Settlement finality ensures transactions under stock exchange and clearing corporation bye laws are irrevocable and binding on parties. Payment and settlement on a recognized stock exchange and through a recognized clearing corporation shall follow netting or gross procedures as specified in their bye laws with Board approval. Such settlements, once determined under those bye laws, are final and irrevocable and binding on the parties; the exchange or clearing corporation may appropriate collaterals, deposits or margins for settlement obligations, and that appropriation takes priority over other claims, whether or not the payable money or securities have been actually paid.