SETTLING YOUR ACCOUNT


ASX Listed Securities

When you buy or sell securities that are listed on ASX, settlement is normally required by the settlement date, which is currently “Trade Date + 3 Business Days” (T+3).

All transactions with us are subject to our Trading Terms and Conditions, which includes (but is not limited to) the following.

  1. For purchases, we require clients to pay for that purchase by 10:00am on the settlement date. We do not offer credit facilities to clients and may request funds up-front.

    Clients can utilize a number of facilities to ensure settlement occurs in a timely fashion, such as:

    • BPay: we accept electronic payments via BPay;

    • Electronic Funds Transfer: we accept electronic funds transfers. It should be noted that we require confirmation of such payments, or that your account reference be recorded on the transfer, in order that we can allocate the payment to your account promptly;

    • Cash Management Trust: providing Lands Kirwan Tong Stockbrokers us with authority to draw down funds on your Cash Management Trust account.

  2. For sales, we require holding details to be confirmed to ensure settlement can occur on T + 3. Scrip for sales is due at least 1 business day prior to the settlement date. Failure to settle on sales on time can result in fail fees being applied to your account. Fail fees can be quite costly: a minimum of $55 (including GST) per day for any individual failed sale transaction, or 0.11% (including GST) of the total consideration (up to a maximum of $2,200 including GST per day), applicable for each and every day until settlement finally occurs.

    We strongly recommend that clients become Participant Sponsored through us, so that we are able to promptly settle sales on behalf of clients.

  3. Default fees (of 0.176% per day or part thereof) are applicable on transaction that fails to settle on time. If you fail to complete the contract or a number of contracts or a portion of a contract by the due date, we reserve the right to charge you a default fee of 0.176% (inclusive of GST) per day on the amount(s) overdue. No credit can or will be provided to you.

Transactions are subject to the Articles and Rules, Regulations, By-Laws, directions, decisions and requirements, and Customs and Usages (ASX Group Rules) of the Australian Stock Exchange Limited and its subsidiaries and controlled entities (ASX Group).

ASX Group is permitted under the ASX Group Rules to direct us to cancel or amend any market transaction that is effected by an error or omission, and we may elect to cancel or amend a market transaction or be subject to the ASX Group's direction to do so (see ASX's Policy on Cancellation of Market Transactions).

Other Transactions

Other types of transactions are due and payable immediately, or as specified in our documentation to you. Settlement is on the same terms and conditions as items 1-3 above, under ASX Listed Securities.