Financial close-out framework revised: highest trade date price plus markup and mandatory uniform auction mechanism for shortages. In cases of shortage of delivery, exchanges/clearing corporations may effect a financial close-out at the highest price on the trade date (which becomes the trade price) with a 1% markup, and must introduce a uniform auction mechanism to deal with settlement shortages, with exchanges required to implement systems, amend bye-laws, and notify members.
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Provisions expressly mentioned in the judgment/order text.
Financial close-out framework revised: highest trade date price plus markup and mandatory uniform auction mechanism for shortages.
In cases of shortage of delivery, exchanges/clearing corporations may effect a financial close-out at the highest price on the trade date (which becomes the trade price) with a 1% markup, and must introduce a uniform auction mechanism to deal with settlement shortages, with exchanges required to implement systems, amend bye-laws, and notify members.
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