As used in these regulations:
This exchange is called settlement. It does this by transferring the title or legal ownership of the shares while simultaneously facilitating the transfer of money for those shares between participants via their respective banks. This type of settlement is called Delivery versus Payment DvP.
CHESS achieves DvP settlement through a Model 3 multilateral net batch settlement mechanism for an explanation of Model 3 settlement and how it differs from other models please see Section 5.
This batch settlement completes at around This maximises the efficiency of settlement by: It does this while minimising the risk of settlement failing.
Once completed, this triggers the movement of securities from delivering to receiving settlement participants within CHESS. These multilateral payment netting arrangements, which are key to the settlement efficiency of the system, are approved under the Payment Systems and Netting Act.
Investors can choose to have their holdings registered in one of two ways: The two types of sub-register provide alternative forms of registration for shareholders and the shares they own.
Every ASX-listed company manages its own Issuer Sponsored Sub-register for the registration of shares in their company alone. This form of registration is held within the CHESS system and allows brokers to manage their sponsored clients' shareholdings, while the client retains legal title to those shareholdings.
This form of registration is also referred as being 'Broker Sponsored'. An investor who is Broker Sponsored can include a variety of different shares in a single registration held in CHESS under that investor's name. This has the advantage of simplifying the administration of a portfolio by consolidating all shareholdings into a single account.
It also provides investors with comfort and confidence that their holdings are secure and can only be affected through receipt of proper instruction from them.
CHESS Holding Statements are also generated directly from the sub-register and sent to investors to provide a form of independent validation of their share purchases, sales, transfers and holdings.
There may also be benefit for frequent share traders during the settlement process since their details will already be registered with CHESS. For brokers, holdings being maintained on the sub-register also has the advantage of reducing their risk in facilitating settlement of market and client transactions through expediting both the movement of securities in preparation for settlement and the timely allocation of shares to client accounts post settlement.
Finally, for issuers, the CHESS sub-register provides both a cost effective manner to maintain a register of shareholders and an efficient and accurate mechanism to process corporate actions. This service is unique to the Australian equity market, as is its inclusion within standard settlement fees.Blue Cross Blue Shield Settlement.
On April 27, , physicians announced that they settled with over 90% of all Blue Cross and Blue Shield (BCBS) Plans in the country and the Blue Cross and Blue Shield (BCBS) Association. Russia CPSS – Red Book – Introduction Russia’s financial market infrastructures (FMIs) have evolved rapidly in response to economic growth, technical innovation and regulatory initiatives.
Section Preamble (a) Section (h) of the California Insurance Code enumerates sixteen claims settlement practices that, when either knowingly committed on a single occasion, or performed with such frequency as to indicate a general business practice, are considered to be unfair claims settlement practices and are, thus, prohibited by this section of the California Insurance Code.
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Customer accounts must be funded in order for against payment settlement instruction(s) to be transmitted for settlement to Caja de Valores, the CSD. Failure to do so before the above mentioned settlement deadline, the instructions will remain in “Money Provision” until the account is duly funded.
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