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====Timing of CSA Transfers==== | ====Timing of CSA Transfers==== | ||
This is how the timing works for | <small>[https://jollycontrarian.com/index.php?title=Template:CSA_Transfer_Description&action=edit§ion=T-1 edit this section]</small><br> | ||
This is how the timing works for {{1995csa}} transfers: | |||
*'''Demand Date''': On any date, be it a {{csaprov|Local Business Day}} or not, (call it a "'''Demand Date'''"), a party may make a demand for a {{csaprov|Transfer}} under Paragraph {{csaprov|2(a)}} (for a {{csaprov|Delivery Amount}}) or {{csaprov|2(b)}} (for a {{csaprov|Return Amount}}). | *'''Demand Date''': On any date, be it a {{csaprov|Local Business Day}} or not, (call it a "'''Demand Date'''"), a party may make a demand for a {{csaprov|Transfer}} under Paragraph {{csaprov|2(a)}} (for a {{csaprov|Delivery Amount}}) or {{csaprov|2(b)}} (for a {{csaprov|Return Amount}}). | ||
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**'''securities''': for securities, the {{csaprov|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. | **'''securities''': for securities, the {{csaprov|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. | ||
*What if the day in question isn’t itself a {{csaprov|Local Business Day}}? E.g., what if the {{csaprov|Transfer}} demand is received after the {{csaprov|Notification Time}} on a Friday, meaning the {{csaprov|Settlement Day}} takes place on the date on which a trade, effected on a Saturday, would have been settled in accordance with customary practice? | *'''Questions''': What if the day in question isn’t itself a {{csaprov|Local Business Day}}? E.g., what if the {{csaprov|Transfer}} demand is received after the {{csaprov|Notification Time}} on a Friday, meaning the {{csaprov|Settlement Day}} takes place on the date on which a trade, effected on a Saturday, would have been settled in accordance with customary practice? | ||
**'''Securities''': For securities this is ok: a trade effected on a non-business day would be deemed to be effected on the next following Local Business Day anyway, so it would pick this up. | **'''Securities''': For securities this is ok: a trade effected on a non-business day would be deemed to be effected on the next following Local Business Day anyway, so it would pick this up. | ||
**'''Cash''': For cash, not so clear. | **'''Cash''': For cash, not so clear. |