(1) Unless otherwise notified by CDP to the Clearing Members, settlement of the Final Settlement Balance for each Settlement Day between a Clearing Member and CDP shall, subject to (2), be effected and final upon the execution of all settlement instructions submitted by CDP under the CDP Settlement Rules for settlement between CDP and that Clearing Member in respect of Novated Contracts, in that settlement currency, and which are due to settle on that Settlement Day.

(2) A settlement instruction, if not executed only by reason of there being insufficient securities available, shall not be taken into account for the purposes of (1).

(3) Failure by a Clearing Member to settle a Final Settlement Balance for a Settlement Day, on that Settlement Day, shall constitute a breach by the Clearing Member of these Clearing Rules.

Amended on 25 February 201125 February 2011, 26 April 201326 April 2013 and 10 December 201810 December 2018.