Key takeaways:

• On 6 October 2014, the standard settlement period for equities traded in UK and Ireland was shortened from T+3 (the trade date plus three business days) to T+2 (the trade date plus two business days).
• The new settlement period of T+2 also applies to securities traded on the International Order Book, including Global Depositary Receipts and, in some cases, American Depositary Receipts.
• It is expected that, from 2 January 2015, all London-listed securities clearing through CREST will need to be recorded in book entry form on or before the intended settlement date.