Whole Section

  • Rule 6C — Payments

    This Rule 6C shall not apply to any payment of a Final Settlement Balance. Payment of a Final Settlement Balance shall be made in accordance with Rule 6.4.

    Amended on 10 December 201810 December 2018.

    • 6C.1 Nomination of Accounts

      • 6C.1.1

        Any nomination of an account for the purpose of receiving any funds or other assets to be paid or deposited under these Clearing Rules shall, in the case of nomination by a Clearing Member, be in writing to CDP, and in the case of nomination by CDP, be by way of circular or otherwise.

        Added on 26 April 201326 April 2013 and amended on 10 December 201810 December 2018.

    • 6C.2 Cash Payments : Settlement Bank Payment

      • 6C.2.1

        The payment method that is set out in this Rule 6C.2 shall be referred to in these Clearing Rules as "Settlement Bank Payment".

        Added on 26 April 201326 April 2013.

      • 6C.2.2

        A "Payment Instruction" means an instruction given by CDP to a Settlement Bank to:

        (a) place at the disposal of a Clearing Member by crediting a nominated account held by that Clearing Member at that Settlement Bank an amount of money to be debited from a nominated account held by CDP at that Settlement Bank; or
        (b) place at the disposal of CDP by crediting a nominated account held by CDP at that Settlement Bank an amount of money to be debited from a nominated account held by a Clearing Member at that Settlement Bank.

        The means by which a Payment Instruction may be communicated by CDP to a Settlement Bank shall be as agreed between CDP and the Settlement Bank.

        Added on 26 April 201326 April 2013.

      • 6C.2.3

        A "Confirmation" in relation to a Payment Instruction means a confirmation by a Settlement Bank to CDP that it will carry out that Payment Instruction.

        The means by which a Confirmation shall be made or deemed to have been made and communicated by a Settlement Bank to CDP shall be as agreed between CDP and the Settlement Bank.

        Added on 26 April 201326 April 2013.

      • 6C.2.4

        A Payment Instruction may be given by CDP in respect of any obligation to pay a sum of money pursuant to or in connection with these Clearing Rules. A Payment Instruction shall be irrevocable upon the Confirmation of that Payment Instruction by the relevant Settlement Bank.

        Added on 26 April 201326 April 2013.

      • 6C.2.5

        Unless stated otherwise, where any sum of money is paid pursuant to or in connection with these Clearing Rules through Settlement Bank Payment:

        (a) such payment shall not be considered to have been made to the intended recipient until a Confirmation of the relevant Payment Instruction is given by the relevant Settlement Bank; and
        (b) such Confirmation shall discharge the payment obligation in respect of which the relevant Payment Instruction was given.

        Added on 26 April 201326 April 2013 and amended on 10 December 201810 December 2018.

    • 6C.3 Cash Payments : Other Payment Methods

      • 6C.3.1

        Where any sum of money is to be paid pursuant to or in connection with these Clearing Rules, CDP may stipulate the payment method through which such payment is to be made and Clearing Members shall comply with such stipulation.

        Added on 26 April 201326 April 2013.

      • 6C.3.2

        Where any sum of money is paid pursuant to or in connection with these Clearing Rules through an Other Payment Method, such payment shall not be considered to have been made to the intended recipient until the payment sum is irrevocably and unconditionally received, in immediately available funds, in such account of the intended recipient as is nominated by the intended recipient.

        Added on 26 April 201326 April 2013.

    • 6C.4 Deposit and Return of Government Securities

      • 6C.4.1

        Any deposit or return of government securities pursuant to or in connection with these Clearing Rules shall not be considered to have been made until such government securities are received in such account of the intended recipient as is nominated by the intended recipient.

        Added on 26 April 201326 April 2013.

    • 6C.5 Deposit and Return of Book-Entry Securities

      • 6C.5.1

        Any deposit of book-entry securities by a Clearing Member with CDP pursuant to or in connection with these Clearing Rules shall not be considered to have been made until the charge over such securities becomes effective in accordance with section 81SS of the SFA.

        Added on 26 April 201326 April 2013 and amended on 3 June 20193 June 2019.

      • 6C.5.2

        Any return of book-entry securities by CDP to a Clearing Member pursuant to or in connection with these Clearing Rules shall not be considered to have been made until the charge over such securities is discharged in accordance with section 81SS of the SFA.

        Added on 26 April 201326 April 2013 and amended on 3 June 20193 June 2019.