SGX Rulebooks
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DVP Rules [Entire Rulebook has been deleted]
Rule 10 — The Clearing Bank

10.2.1

On each Settlement Day, CDP shall issue an Advice to Clearing Bank on the DVP Settlement Payment of each Settlement Bank for that Settlement Day and transmit the same to the Clearing Bank via SWIFT or any other modes of communication.

Amended on 3 October 20093 October 2009 and 25 February 201125 February 2011.

10.2.2

Where a Settlement Bank has defaulted on its payment obligations to CDP pursuant to Rule 8.3.4, CDP shall give the Clearing Bank a SB Default Notice. The Clearing Bank shall pay to CDP the Net-Net Debit Balance or any shortfall thereof, as set out in the SB Default Notice by such time on the same Settlement Day as agreed between CDP and the Clearing Bank.

Amended on 25 February 201125 February 2011.

10.2.3

Notwithstanding any manifest error in the SB Default Notice, the Clearing Bank shall pay the Net-Net Debit Balance as stated in the SB Default Notice or any shortfall thereof on behalf of the Settlement Bank to CDP by such time on the same Settlement Day as agreed between CDP and the Clearing Bank. Any disputes as to the amounts stated in the SB Default Notice may be considered by CDP only after CDP has completed payment of Net-Net Credit Balances to Settlement Banks and any monies to be refunded shall be refunded free of interest to the Clearing Bank on the next Settlement Day after the Settlement Day on which the dispute is resolved.

Amended on 25 February 201125 February 2011.