Settlement sequencing: rules require sequential clearing, rapid inter-depository transfers, and prompt client payout after exchange holidays. Stock Exchanges must clear and settle trades sequentially so that pay-in and pay-out of an earlier settlement are completed before commencing the next; cash and securities from the first settlement must be made available to members for subsequent pay-ins. Depositories shall facilitate inter-depository transfers within one hour and before pay-in for the subsequent settlement begins. Clearing Corporations shall execute an Auto DO facility to make funds and securities available on the same day. Brokers/clearing members must transfer securities from CM pool accounts to client beneficiary accounts within one working day after pay-out, with a weekly penalty for delays.
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Provisions expressly mentioned in the judgment/order text.
Settlement sequencing: rules require sequential clearing, rapid inter-depository transfers, and prompt client payout after exchange holidays.
Stock Exchanges must clear and settle trades sequentially so that pay-in and pay-out of an earlier settlement are completed before commencing the next; cash and securities from the first settlement must be made available to members for subsequent pay-ins. Depositories shall facilitate inter-depository transfers within one hour and before pay-in for the subsequent settlement begins. Clearing Corporations shall execute an Auto DO facility to make funds and securities available on the same day. Brokers/clearing members must transfer securities from CM pool accounts to client beneficiary accounts within one working day after pay-out, with a weekly penalty for delays.
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