5
Settlement Risk
5.1
In accordance with Article 380 of the CRR, where a system wide failure of a settlement system, a clearing system or a CCP occurs, the own funds requirements calculated as set out in Articles 378 and 379 of the CRR are waived until the situation is rectified. In this case, the failure of a counterparty to settle a trade shall not be deemed a default for purposes of credit risk.
[Note: Art. 380 of the CRR]
- 01/01/2014