Settlement of CCP and CSD Transactions. 9.1 In order to settle transactions on the Investor’s behalf, the Custodian will need to deal with the other party to the transaction (the “counterparty”) and sometimes transactions will be settled through a CCP, CSD or other depositary transfer agent or similar body. When the Custodian deals with these parties, it does so as the Investor’s agent, in good faith and on the basis that:
(a) the Custodian is not responsible for any default or failure of the CCP, CSD or other counterparty or of any depositary or agent of those entities; and
(b) the delivery of any securities or payment to the Investor as a result of the transaction is entirely the Investor’s risk and not that of the Custodian.
9.2 In some cases, transactions will be subject to netting. Pe Investor agrees, in respect of any transaction which is subject to netting, to discharging the settlement obligations on a net basis in accordance with the rules of the relevant CCP or CSD. Pe Investor acknowledges that if net settlement takes place then the Custodian will only be obliged to account to the Investor for any investments or cash in connection with the transaction on a net basis.
9.3 Shore Capital and the Investor acknowledge and agree that:
(a) the Custodian does not owe any duty to Shore Capital, the Investor or any other person to verify the appropriateness, adequacy or effectiveness of the rules, requirements and procedures of any market or CCP; or in relation to any exercise or non exercise by the market or the CCP of its rights or powers under such rules, requirements and procedures; and
(b) the Custodian shall have no liability for any loss or damage suffered or incurred by Shore Capital or the Investor by reason of the Custodian taking or failing to take any action, where such action or failure to take action is authorised, permitted or required by a market or a CCP or is otherwise deemed necessary by the Custodian under the rules, requirements and procedures of the market or the CCP.
9.4 If any net settlement takes place then the Custodian’s only obligation to account to the Investor will be to account for the net investments and/or cash received by it from any relevant CCP, CSD, or their respective agents, corresponding to the transactions relevant to the net settlement entered into on the Investor’s behalf. In addition, the Investor agrees that the Custodian shall have no liability to the Investor in connection with the exercise by any CCP, CSD or their respective agents of their powers...
Settlement of CCP and CSD Transactions. 1.1 In order to settle transactions on your behalf, PSL will need to deal with the other party to the transaction (the “counterparty”) and sometimes transactions will be settled through a central counterparty (“CCP”) or a central securities depositary or other securities settlement system (“CSD”) or other depositary transfer agent or similar body. When PSL deals with these parties, it does so as your agent, in good faith and on the basis that:
Settlement of CCP and CSD Transactions. 22.1 In order to settle transactions on your behalf, PSL will need to deal with the other party to the transaction (the “counterparty”) and sometimes transactions will be settled through a central counterparty (“CCP”) or a central securities depositary or other securities settlement system (“CSD”) or other depositary transfer agent or similar body. When PSL deals with these parties, it does so as your agent, in good faith and on the basis that:
(a) PSL is not responsible for any default or failure of the CCP, CSD or other counterparty or of any depositary or agent of those entities; and
(b) the delivery of any securities or payment to you as a result of the transaction is entirely your risk and not that of PSL.
22.2 In some cases, transactions will be subject to netting. You agree, in respect of any transaction which is subject to netting, to discharging the settlement obligations on a net basis in accordance with the rules of the relevant CCP or CSD. You acknowledge that if net settlement takes place then PSL will only be obliged to account to you for any investments or cash in connection with the transaction on a net basis.
Settlement of CCP and CSD Transactions. In order to settle transactions on your behalf, Pershing Services Limited (PSL) will need to deal with the other party to the transaction (the "counterparty") and sometimes transactions will be settled through a central counterparty ("CCP") or a central securities depositary or other securities settlement system ("CSD") or other depositary transfer agent or similar body. When PSL deals with these parties, it does so as your agent, in good faith and on the basis that:
