Rule 6 Arrangements for Securities Settlement
6.1 Arrangements with Customer
Each Settlement Participant shall obtain the necessary authorisation to deliver securities from each Delivering Securities Account, or to receive securities into each Receiving Securities Account, specified in each Settlement Instruction that is submitted by it or on its behalf under these Rules.
A Settlement Participant that submits a Settlement Instruction to deliver securities on behalf of a Customer shall ensure and transact with its Customer on the basis that:(a) any securities delivered or to be delivered by it will be delivered free from any interest of its Customer;(b) the Customer will not retain any equitable or legal interest in the securities debited from the Delivery Securities Account and will not be entitled to trace nor claim any interest in the securities;(c) the Customer's sole remedy in respect of such securities will be against the Settlement Participant itself.
A Settlement Participant that submits a Settlement Instruction to receive or deliver securities on behalf of a Customer shall ensure and transact with its Customer on the basis that the Customer may only look to the Settlement Participant for payment or receipt of securities and CDP shall have no responsibility or liability for payment or delivery to the Customer or to any person who is not a Settlement Participant.