Best Effort Time Frames for Settlement

Transactions>

Status: Under Review, Last Updated: 20/09/2020

Transactions
Although best practice may recommend guide cut-off times, it is recognised that counterparts to a loan will want to retain a flexible approach. However, should notifications, instructions and settlement occur outside the recommended guide-times, parties should acknowledge that settlement will be on a best efforts basis.

It should also be noted that, to avoid any back-dating of activity, instructions should be processed/instructed on the date they are negotiated.

The guide-times for activity are therefore:

• New Loans - Should be instructed on trade date no later than 1 hour prior to the relevant market cut-off. Collateralisation of new loans will occur at different times relative to the trade and settlement. See the section "Process for Collateral" in this handbook for best practice timing.

• Returns - Notification of a loan return should be processed electronically and where possible via an electronic platform no later than 1 hour prior to the relevant market cut-off. (IBP-124)

Back-dated Activity>

Status: Under Review, Last Updated: 25/08/2020

Back-dated Activity
Back dated trades may only be processed if permitted by each counterparty's internal policies and are agreed bilaterally.

Due to additional approval requirements for back dated trades, and potential for manual intervention, notification times should be agreed bilaterally between parties. (IBP-308)