Settlement Day - CSA Provision

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Settlement Day in a Nutshell (1995 CSA edition)

Template:Nutshell 1995 CSA Settlement Day

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Regular Settlement Day in a Nutshell (2016 CSA edition)

Regular Settlement Day” means the Local Business Day on which one demands credit support.

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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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Commentary

See also:

CSA Anatomy™

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