A buying Trading Member must pay its Clearing Member for its trade as follows:
(a) In the case of a buying Trading Member who has in place arrangements to settle trades with its Clearing Member on a delivery-versus-payment basis through the CDP Settlement Facility, the buying Trading Member must:
(i) submit delivery-versus-payment settlement instructions to CDP in time to make payment for the trade on Intended Settlement Day; and
(ii) make payment for the trade when required by CDP under the CDP Settlement Rules.
(b) In the case of any other buying Trading Member, the buying Trading Member must pay the Clearing Member for its trade on Intended Settlement Day, regardless of whether securities have been delivered.