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3.3.1

At each Batch Settlement Run, a Settlement Participant's obligation to make payment will be set-off against its entitlement to receive payment in respect of all the Settlement Instructions that CDP has determined, based on available money and securities, will be executed in that Batch Settlement Run, for each settlement currency.

The resultant net amount payable by the Settlement Participant for each settlement currency will be referred to as the "Net Payable" for that Batch Settlement Run and settlement currency. The resultant net amount payable to the Settlement Participant for each settlement currency will be referred to as the "Net Receivable" for that Batch Settlement Run and settlement currency.

Added on 10 December 201810 December 2018.