Best Effort Time Frames for Settlement
Transactions that will be uncollateralised need to be instructed by both counterparties 1 hour before the relevant market cut off. Collateralised transactions need to be instructed by both counterparties 4 hours before the market cut-off to allow sufficient time to agree collateral and release the borrow. Returns should be agreed on a matching platform whenever possible. Otherwise, settlement instructions should be in place 1 hour prior to market cut off. Returns and Recalls manually notified should be instructed for settlement up to an hour prior to market cut off. For more detail on this please see section 3 (v) Returns and Recalls. Back dated trades may only be processed if permitted by each counterparty's internal policies and are agreed bilaterally. Due to the additional approval requirements for back dated trades, and potential for manual intervention, notification times should be agreed bilaterally between parties. (IBP-124 UNDER ISLA REVIEW)
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