2.1.1
The following persons shall be Participants in DVP Settlement:
Amended on 3 October 20093 October 2009.
2.2.1
The following persons are Eligible Persons:
Amended on 3 October 20093 October 2009.
2.2.2
An Eligible Person who meets the payment and settlement facility requirements in Rule 2.3 shall be eligible to apply for admission as a Principal in DVP Settlement.
Amended on 3 October 20093 October 2009.
2.2.3
An Eligible Person may apply to CDP for admission as a Principal in DVP Settlement in accordance with the procedures found in the DVP Procedures Handbook.
Amended on 3 October 20093 October 2009.
2.2.4
Notwithstanding that an Eligible Person is eligible to apply for admission as a Principal in DVP Settlement, admission as a Principal shall be subject to the absolute discretion of CDP and shall be subject to such additional requirements, undertakings, terms and conditions as CDP may, in its absolute discretion, deem fit.
2.2.5
Where CDP decides not to admit any person as Principal, it shall not be under any obligation to give any reason for its decision.
2.3.1
The payment facility requirements of Principals are that:
Refer to Annex A — Letter of Guarantee and Indemnity from Settlement Bank.
Amended on 3 October 20093 October 2009.
2.3.2
Subject to Rule 2.3.4, the settlement facility requirements of Principals are that the Principal has appointed one or more Depository Agents who:
Amended on 3 October 20093 October 2009.
2.3.3
Unless approved by CDP, the Principal may not appoint more than one Depository Agent to be its agent for the purposes of Rule 4.
2.3.4
Where the Principal is itself a Depository Agent, the Principal shall not be required to appoint another Depository Agent to be its agent for the purposes of Rule 4. In such case, any of the DVP Rules applicable to a Depository Agent shall be performed by the Principal in its capacity as Depository Agent.
2.3.5
Where the Principal is itself a Settlement Bank, the Principal shall not be required to furnish CDP with a Letter of Guarantee and Indemnity pursuant to Rule 2.3.1(b) if the Principal appoints itself to act as Settlement Bank to comply with Rule 2.3.1(a). In such case, any of the DVP Rules applicable to a Settlement Bank shall be performed by the Principal in its capacity as a Settlement Bank.
2.4.1
A Depository Agent may apply to CDP for admission to participate in DVP Settlement in accordance with the procedures found in the DVP Procedures Handbook.
Amended on 3 October 20093 October 2009.
2.4.2
Admission to participate in DVP Settlement as a Depository Agent acting as agent for a Principal shall be subject to the absolute discretion of CDP and shall be subject to such additional requirements, undertakings, terms and conditions as CDP may, in its absolute discretion, deem fit.
2.4.3
Where CDP decides not to admit any Depository Agent as agent for the Principal it shall not be under any obligation to given any reason for its decision.
2.5.1
Any Bank which meets the payment facility requirements of Settlement Banks under Rule 2.6.1 shall be eligible to participate as a Settlement Bank in DVP Settlement.
2.5.2
A Bank may apply to CDP for admission as a Settlement Bank in accordance with the procedures found in the DVP Procedures Handbook.
Amended on 3 October 20093 October 2009.
2.5.3
Notwithstanding that a Bank is eligible to participate as a Settlement Bank in DVP Settlement, admission as a Settlement Bank shall be subject to the absolute discretion of CDP and shall be subject to such additional requirements, undertakings, terms and conditions as CDP may, in its absolute discretion, deem fit.
2.6.1
The payment facility requirements of Settlement Banks are that:
Refer to Annex B — Letter of Guarantee and Indemnity from Clearing Bank.
Amended on 3 October 20093 October 2009 and 25 February 201125 February 2011.
2.7.1
Clearing Members' participation in DVP Settlement is mandatory under these DVP Rules. Clearing Members' participation in DVP Settlement shall be governed by the provisions of these DVP Rules in so far as they apply in relation to DVP Settlement.
Amended on 3 October 20093 October 2009.
2.8.1
The Clearing Bank's participation in DVP Settlement shall be effected by the Clearing Bank Deed that contains a covenant by the Clearing Bank that the Clearing Bank undertakes to CDP to be bound by and to observe and comply with the provisions of these DVP Rules in so far as they apply in relation to the Clearing Bank.