The clearing and settlement process is listed below. Settlement of market transactions is based on T + 3 basis. This means that all transactions are settled after three working days, whereby the sale proceeds are received by sellers and buyers are allotted the shares purchased.
Buyer/Seller provide instructions to brokers
Stockbroker inputs orders into PNGX Trading System
Matching of buy and sell orders from the PNGX Trading System
Buyers and Sellers receive contract notes and confirmation of transactions
After 3 days, sellers receive sale proceeds and buyers receive shares
Transfer documents are sent to the Share Registry for update of Share Registry
Buyers and Sellers receive Holding Statements
