Sale Notifications

Sale Notifications>

Status: Under Review, Last Updated: 28/01/2022

Sale Notifications
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 backdating of activity, instructions should be processed/instructed on the date they are negotiated.

The recommended cut-off times 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 "Processes for Collateral" in the ISLA 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-339)