International brokerages are among the biggest culprits in failing to meet the T+2 settlement deadline, government research shows. In a written response to legislators, the Financial Services Bureau listed the top 20 offenders from May to July. Tai Cheun Securities ranked top, having failed to settle on all 65 trading days, with 629 outstanding positions - or 87.76 per cent of transactions made. Jardine Fleming Broking also missed settlements on the 65 days, but its 434 outstanding positions represented only 6.45 per cent of transactions. Credit Lyonnais Securities (Asia) failed on 64 days, with 308 outstanding positions equalling 5.13 per cent of trade. Brokers failing for 63 days included Merrill Lynch Far East, ING Baring Securities (Hong Kong) and Salomon Brothers Hong Kong. SBC Warburg Dillon Read Hong Kong and ABN Amro Asia Securities (Hong Kong) defaulted on 62 days. In terms of outstanding amounts, Paribas Asia Equity ranked second with 13.02 per cent of its trade delayed for settlement on 57 trading days. The others in the top 20 are Chong Hing Securities, Credit Suisse First Boston (Hong Kong) Securities, Deutsche Securities, Goldman Sachs (Asia) Securities, Grand Securities, Indosuez W.I. Carr Securities (Hong Kong), Kleinwort Benson Securities, Lee On Tat Securities, Morgan Stanley Hong Kong Securities, SocGen-Crosby Securities (HK) and Wellfull Securities. The T+2 rule specifies trades must be settled two days after the transaction.