Post-Trade Services Cash Equities MarketA2X Markets provides for settlement assurance of all trades executed on the central order book of the A2X trading system.
A2X performs the role of the Settlement Committee in ensuring that trades executed on the A2X equity trading system are settled in accordance with the principles of “T+3 rolling contractual settlement”.
In providing this assurance, the team performs the following functions:
Monitoring settlement to ensure that settlement takes place on T+3.
Performing securities or money lending and borrowing as lender of last resort.
Rolling of settlements.
Failed trade management procedures:
A2X Report Only Trades Types
Benchmark Cross and Large in Scale are not “settlement assured” by A2X
Clearing and Settlement
Separate settlement groups created on Strate but can be linked (BtB and DPL)
Across JSE groups
Capital Exposure Requirements
No Capital Exposure Requirements (not settlement assured)
No offset with order books