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Securities Market
Clearing and Settlement Services

Updated: 22 February 2004

 Settlement Before & After CCASS

Physical Settlement
(before CCASS)

Electronic Settlement
(after CCASS)

Decentralised

Centralised
Immobilisation of share certificates

Physical delivery of money and stocks

Electronic book-entry transfer

Cash or cheque

Electronic money settlement

Trade for trade

Continuous net settlement or
trade for trade

Share certificates locked up during registration and not available for trading

No impact on trading during registration if shares held in CCASS Depository

Settlement on T+1

Settlement on T+2

Risk of counterparty failure

Reduction of risk of counterparty failure

No central depository services

Central depository and common nominee services provided within CCASS