Whole Section

  • 6.5 Consequences of Cancellation of Transactions, Non-Matching or Non-Validation of Instructions

    • 6.5.1

      A DVPT transaction which has been cancelled, or a DVPT instruction which has not been matched or validated shall be settled through the qualifying Clearing Member's clearing account. Buying-in will be instituted against the short Clearing Member in accordance with the CDP Clearing Rules in the event that the Clearing Member failed to deliver the securities by the Cut-off Time for DVP Validation on the Settlement Date as a result of the cancellation, non-matching or non-validation of instructions.

      Amended on 3 October 20093 October 2009.

    • 6.5.3

      A FDVP transaction which has been cancelled, or a FDVP instruction which has not been matched or validated shall not be settled via DVP.

      Amended on 3 October 20093 October 2009.

    • 6.5.4

      For the avoidance of doubt, no novation of a transaction shall be deemed to have occurred under these DVP Rules if the DVP instructions are not matched and/or validated, and the rights and obligations set out in Rule 3 shall not arise.

      Added on 3 October 20093 October 2009.