Whole Section

  • 7.2 Netting of Balances

    • 7.2.1

      When a Principal submits a receiving instruction which is due for settlement on that Settlement Day, the total amount due to CDP upon matching and validation of such instruction shall be debited to the Principal's daily balance for that Settlement Day. When a Principal submits a delivery instruction which is due for settlement on that Settlement Day, the total amount due from CDP upon matching and validation of the delivery instruction shall be credited to the Principal's daily balance for that Settlement Day.

      Amended on 3 October 20093 October 2009.

    • 7.2.2

      When a Principal submits a receiving instruction for matching and validating in advance, the total amount due to CDP upon matching and validation of such instruction shall be debited to from the Principal's daily balance for the Settlement Day of such instruction. When a Principal submits a delivery instruction for matching and validation in advance, the total amount due from CDP upon matching and validation of such instruction shall be credited to the Principal's daily balance for the Settlement Day of such instruction.

      Amended on 3 October 20093 October 2009.

    • 7.2.3

      Throughout the Settlement Day up to the Cut-Off Time for DVP Validation, all debits and credits to the Principal's daily balance shall be set-off on a continuous basis as to arrive at a net balance, known as a net debit or net credit balance, at any particular point of time during the Settlement Day. Setting-off shall also be conducted on a consecutive basis so that transactions which are matched and validated first shall be set-off first. The final Net Debit Balance for that Settlement Day shall be referred to as the Net Debit Balance and the final net credit balance for that Settlement Day shall be referred to as the Net Credit Balance.

      Amended on 3 October 20093 October 2009.