This replaces the prior arrangement where contracts made over a certain period were accumulated before they were settled on one of the six designated settlement days of each month (the 5th, 10th, 15th, 20th, 25th, and the last day of the month). The system will be improved further in April 1997 to complete settlement on the third business day after the date of contract.
Regarding settlement of corporate bonds, which may be familiar to many of you here, delivery of bonds has conventionally been made by a document called registration certificate and the corresponding payment has been settled separately through clearing of bills. At the end of 1997, however, on-line delivery of corporate bonds will be brought into effect.