Auction session timing shortened to same-day post-pay-in, accelerating delivery to buying brokers and reducing settlement delay. Change to the auction timing and settlement sequence for seller defaults: short-delivered securities will be procured through an auction session conducted on the same calendar day after completion of pay-in, with auction-related pay-in/pay-out and close-out occurring the following day. For combined settlements arising from disparate holidays, the first settlement's auction is held the same day and settled next day, while the second settlement's auction is held the following day and settled thereafter. Exchanges must update systems, bye-laws and notify brokers for implementation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Auction session timing shortened to same-day post-pay-in, accelerating delivery to buying brokers and reducing settlement delay.
Change to the auction timing and settlement sequence for seller defaults: short-delivered securities will be procured through an auction session conducted on the same calendar day after completion of pay-in, with auction-related pay-in/pay-out and close-out occurring the following day. For combined settlements arising from disparate holidays, the first settlement's auction is held the same day and settled next day, while the second settlement's auction is held the following day and settled thereafter. Exchanges must update systems, bye-laws and notify brokers for implementation.
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