Whole Section

  • 6.6 CDP'S Obligations in respect of Novated Contracts

    Amended on 10 December 201810 December 2018.

    • 6.6.1

      If and to the extent that the funds or assets available to CDP are insufficient, either in aggregate or in respect of in any settlement currency, to meet CDP's obligations to Clearing Members in respect of Novated Contracts, CDP may upon notice to the relevant Clearing Members defer any of those obligations, in whole or in part, for settlement at such later time as CDP may determine.

      Amended on 23 January 200923 January 2009, 22 April 201322 April 2013 and 10 December 201810 December 2018.

    • 6.6.3

      Without prejudice to Rule 8, CDP will be under no obligation to deliver securities to a Clearing Member in respect of any Novated Contract if the Clearing Member fails to settle any Final Settlement Balance in full, save that where partial payment of the Final Settlement Balance is made, CDP may, but is not obliged to, deliver some of the securities that it would otherwise have been obliged to deliver but for the Clearing Member's failure.

      Added on 22 April 201322 April 2013 and amended on 10 December 201810 December 2018.

    • 6.6.4

      Where CDP deems it necessary or desirable for ensuring a fair and orderly market or for ensuring a safe and efficient clearing and/or settlement facility, or for ensuring the integrity of the market or for proper management of systemic risk in the market, CDP may replace an obligation to pay a Final Settlement Balance for a currency with an obligation to pay the Final Settlement Balance in a different currency, at such rate as CDP may determine.

      Added on 10 December 201810 December 2018.