14. A SIPS operator shall establish clear rules and procedures enabling the SIPS to effect same-day and, where appropriate, timely intraday and multiday settlement of financial obligations following the default of one or more of its participants. These rules and procedures shall:
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(a)
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address unforeseen and potentially uncovered liquidity shortfalls;
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(b)
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aim to avoid the unwinding, revocation or delay of same-day settlement of financial obligations;
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(c)
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indicate how to replenish the cash and other assets used by the SIPS during a stress event, to the extent required pursuant to paragraphs 4 to 6.
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