Whole Section

  • 9.2 Relationship Between Trading Member and Selling Customer

    Amended on 10 December 201810 December 2018.

    • 9.2.2A

      Unless a selling customer has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the Trading Member must make payment of the sale proceeds to the selling customer on the banking day after the day that CDP makes payment to the Trading Member, save that the Trading Member may withhold payment until the selling customer has made delivery.

      In this Rule, "banking day" means a day on which the bank(s) used by the Trading Member for payment to its customer is(are) open for settlement.

      Added on 10 December 201810 December 2018.

    • 9.2.3

      If a selling customer fails to make securities available on Intended Settlement Day and buying-in is conducted under the Clearing Rules in respect of those securities, the selling customer shall be liable to the Trading Member for any costs or losses incurred by the Trading Member in relation to the buying-in.

      Amended on 10 December 201810 December 2018.