Whole Section

  • 7B.2 Cash Payments : Settlement Bank Payment

    • 7B.2.1

      The payment method that is set out in this Rule 7B.2 shall be referred to in this Rules as “Settlement Bank Payment”.

      Added on 26 April 201326 April 2013.

    • 7B.2.2

      A "Payment Instruction" means an instruction given by the Clearing House to a Settlement Bank to:

      (a) place at the disposal of a Clearing Member by crediting a nominated account held by that Clearing Member at that Settlement Bank an amount of money to be debited from a nominated account held by the Clearing House at that Settlement Bank; or
      (b) place at the disposal of the Clearing House by crediting a nominated account held by the Clearing House at that Settlement Bank an amount of money to be debited from a nominated account held by a Clearing Member at that Settlement Bank.

      The means by which a Payment Instruction may be communicated by the Clearing House to a Settlement Bank shall be as agreed between the Clearing House and the Settlement Bank.

      Added on 26 April 201326 April 2013.

    • 7B.2.3

      A "Confirmation" in relation to a Payment Instruction means a confirmation by a Settlement Bank to the Clearing House that it will carry out that Payment Instruction.

      The means by which a Confirmation shall be made or deemed to have been made and communicated by a Settlement Bank to the Clearing House shall be as agreed between the Clearing House and the Settlement Bank.

      Added on 26 April 201326 April 2013.

    • 7B.2.4

      A Payment Instruction may be given by the Clearing House in respect of any obligation to pay a sum of money pursuant to or in connection with this Rules. A Payment Instruction shall be irrevocable upon Confirmation of that Payment Instruction by the relevant Settlement Bank.

      Added on 26 April 201326 April 2013.

    • 7B.2.5

      Where any sum of money is paid pursuant to or in connection with this Rules through Settlement Bank Payment:

      (a) such payment shall not be considered to have been made to the intended recipient until a Confirmation of the relevant Payment Instruction is given by the relevant Settlement Bank; and
      (b) such Confirmation shall discharge the payment obligation in respect of which the relevant Payment Instruction was given.

      Added on 26 April 201326 April 2013.