RepoClear continued
payment netting, 1667
PPS (Protected Payment System),
167
settlement netting, 166
Resource considerations, 1745
Rights issues, shares, 612, 1467
Risk:
BIS guideline limits, 124
derivatives, 84
OTC products, 1234
risk-based margining, 93
Same day funds, 38
Scanning risk, derivative margins,
88, 89
Screen-based trading, 78
Scrip dividends, 623, 148
shares, 623
Securities, see Bonds; Shares
Segregation (individual designation),
139–40
Settlement:
actual settlement date accounting
(ASDA), 1312
by global custodians, 12832
and clearing, 118
continuous linked settlement
(CLS), 1712
contractual settlement date
accounting (CSDA), 1312
costs of, 17
definitions/explanations, 2, 1112
dematerialized settlement, 11
objectives, 1756
OTC products, 11719
real-time gross settlement
(RTGS), 170
repayment settlement procedures,
47
RepoClear, 166
rolling versus fixed dates, 130
settlement times, 1011, 130,
135–6
Treasury bills, 12
see also Bond settlement; CREST;
Share
Shares:
beneficial and legal ownership,
137
benefit distributions, 58, 144
bonus issues, 62
capital repayments, 61
capitalization, 62
cash benefits, 589
classes of, 556
company liquidations, 64
deferred shares, 56
designated shares, 56
dividend payments, 144
dividend payments and ex dates,
142
equity derivatives, 102
ex-date, 601
foreign registered shares, 56
immobilization and
dematerialization, 57
Initial Public Offering (IPO), 54
issuing and trading, 54
non-voting ‘A’ shares, 56
Offer for sale, 54
ordinary shares, 55
oversubscription, 54
ownership aspects, 53
pari passu lines of security, 64,
150–1
pay date, 60
preference shares, 556
proxy voting, 645, 1524
record date, 5960
redemption and maturity, 151
registered holders, 59
registrar duties/responsibilities,
59–60
repayment of capital, 146
rights issues, 612, 1467
rights offered by, 534
scrip dividends, 623, 148
stock benefits, 61
stock situations, 63, 148
subscriptions (warrant), 63
Index234

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