Template:Nutshell Equity Derivatives 9.4: Difference between revisions
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Section {{eqderivprov|9.4}}. '''{{eqderivprov|Settlement Date}}'''. “{{eqderivprov|Settlement Date}}” means: | Section {{eqderivprov|9.4}}. '''{{eqderivprov|Settlement Date}}'''. “'''{{eqderivprov|Settlement Date}}'''” means: | ||
:(a) for {{eqderivprov|Option Transaction}}s, the first {{eqderivprov|Clearance System Business Day}} occurring one {{eqderivprov|Settlement Cycle}} after the {{eqderivprov|Exercise Date}}; and | :(a) for {{eqderivprov|Option Transaction}}s, the first {{eqderivprov|Clearance System Business Day}} occurring one {{eqderivprov|Settlement Cycle}} after the {{eqderivprov|Exercise Date}}; and | ||
:(b) for {{eqderivprov|Forward Transaction}}s and {{eqderivprov|Equity Swap Transaction}}s, the date specified as such (or failing that one {{eqderivprov|Settlement Cycle}} after the {{eqderivprov|Valuation Date}} (adjusted for {{eqderivprov|Clearance System Business Day}}s). | :(b) for {{eqderivprov|Forward Transaction}}s and {{eqderivprov|Equity Swap Transaction}}s, the date specified as such (or failing that one {{eqderivprov|Settlement Cycle}} after the {{eqderivprov|Valuation Date}} (adjusted for {{eqderivprov|Clearance System Business Day}}s). | ||
:HOWEVER the {{eqderivprov|Settlement Date}} will be delayed if there is {{eqderivprov|Settlement Disruption Event}} until it has lifted. If it doesn’t lift for 8 successive {{eqderivprov|Clearance System Business Day}}s then, if the {{eqderivprov|Shares}} can be delivered some other way, the {{eqderivprov|Settlement Date}} will be a settlement cycle after that eighth {{eqderivprov|Clearance System Business Day}}. Otherwise it will just be postponed until delivery can be effected. | :HOWEVER the {{eqderivprov|Settlement Date}} will be delayed if there is {{eqderivprov|Settlement Disruption Event}} until it has lifted. If it doesn’t lift for 8 successive {{eqderivprov|Clearance System Business Day}}s then, if the {{eqderivprov|Shares}} can be delivered some other way, the {{eqderivprov|Settlement Date}} will be a settlement cycle after that eighth {{eqderivprov|Clearance System Business Day}}. Otherwise it will just be postponed until delivery can be effected. | ||
:If only some {{eqderivprov|Shares}} in a basket are disrupted, the unaffected portion will be settled without any such delay. <br> | :If only some {{eqderivprov|Shares}} in a basket are disrupted, the unaffected portion will be settled without any such delay. <br> | ||
Revision as of 11:52, 6 September 2018
Section 9.4. Settlement Date. “Settlement Date” means:
- (a) for Option Transactions, the first Clearance System Business Day occurring one Settlement Cycle after the Exercise Date; and
- (b) for Forward Transactions and Equity Swap Transactions, the date specified as such (or failing that one Settlement Cycle after the Valuation Date (adjusted for Clearance System Business Days).
- HOWEVER the Settlement Date will be delayed if there is Settlement Disruption Event until it has lifted. If it doesn’t lift for 8 successive Clearance System Business Days then, if the Shares can be delivered some other way, the Settlement Date will be a settlement cycle after that eighth Clearance System Business Day. Otherwise it will just be postponed until delivery can be effected.
- If only some Shares in a basket are disrupted, the unaffected portion will be settled without any such delay.