+Article 7 3.

Article 7 3.

The penalty mechanism referred to in paragraph 2 shall not apply to:

(a) 

settlement fails the underlying cause of which is not attributable to the participants in the transaction;

(b) 

operations that are not considered as trading;

(c) 

transactions where the failing participant is a CCP, except for transactions entered into by a CCP where it does not interpose itself between the counterparties; or

(d) 

transactions where insolvency proceedings are opened against the failing participant.

1. Panoramica

,

1.1 Riferimenti

1.2 Requisiti identificati

1.3 Standard correlati

2. Requisiti identificati

Requisiti

3. Standard correlati

Standard