A buying customer must pay its Trading Member for its trade as follows:
(a) In the case of a buying customer who has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the buying customer must:
(i) submit delivery-versus-payment settlement instructions to CDP in time to make payment for the trade on Intended Settlement Day; and
(ii) make payment for the trade when required by CDP under the CDP Settlement Rules.
(b) In the case of any other buying customer, the buying customer must pay the Trading Member for its trade on Intended Settlement Day, regardless of whether securities have been delivered by CDP.
See Practice Note 9.4.3A(b).