Clearing and Settlement

The outcome of the clearing and settlement process is the transfer of ownership of the securities transacted on the RSE market from the seller to the buyer and the transfer of funds for the same securities from the buyer to the seller. CSD provides Central Depository Agents (CDAs) and their Settlement Banks with their respective Initial Settlement Reports by 3.30 pm. on T.

CSD will provide CDAs and their Settlement banks with their respective Final Settlement Reports by 3.30 pm on T+1.Each CDA must have funds available in the settlement account with its Settlement Bank in accordance with the Final Settlement Report before 5.00 pm on T+1.

The Settlement bank shall notify each CDAs ™ settlement position to the CSD on T+1, 5.00 pm. CSD will submit to the Clearing Bank Settlement Instructions in respect of trades effected on trade day T on T+2, 9.00 a.m.

The Settlement Bank shall transfer funds for settlement in accordance with the Settlement Instructions, by 10.00 am on T+2. The Clearing Bank will confirm settlement of funds by fax (or any other mode as may be agreed from time to time) to the CSD immediately whereupon CSD will forthwith transfer the securities. The settlement of funds and movement of securities shall in any case occur by 10.00 am.