Whole Section

  • Rule 12 — Securities Settlement

    • 12.1 Fungibility

      • 12.1.1

        All securities to be delivered by CDP to the Designated Securities Account or to be received by CDP from the Designated Securities Account pursuant to the DVP transactions (advance or otherwise) shall be fungible securities.

        Amended on 3 October 20093 October 2009.

      • 12.1.2

        The securities to be delivered by CDP to the Designated Securities Account pursuant to a receiving instruction shall not be segregated or identifiable as securities formerly belonging to or under the control of any person.

        Amended on 3 October 20093 October 2009 and 26 April 201326 April 2013

      • 12.1.3

        The securities to be delivered to CDP pursuant to a delivery instruction shall be delivered free of any interest of any person.

        Amended on 3 October 20093 October 2009.

    • 12.2 Onward Deliveries

      • 12.2.1

        Securities which are to be delivered by CDP to a Principal pursuant to a receiving instruction and which have been earmarked for onward delivery on the same Settlement Day shall be credited and subsequently debited from the Designated Securities Account.

        Amended on 3 October 20093 October 2009.

      • 12.2.3

        CDP shall be irrevocably authorised by the Principal and its Depository Agent to credit and debit the Designated Securities Account for such onward deliveries referred to in Rules 12.2.1.

        Amended on 3 October 20093 October 2009.

      • 12.2.4

        Neither the Settlement Bank of the Principal nor any other person shall have any prior right to or interest in the securities delivered to the Designated Securities Account which have been earmarked for onward delivery.