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Part IV UK Payment and Settlement, 12 UK Settlement

Madeleine Yates

From: Financial Markets and Exchanges Law (2nd Edition)

Edited By: Michael Blair, George Walker, Stuart Willey

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 30 September 2020

Subject(s):
Securities — Stock market and exchanges — Money market instruments (MMIs) — Commercial paper — Central Securities Depository (CSD) — Shares — Dividend — Securities clearing system — Settlement — Central counterparty (CCP) — Clearing operator — UK Financial Services Authority (FSA) — Bank of England
12.01 Trades, whether on- or off-exchange, which require performance in the form of delivery of cash or securities will normally involve settlement, and possibly clearing, through an appropriate system in which both parties (or their custodians) are participants. The following sections provide an overview of certain aspects of a major settlement system and clearing system in the UK. An exhaustive detailed analysis of all system attributes, or the operational and technical requirements, is beyond the scope of this chapter, but further information is available from...
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