Recalls Outside of Market Cycles
If any recall needs to be issued outside market cycles then the counterparty recalling should verbally instruct the recall recipient, and subsequently provide confirmation via agreed communication method.The recipient of the recall should take 'best or reasonable efforts' to settle the recall in the required timeframe. This means that the recall recipient should utilise every reasonable option to return the stock earlier than the relevant market settlement cycle. Where a counterparty has received a buy-in notification due to a failing recall, the counterparty should make every effort to ensure that the failing counterparty is aware of the buy-in issuance at the earliest opportunity. (IBP-137 AGREED IN 2017)
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