Template:CSA transfer timing: Difference between revisions

===How the business days work for demands under a Credit Support Annex===

{{L1}}

'''Valuation and demand''': A {{{{{1}}}|Transferee}} may demand a {{{{{1}}}|Delivery Amount}} (Para {{{{{1}}}|2(a)}}) or a {{{{{1}}}|Return Amount}} Para {{{{{1}}}|2(b)}}) “on or promptly following a {{{{{1}}}|Valuation Date}}”. <li>

'''Valuation Date''': A “{{{{{1}}}|Valuation Date}}” means a day on which banks are open in ''at least one'' {{{{{1}}}|Valuation Date Location}} for each party.  

Each party can specify however many {{{{{1}}}|Valuation Date Location}}s it likes. <li>

Tip: the ''fewer'' you specifiy, the greater the chance ''none'' will be open on a given day, and you will be excused from a margin call, so don’t overdo it. One should be ample.</ol><li>

'''Settlement''': Any {{{{{1}}}|Delivery Amount}} or {{{{{1}}}|Return Amount}} must be settled (Para {{{{{1}}}|3(a)}}) by the [[close of business]] on the {{{{{1}}}|Regular Settlement Day}} relating to the date such demand is received (if received before the {{{{{1}}}|Notification Time}} (spoiler: usually 11 am, noon or 1pm)), or the {{{{{1}}}|Regular Settlement Day}} relating to the day ''after'' the date such demand is received (if received after the {{{{{1}}}|Notification Time}}). <li>

'''Regular Settlement Day''': A “{{{{{1}}}|Regular Settlement Day}}” means the same {{{{{1}}}|Local Business Day}} — careful: as defined in the {{csa}}, not the {{isdama}} — on which the demand is made. <li>

'''Local Business Day''': A “{{{{{1}}}|Local Business Day}}” (under the {{csa}}) means, in the case of notices, a day on which banks are open in the address for the notice most recently specified by the Recipient. What if demand is made on a day that is not a {{{{{1}}}|Local Business Day}}? Simple: by dint of Section {{isdaprov|12}} of the {{isdama}}, the notice will be deemed given on the next {{isdaprov|Local Business Day}} (as defined in the {{isdama}}, not the {{csa}}). </ol>