Clearing Rules - review cycle June 2022

Following the June 2022 review cycle, selected regulations have been updated. Below a summary:

 ·        Regulation Buy-in Procedures: the legibility of Regulation Buy-in Procedures has been improved and updates have been made where necessary. A marked up version of the regulation can be found here.

 ·        Regulation Clearing Days: the legibility of Regulation Clearing Days has been improved. The language regarding settlement and local holidays has been clarified and moved to Regulation Settlement. A marked up version of the regulation can be found here.

·        Regulation Corporate Actions: the legibility of Regulation Corporate Actions has been improved and updates have been made where necessary.  A marked up version of the regulation can be found here.

 ·        Regulation Investment Policy: the Annex 2 containing the list of Approved Credit Institutions / Financial Institutions has been replaced with a general reference to eligible institutions to reduce the burden of maintaining this Regulation. Other small updates have been made where necessary. A marked up version of the regulation can be found here.

 ·        Regulation Margin: the requirement around direct debit authorisations for Margin Calls has been clarified. A marked up version of the regulation can be found here.

 ·        Regulation Settlement: the language regarding settlement and local holidays has been moved from Regulation Clearing Days, clarified and included in Regulation Settlement. Other updates and small improvements have also been made. A marked up version of the regulation can be found here.

 ·        Regulation Trade Refusal: the maximum value of a Trade acceptable for clearing has been increased to EUR 50 (fifty) million from EUR 30 (thirty) million for OTC trades. A marked up version of the regulation can be found here.

 The changes will have immediate effect.

 Should you have any questions relating to these changes please contact our relationship management team.