Template:CSA Transfer Description: Difference between revisions

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*'''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}}).  


*'''{{csaprov|Transfer Date}}''': Under Paragraph {{csaprov|3(a)}} (Transfers) if the demand is received ''before'' the {{csaprov|Notification Time}} (by default, 1pm London time on a {{csaprov|Local Business Day}}) on that Demand Date, the transfer will be made not later than close of business on the {{csaprov|Settlement Day}} relating to that Demand Date. If received ''after'' the {{csaprov|Notification Time}} (ie, after 1pm on a {{csaprov|Local Business Day}}, or at any time on a Demand Date that isn’t itself a {{csaprov|Local Business Day}}), the transfer must be made not later than close of business on the {{csaprov|Settlement Day}} relating to the day (note: ''ordinary'' day, ''not'' {{csaprov|Local Business Day}}) after the Demand Date.
*'''{{csaprov|Transfer Date}}''': Under Paragraph {{csaprov|3(a)}} ({{csaprov|Transfers}}) if the demand is received ''before'' the {{csaprov|Notification Time}} (by default, 1pm London time on a {{csaprov|Local Business Day}}) on that Demand Date, the transfer will be made not later than close of business on the {{csaprov|Settlement Day}} relating to that Demand Date. If received ''after'' the {{csaprov|Notification Time}} (ie, after 1pm on a {{csaprov|Local Business Day}}, or at any time on a Demand Date that isn’t itself a {{csaprov|Local Business Day}}), the transfer must be made not later than close of business on the {{csaprov|Settlement Day}} relating to the day (note: ''ordinary'' day, ''not'' {{csaprov|Local Business Day}}) after the Demand Date.


*'''{{csaprov|Settlement Day}}''': The {{csaprov|Settlement Day}} with respect to ''any'' day (whether or not it is a {{csaprov|Local Business Day}}) is:
*'''{{csaprov|Settlement Day}}''': The {{csaprov|Settlement Day}} with respect to ''any'' day (whether or not it is a {{csaprov|Local Business Day}}) is:

Revision as of 14:52, 1 November 2012

Timing of CSA Transfers

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This is how the timing works for 1995 CSA transfers:

  • Questions: What if the day in question isn’t itself a Local Business Day? E.g., what if the Transfer demand is received after the Notification Time on a Friday, meaning the 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.
    • Cash: For cash, not so clear.