January 9, 2017 / 2:29 PM / 7 months ago

Saudi bourse says T+2 settlement cycle to start in Q2 2017

DUBAI, Jan 9 (Reuters) - The Saudi Stock Exchange will introduce the settlement of trades within two working days of execution during the second quarter of 2017, it said on Monday.

The exchange said the move to T+2 settlement was part of its aim to move in step with "leading global settlement practices and increase levels of asset safety for investors."

At present, trades must be settled on the same day, a practice known as T+0.

The Capital Market Authority said in May last year it had approved the switch "during the first half of 2017."

Reporting by Tom Arnold, editing by Louise Heavens

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