Whole Section

  • 8.3 Settlement Bank Net Money Settlement Statement

    • 8.3.1

      CDP shall issue a Settlement Bank Net Money Settlement Statement to the Settlement Bank via SWIFT or any other mode of communication as CDP deems fit, at the time prescribed in the Timetable on each Settlement Day.

      Amended on 3 October 20093 October 2009.

    • 8.3.2

      The Settlement Bank Net Money Settlement Statement shall contain the following details:

      (a) the Net Credit or Net Debit Balance of each Principal (identified by a reference to its Depository Agent) which the Settlement Bank represents on that Settlement Day; and
      (b) the Net-Net Debit or the Net-Net Credit Balance on that Settlement Day.

      Amended on 26 April 201326 April 2013.

    • 8.3.2A

      Unless otherwise notified by CDP to the Settlement Bank, settlement of the Net-Net Debit Balance or Net-Net Credit Balance for each Settlement Day between CDP and the Settlement Bank shall be effected by such time as set out in the Timetable on that Settlement Day, save that in the case of settlement in a foreign currency, if the Settlement Day is not a Common Banking Day, settlement shall be effected at the same time on the next Common Banking Day.

      Payment of the Net-Net Debit Balance or the Net-Net Credit Balance shall not be considered to have been made to the intended recipient (i.e., CDP or the Settlement Bank) until the payment sum is irrevocably and unconditionally received, in immediately available funds, in such account of the intended recipient as is nominated by the intended recipient.

      Such nomination shall, in the case of nomination by the Settlement Bank, be in writing to CDP, and in the case of nomination by CDP, be by way of circular or otherwise.

      Added on 26 April 201326 April 2013.

    • 8.3.3

      Save for manifest error, for each Settlement Day, the Settlement Bank Net Money Settlement Statement shall be deemed binding and conclusive on the Settlement Bank as to the Net-Net Debit Balance payable by the Settlement Bank or the Net-Net Credit Balance payable by CDP (as the case may be) for that Settlement Day.

      Amended on 26 April 201326 April 2013.

    • 8.3.4

      Notwithstanding:

      (a) any manifest error in:
      (i) the electronic statement referred to in Rule 7.3.1; or
      (ii) the Settlement Bank Net Money Settlement Statement; or
      (b) any failure by any Principal represented by the Settlement Bank to pay the Net Debit Balance to the Settlement Bank,

      the Settlement Bank shall pay to CDP the Net-Net Debit Balance or CDP shall pay to the Settlement Bank the Net-Net Credit Balance as stated in the Settlement Bank Net Money Settlement Statement in accordance with Rule 8.3.2A irrespective of any dispute between the Settlement Bank and CDP as to the amounts stated in any of those statements.

      Any dispute shall be considered by CDP only after CDP has completed payment of Net-Net Credit Balances to Settlement Banks and Settlement Banks have completed payment of Net-Net Debit Balances to CDP for that Settlement Day. Any monies to be refunded or deducted shall be refunded or deducted free of interest to or from the relevant Settlement Bank by crediting or debiting the amount to or from that Settlement Bank's Net-Net Debit Balance or Net-Net Credit Balance (as the case may be) as soon as practicable after the dispute is resolved.

      Amended on 26 April 201326 April 2013.

    • 8.3.5

      The receipt by a Settlement Bank of the Net-Net Credit Balance from CDP shall operate as a complete release and discharge on that Settlement Day:

      (a) to CDP of its obligation to pay the Net Credit Balance payable to a Principal represented by that Settlement Bank; and
      (b) to a Principal represented by that Settlement Bank of its obligation to pay the Net Debit Balance payable to CDP.

      Added on 25 February 201125 February 2011 and amended on 26 April 201326 April 2013.

    • 8.3.6

      The receipt by CDP of the Net-Net Debit Balance payable by a Settlement Bank shall operate as a complete release and discharge on that Settlement Day:

      (a) to CDP of its obligation to pay the Net Credit Balance payable to a Principal represented by that Settlement Bank; and
      (b) to a Principal represented by that Settlement Bank of its obligation to pay the Net Debit Balance payable to CDP.

      Added on 25 February 201125 February 2011 and amended on 26 April 201326 April 2013.

    • 8.3.7

      If CDP is of the opinion that payment of the Net-Net Debit Balances or Net-Net Credit Balances or both is unlikely to commence by the scheduled time stated in the Timetable, CDP shall inform Settlement Banks of the following matters:

      (a) that payment of the Net-Net Debit Balances or Net-Net Credit Balances or both is unlikely to take place at the scheduled time; and
      (b) the estimated time at which the delayed payment shall be made.

      CDP shall provide adequate time for Settlement Banks to make payment and and Settlement Banks shall effect payment by such time as stipulated by CDP.

      Added on 25 February 201125 February 2011 and amended on 26 April 201326 April 2013.