Can somebody please enlighten me how HSBC can argue that the HKSCC rule of having to settle a trade within 2 days (T+2) can push me beyond the Ex Div date?
Let me explain: on Friday Aug 30th I purchased shares of Henderson Land (0012.HK). at 10.15 am I get the usual sms notification that the trade has gone through. Then a few days later I receive a letter from HSBC acknowledging the trade date as of Aug 30th but stating the settlements will be Sept. 3 which happens to be the Ex Div Date for that company.
In all my purchases I have never received this letter from my bank.
I complained about that with HSBS and they say its the HKSC that settles that.
My question to this community: have you ever had a purchase that was not settled on the actual trading day?
I wonder if some algorythm did enforce that because I see no reason why this would have to take that long.
Have you experienced anything like that or do you feel I have any recourse in this matter because I basically got cheated of my dividend.
I appreciate any suggestions.