While the majority of the EU member states, including Romania, used a three day securities settlement cycle (ʺT+3ʺ), following the adoption of Regulation (EU) No. 909/2014 of the European Parliament and of the Council on 23 August 2014 on improving securities settlement in the European Union and on central depositories in the Official Journal of the European Union on 28 August 2014, the settlement period has been reduced and the settlement date should be no later than the second business day after the trading takes place (ʺT+2ʺ).
Early October, the Romanian Financial Supervisory Authority and the National Bank of Romania approved the relevant changes to the rulebook of the Romanian central securities depository (ʺCSDʺ) and established the date for the transition by the CSD to the new settlement cycle.
As of 6 October, the CSD moved to the T+2 settlement cycle, meaning that settlement of securities transactions will occur on the second business day after the trading takes place – one day earlier than the previous T+3 settlement cycle.
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