixed Income T+3 (Deliver) SD-1 8:00 SD-1 8:00 Equity & Fixed Income T+3 (Receive) SD 8:00 SD 8:00 Equity & Fixed Income (ISS) T+2 SD-1 7:00 N/A Mauritius Equity T+3 SD-1 13:00 N/A Equity (with CDS late charge) T+3 SD 10:00 N/A Corporate Bonds T+3 SD-1 13:00 N/A Corporate Bonds (with CDS late charge) T+3 SD 11:00 N/A Government Debt T+1 N/A N/A Mexico Equity T+3 SD+1 3:45 SD+1 3:45 Fixed Income T+n SD+1 3:45 SD+1 3:45 Morocco Equity & Fixed Income/On-exchange T+3 SD-1 19:00 SD 20:00 Fixed Income/OTC T+0 SD 20:00 SD 20:00 Namibia Equity T+5 SD-2 14:00 SD-2 14:00 Equity T+0-T+4 SD-1 13:30 SD-1 13:30 Fixed Income T+0-T+5 SD-1 14:00 SD-1 14:00 Netherlands Equity & Fixed Income T+2 SD 21:00 SD 21:00 New Zealand Equity T+2 SD 7:30 SD 7:30 Fixed Income T+2 SD 8:30 SD 8:30 Nigeria Equity T+3 SD-2 20:00 SD-1 15:00
Fixed Income T+2 SD-1 16:00 SD 16:00 Norway Equity & Fixed Income T+2 SD 16:30 SD 16:30 Oman Equity T+3 SD-1 14:00 SD 11:00 Fixed Income T+2 SD-1 14:00 SD 11:00 Pakistan Equity T+2 SD-1 18:00 SD 10:00 Fixed Income T+2 SD-1 18:00 SD 10:00 Peru Equity (On Exchange) T+2 SD 20:00 SD 22:00 Equity (OTC) T-T+3 SD 20:00 SD 22:00 Fixed Income (On Exchange) T+3 SD 20:00 SD 22:00 Fixed Income (OTC) T-T+3 SD 22:00 SD+1 1:00 Sovereign Bonds T-T+3 SD 22:00 SD+1 1:00 Central Bank CDs (OTC) T+3 SD 22:00 SD 22:00 Philippines Equity T+3 SD 7:00 SD 7:00 Fixed Income T+1-T+3 SD 7:00 SD 7:00 Poland Equity & Fixed Income/On-exchange T+2 SD 15:30 SD 15:30 Equity/OTC T+n SD 18:00 SD 18:00 T-Bonds & T-Bills/OTC T+n SD 19:00 SD 19:00 Portugal Equity & Fixed Income T+2 SD 22:00 SD 23:10 Qatar Equity & Fixed Income T+3 SD-1 15:30 N/A Romania Equity T+2 SD-1 22:00 SD 16:00 Fixed Income T+2 (RON) SD 19:30 SD 19:30 T+2 (EUR) SD 17:00 SD 19:30 OTC T+1-T+3 SD-1 20:00 SD-1 20:00 Russia Equity & Fixed Income T+2 SD 20:00 SD 20:00 Rwanda Equity T+2 SD-1 16:00 N/A Fixed Income T+1 SD-1 16:00 N/A Saudi Arabia Equity T+2 SD-1 19:00 SD-1 19:00 Fixed Income T+2 SD-1 19:00 SD-1 19:00 Pre-Notification SD-1 19:00 SD-1 19:00 Serbia Equity & Fixed Income/On-exchange T+2 SD-1 16:00 N/A Government Bonds & T-Notes/OTC T+0 - T+3 SD 16:00 N/A Singapore Equity & Fixed Income T+3 SD 8:30 SD 8:30 Half Day T+3 SD-1 15:00 SD-1 15:00 Slovakia Equity & Fixed Income T+2 SD 19:30 SD 19:00 Slovenia Equity & Fixed Income/On-exchange T+2 SD 14:00 N/A Equity (OTC) T+2 SD 14:00 SD 22:00 Fixed Income (OTC) T+2 SD 20:00 SD 22:00 South Africa Equity (On-Market) T+3 SD-2 14:00 SD-2 14:00 Equity (Off-Market) T+3 SD-1 15:00 SD-1 15:00 Fixed Income (On market) T+3 & T+2 SD-1 20:00 SD-1 20:00 Fixed Income (On market) T+1 & T+N SD-1 18:00 SD-1 18:00 Fixed Income (On market) T+0 SD 16:00 SD 16:00 Fixed Income (Off market) T+3-T+1 SD-1 18:00 SD-1 18:00 Fixed Income (Off market) T+0 SD 16:00 SD 16:00 Same Day CD T+0 SD 16:00 SD 16:00 South Korea Equity & Fixed Income T+2 SD 6:00 SD 6:00 IPO (MSD = Market Suscription Date) MSD-1 3:30 N/A Spain Equity T+2 SD 20:00 SD 22:00 Fixed Income T+2 SD 20:00 SD 22:00 Sri Lanka Equity T+3 SD-2 14:45 N/A Fixed Income T+3 SD-1 15:30 N/A Sweden Equity T+2 SD 19:00 SD 21:00
Fixed Income T+2 SD 16:00 SD 16:00 Swaziland Equity T+5 SD-2 13:00 SD 13:00 Fixed Income T+3 SD-1 13:00 SD 13:00 Switzerland Equity & Fixed Income/SECOM T+2 SD 21:30 SD+1 2:00 Equity & Fixed Income/T2S T+2 SD 20:00 SD 22:00 Taiwan Equity T+2 SD-1 10:00 SD 9:00 Fixed Income T+2 SD 7:00 SD 9:00 Emerging Stocks T+1 SD 7:00 N/A IPO (MSD = Market Suscription Date) MSD 8:30 N/A Tanzania Equity T+3 SD-2 17:00 SD-2 17:00 Fixed Income T+1 SD-1 14:00 SD-1 14:00 Thailand Equity T+3 SD 7:00 SD 7:00 Fixed Income T+2 SD 7:00 SD 7:00 Physical SD-1 13:30 SD-1 13:30 Tunisia Equity & Fixed Income T+3 SD-1 19:00 SD-1 19:00 Turkey Equity & Fixed Income T+2 SD 18:45 SD 18:45 Uganda Equity T+3 SD-1 17:00 N/A Fixed Income T+2 SD 17:00 SD 17:00 Ukraine Equity (Mon-Thu) T+0 SD 20:30 SD 20:30 Equity (Friday) T+0 SD 19:30 SD 19:30 Fixed Income (Mon-Thu) T+0 SD 21:15 SD 20:30 Fixed Income (Friday) T+0 SD 21:15 SD 19:30 United Arab Emirates Equity & Fixed Income T+2 SD-1 16:00 SD 11:00 United Kingdom Equity & Fixed Income T+2 SD 18:30 SD 20:40 Pre-Matching T+2 SD 0:30 SD 0:30 Gilts T+2 SD 19:25 SD 19:25 New CD for Issuance in CREST T+0 SD 19:30 SD 19:30 United States Equity & Fixed Income/DTC Non - IID T+0-T+2 SD+1 3:30 SD+1 5:30 Equity & Fixed Income/DTC IID T+0-T+2 SD 0:00 SD 0:00 Equity & Fixed Income/DTC Same Day CDs T+0-T+2 SD+1 3:30 SD+1 3:30 Federal Reserve Bank T+0-T+3 SD+1 3:30 SD+1 3:30 Physical Delivery T+2 SD-2 23:00 SD-2 23:00 Physical Receive T+2 SD-1 23:00 SD-1 23:00 Option Trades T+1 SD+1 0:00 N/A SPO Cash Processing VD VD 3:30 VD 3:30 Uruguay Bonds T+3 SD 3:00 SD 21:00 Venezuela Equity T+2 (Deliver) SD-1 22:00 SD-1 22:00 Equity T+2 (Receive) SD-1 22:00 SD 20:00 Fixed Income T+2 SD-1 22:00 SD 1:00 Vietnam Equity T+2 SD 14:00 N/A Fixed Income T+1 SD 14:00 N/A Government Bonds T+1 SD 14:00 SD 14:00 Government Backed Bonds T+1 SD 14:00 SD 14:00 Municple (G) Bonds T+1 SD 14:00 SD 14:00 Zambia Equity T+3 SD-1 17:00 SD-1 17:00 Fixed Income T+3 SD-2 21:00 SD-2 21:00 T-Bills SD-1 21:00 SD-1 21:00 Zimbabwe Equity T+3 SD-2 18:30 SD-2 18:30 Fixed Income T+0 SD 15:00 SD 15:00
**The published BBH deadlines reference the typical settlement cycles for each market. To note, settlement cycles can be negotiable and may deviate from the noted settlement cycles. As of 12/11/17