6.1.1
A Principal and a qualifying Clearing Member of the Trading Member may, at any time before the Cut-off Time for DVP Validation on any Settlement Day, submit an instruction to cancel a DVP transaction. A DVP transaction that is due for settlement on a Settlement Day which is not cancelled by the Cut-off Time for DVP Validation for that Settlement Day shall be locked-in after the said Cut-off Time for DVP Validation and the rights and obligations as detailed in Rule 3 which arise as a result of the matching and validation become irrevocable.
Amended on 3 October 20093 October 2009.
6.1.2
Where a DVP transaction has been matched and validated in advance, the Principal and a qualifying Clearing Member of the Trading Member may submit an instruction to cancel the DVP transaction at any time before the Cut-off Time for DVP Validation on Settlement Day the due date of settlement for the DVP transaction.
Amended on 3 October 20093 October 2009.
6.1.3
A DVPT transaction shall be cancelled only if instructions for cancellation have been received from the Principal and the qualifying Clearing Member and matched, before the Cut-Off Time for DVP Validation.
Added on 3 October 20093 October 2009.
6.1.4
A FDVP transaction shall be cancelled only if instructions for cancellation have been received from the delivering Principal and the receiving Principal and matched, before the Cut-Off Time for DVP Validation.
Added on 3 October 20093 October 2009.
6.3.1
Where the DVP transaction has been cancelled, the instruction shall be deemed not to have been submitted by the Principal or qualifying Clearing Member of the Trading Member. No novation of the transaction shall be deemed to have occurred and the rights and obligations as detailed in Rule 3 shall not arise.
Amended on 3 October 20093 October 2009.
6.3.2
The transaction cancelled transaction will not be eligible for DVP Settlement.
Amended on 3 October 20093 October 2009.
6.4.1
CDP shall be entitled (but shall not be bound) to cancel all or any of the Principal's DVP transactions, including, transactions which have been matched and validated in advance in the following circumstances:
Amended on 3 October 20093 October 2009 and 22 April 201322 April 2013.
6.4.1A
In cancelling any DVP transaction, CDP may require the Principal or the qualifying Clearing Member of the Trading Member for the transaction, or both, to undertake such action as may be necessary to facilitate or effect the cancellation. The Principal and the qualifying Clearing Member shall comply with such requirement.
Added on 22 April 201322 April 2013.
6.4.2
Where CDP has cancelled a DVP transaction, the instruction shall be deemed not to have been submitted for matching by the Principal or Clearing Member who qualified for the Trading Member. No novation of the transaction shall be deemed to have occurred and the rights and obligations as detailed in Rule 3 shall not arise.
Amended on 3 October 20093 October 2009.
6.4.3
The DVP transaction cancelled by CDP will not be eligible for DVP Settlement.
Amended on 3 October 20093 October 2009.
6.5.1
A DVPT transaction which has been cancelled, or a DVPT instruction which has not been matched or validated shall be settled through the qualifying Clearing Member's clearing account. Buying-in will be instituted against the short Clearing Member in accordance with the CDP Clearing Rules in the event that the Clearing Member failed to deliver the securities by the Cut-off Time for DVP Validation on the Settlement Date as a result of the cancellation, non-matching or non-validation of instructions.
Amended on 3 October 20093 October 2009.
6.5.3
A FDVP transaction which has been cancelled, or a FDVP instruction which has not been matched or validated shall not be settled via DVP.
Amended on 3 October 20093 October 2009.
6.5.4
For the avoidance of doubt, no novation of a transaction shall be deemed to have occurred under these DVP Rules if the DVP instructions are not matched and/or validated, and the rights and obligations set out in Rule 3 shall not arise.
Added on 3 October 20093 October 2009.