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===Timing of transfers under a {{{{{1}}}}}=== | |||
This is how the timing works for {{ | This is how the timing works for {{{{{1}}}}} transfers: | ||
*'''Demand Date''': On any date, be it a {{ | *'''Demand Date''': On any date, be it a {{{{{1}}}prov|Local Business Day}} or not, (call it a “'''Demand Date'''”, but note per {{{{{1}}}prov|2(a)}} or {{{{{1}}}prov|2(b)}} it must be made “on or promptly following a {{{{{1}}}prov|Valuation Date}}”), a party may demand a {{{{{1}}}prov|Transfer}} under para {{{{{1}}}prov|2(a)}} (for a {{{{{1}}}prov|Delivery Amount}}) or {{{{{1}}}prov|2(b)}} (for a {{{{{1}}}prov|Return Amount}}). | ||
*'''{{ | *'''{{{{{1}}}prov|Valuation Time}} - {{{{{1}}}prov|Exposure}}''': The point at which the valuation is made is the {{{{{1}}}prov|Valuation Time}}. This keys off the {{{{{1}}}prov|Valuation Date}} (the {{{{{1}}}}} allows you to choose either [[COB]] on the {{{{{1}}}prov|Valuation Date}} or the {{{{{1}}}prov|Local Business Day}} immediately ''before'' the {{{{{1}}}prov|Valuation Date}}), and therefore not necessarily the {{{{{1}}}prov|Demand Date}}. | ||
*'''{{ | *'''{{{{{1}}}prov|Valuation Time}} - {{{{{1}}}prov|Eligible Credit Support}}''': Per para {{{{{1}}}prov|2(a)}} the Transferor will transfer {{{{{1}}}prov|Eligible Credit Support}} having a {{{{{1}}}prov|Value}} equal to the {{{{{1}}}prov|Delivery Amount}} ''as of the date of transfer'' — i.e., the {{{{{1}}}prov|Settlement Day}}. Under the {{{{{1}}}prov|Calculations}} provision all calculations of {{{{{1}}}prov|Value}} happen at the relevant {{{{{1}}}prov|Valuation Time}}. Fluctuations in value in the credit support actually delivered after that time won't invalidate the transfer amount, but they may mean a party can immediately call for more {{{{{1}}}prov|Credit Support}} (that is have another {{{{{1}}}prov|Demand Date}}). | ||
*'''{{ | *'''{{{{{1}}}prov|Transfer Date}}''': Under para {{{{{1}}}prov|3(a)}} ({{{{{1}}}prov|Transfers}}) if the demand is received ''before'' the {{{{{1}}}prov|Notification Time}} (by default, 1pm London time on a {{{{{1}}}prov|Local Business Day}}) on that {{{{{1}}}prov|Demand Date}}, the transfer will be made not later than close of business on the related {{{{{1}}}prov|Settlement Day}}. If received ''after'' the {{{{{1}}}prov|Notification Time}}, or at any time on a {{{{{1}}}prov|Demand Date}} that isn’t a {{{{{1}}}prov|Local Business Day}}), the transfer must be made by close of business on the {{{{{1}}}prov|Settlement Day}} relating to the day (note: ''ordinary'' day, ''not'' {{{{{1}}}prov|Local Business Day}}) after the {{{{{1}}}prov|Demand Date}}. | ||
*'''{{ | *'''{{{{{1}}}prov|Settlement Day}}''': The {{{{{1}}}prov|Settlement Day}} for ''any'' day (whether or not it is a {{{{{1}}}prov|Local Business Day}}) is: | ||
**'''Cash''': for cash, the next {{ | **'''Cash''': for cash, the next {{{{{1}}}prov|Local Business Day}} and, | ||
**'''Securities''': for securities, the {{ | **'''Securities''': for securities, the {{{{{1}}}prov|Local Business Day}} after the date on which a trade in the relevant security, if effected on the day in question, would have been settled in accordance with customary practice. | ||
===Questions=== | ===Questions=== |