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Notification of Returns

Notification of Returns

As with all processes, returns should be issued via automated platforms, and accepted/rejected within a reasonable time period intraday and up until close of business. Returns should be processed on a settlement cycle agreed by both counterparties, but a minimum of T+1 settlement cycle to maximise matching and settlement rates. Returns booked for same day settlement should be processed on a best-efforts basis. As with all processes, returns should be issued via automated platforms where possible, and accepted/ rejected within a reasonable time period intraday and up until close of business. Returns should be issued to the bilaterally-agreed party at least 30 minutes before the market cut-off for the market where the return is issued via an automated platform, and 60 minutes before the market cut-off where the return is issued manually. Returns may only be rejected with a reasonable explanation, such as a corporate entitlement events or evidence of a term agreements. (IBP-133 UNDER ISLA REVIEW)

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