+Article 15 6

Article 15 6

6.   If a settlement takes place in commercial bank money, a SIPS operator’s legal agreements with any commercial settlement banks shall state clearly:

(a)

when transfers on the books of individual settlement banks are expected to occur;

(b)

that transfers are to be final when effected;

(c)

that funds received shall be transferable as soon as possible, at least by the end of the day.

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