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SGX-DC Clearing Rules
Chapter 7B Payments

7B.2.1

The payment method that is set out in this Rule 7B.2 shall be referred to in this Rules as “Settlement Bank Payment”.

Added on 26 April 201326 April 2013.

7B.2.2

A "Payment Instruction" means an instruction given by the Clearing House to a Settlement Bank to:

(a) place at the disposal of a Clearing Member by crediting a nominated account held by that Clearing Member at that Settlement Bank an amount of money to be debited from a nominated account held by the Clearing House at that Settlement Bank; or
(b) place at the disposal of the Clearing House by crediting a nominated account held by the Clearing House at that Settlement Bank an amount of money to be debited from a nominated account held by a Clearing Member at that Settlement Bank.

The means by which a Payment Instruction may be communicated by the Clearing House to a Settlement Bank shall be as agreed between the Clearing House and the Settlement Bank.

Added on 26 April 201326 April 2013.

7B.2.3

A "Confirmation" in relation to a Payment Instruction means a confirmation by a Settlement Bank to the Clearing House that it will carry out that Payment Instruction.

The means by which a Confirmation shall be made or deemed to have been made and communicated by a Settlement Bank to the Clearing House shall be as agreed between the Clearing House and the Settlement Bank.

Added on 26 April 201326 April 2013.

7B.2.4

A Payment Instruction may be given by the Clearing House in respect of any obligation to pay a sum of money pursuant to or in connection with this Rules. A Payment Instruction shall be irrevocable upon Confirmation of that Payment Instruction by the relevant Settlement Bank.

Added on 26 April 201326 April 2013.

7B.2.5

Where any sum of money is paid pursuant to or in connection with this Rules through Settlement Bank Payment:

(a) such payment shall not be considered to have been made to the intended recipient until a Confirmation of the relevant Payment Instruction is given by the relevant Settlement Bank; and
(b) such Confirmation shall discharge the payment obligation in respect of which the relevant Payment Instruction was given.

Added on 26 April 201326 April 2013.