Past version: Effective from 22 Apr 2013 to 05 Sep 2021
In respect of a New Purchase Contract:—
(1) unless otherwise notified by CDP, the buying customer shall pay the full purchase consideration directly to CDP at such time as CDP may determine, regardless of whether the buying customer has made payment of such amount to the Defaulting Clearing Member;
(2) subject to Rule 8.6C.2, title and right to the purchase consideration paid by the buying customer to CDP shall not at any time pass to the Defaulting Clearing Member; and
(3) CDP shall have no obligation to the buying customer in respect of any payment by the buying customer to the Defaulting Clearing Member.
Amended on 22 April 201322 April 2013.