Settlement Day - CSA Provision: Difference between revisions

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{{fullanat2|csa|Settlement Day|1995|Regular Settlement Day|2016}}
{{fullanat2|csa|Settlement Day|1995|Regular Settlement Day|2016}}
Key difference here is that a conventional {{1995csa}} has settlement happening the next {{isdaprov|Local Business Day}} after a demand has made; the {{2016csa}} compliant CSA has “Regular Settlement Day” which  happens on the same {{isdaprov|Local Business Day}}.
Key difference here is that a conventional {{1995csa}} has settlement happening the next {{isdaprov|Local Business Day}} after a demand has made; the {{2016csa}} has “{{isdaprov|Regular Settlement Day}}” which  happens on the same {{isdaprov|Local Business Day}}.
====Commentary====
====Commentary====
See also:
See also:

Revision as of 14:02, 7 July 2017

CSA Anatomy™


Settlement Day” means, in relation to a date, (i) with respect to a transfer of cash or other property (other than securities), the next Local Business Day and (ii) with respect to a transfer of securities, the first Local Business Day after such date on which settlement of a trade in the relevant securities, if effected on such date, would have been settled in accordance with customary practice when settling through the clearance system agreed between the parties for delivery of such securities or, otherwise, on the market in which such securities are principally traded (or, in either case, if there is no such customary practice, on the first Local Business Day after such date on which it is reasonably practicable to deliver such securities).

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Regular Settlement Day” means, unless otherwise specified in Paragraph 11, the same Local Business Day on which a demand for the transfer of Eligible Credit Support (VM) or Equivalent Credit Support (VM) is made.

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Key difference here is that a conventional 1995 CSA has settlement happening the next Local Business Day after a demand has made; the 2016 VM CSA has “Regular Settlement Day” which happens on the same Local Business Day.

Commentary

See also:

CSA Anatomy™

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