Stock Exchange names the day

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The Independent Online
The London Stock Exchange has confirmed June 26 as the start of the move to five-day rolling settlement of share transactions. The decision to move to "T+5" settlement follows a review of the state of readiness of the exchange and the industry, the Stock Exchange said. "Total support for the move has been received from industry groups," the Stock Exchange added.

"This decision has been taken against a background of overall good performance under T+10. The industry has adapted to the new settlement environment very successfully," said Christine Dann, director of business operations at the Stock Exchange. "The exchange is still on course to introduce dematerialised stock lending in September," she added. "Participants see this step as increasingly important to the development of five-day settlement in the UK."