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    <title>Deferral Products in the Rolling settlement and Introduction of Uniform Settlement Cycle</title>
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    <description>All deferral products are withdrawn except under a transitional mechanism requiring phased compulsory liquidation of outstanding and subsequently taken deferred positions, with no new deferred positions permitted after the secondary cutoff; exchanges must monitor member positions and publish phased liquidation plans. Expansion of rolling settlement will bring additional scrips into compulsory rolling settlement, and securities not yet in compulsory rolling settlement will trade on a uniform settlement cycle across exchanges during the interim period.</description>
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