+Article 11 3

Article 11 3

3.   In the case of a DNS system, the SIPS operator shall ensure that:

(a)

financial obligations are established no later than the moment at which a transfer order is included in the calculation of the net settlement positions accessible to each participant; and

(b)

sufficient resources are held to cover the resulting credit exposures in accordance with paragraphs 4 and 5 at the latest at the moment referred to in point (a).

1. Overview

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1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards