Settlement efficiency better

Hongkong Clearing chief executive Stewart Shing Shin-cheung said settlement efficiency had increased since the clearing house had strictly implemented the T+2 rule last month. He said 28 brokers had failed to settle shares to the value of $15 million for all trades made last Friday, which accounted for 0.3 per cent of the $9.1 billion turnover that day. On Monday turnover reached $12.8 billion, and there were 29 brokers who had failed to settle trades amounting to $15 million on the T+2 deadline on Wednesday.