Masterkale schreef op 24 apr 2013 om 16:43:
Clearnet komt met deze stellingen:
A.1. Novation and irrevocability
All Transactions complying with the criteria mentioned in Article 188.8.131.52 that are submitted to LCH.Clearnet SA, within the clearing hours as set up in a Notice are registered in the name of the Clearing Member. Upon registration, novation occurs. As a result of novation, LCH.Clearnet SA becomes counterparty to the Clearing Member and becomes therefore subject to the rights and subject to the obligations arising from the Transaction registered in the name of such Clearing Member.
Any Transaction, received by LCH.Clearnet SA, from a Clearing Member, pursuant to the Article 184.108.40.206 is deemed irrevocable in the sense of Article L 330 1 § III of the Financial and Monetary Code as soon as it is registered in the Clearing System in the conditions stipulated in Article 220.127.116.11 and within the clearing hours as set up in a Notice, under the exception foreseen in Article 18.104.22.168.
B. Transaction Cancellation
The cancellation of Transaction is possible only on the request of the relevant Market Undertaking as specified in its Trading Rules.
Such request implies that LCH.Clearnet SA cancels the two corresponding Trade Legs. Therefore the obligation of delivery and the corresponding obligation of payment are revoked, and parties are put back in the situation as if the relevant Clearing Members obligations had never existed.
The conditions under which such cancellation may occur are set out in an Instruction. =>
From Instruction III.1-1:
Section 2.2 Cancellation of Transactions
LCH.Clearnet SA will cancel Transactions in the Clearing System, as soon as it receives the request from the relevant Market Undertaking under the conditions set out in the latter’s Trading Rules. Such cancellation may occur until LCH.Clearnet SA sends the instructions of settlement to the relevant Securities settlement systems, the relevant Central Securities Depositories of Reference or the relevant central banks.
The parties involved in such cancellation are informed by the Relevant Market Undertaking, under the terms set out in its Trading Rules.