Clearing Process definition
Examples of Clearing Process in a sentence
Index Receipt Agent will set up each ETF Series for processing, clearing and settlement within the Clearing Process or Outside of the Clearing Process.
All transactions handled Outside the Clearing Process that are not settled through DTC shall be effected by ▇.▇.
The Parties hereby acknowledge that once an order is submitted to the Clearing Process by the Index Receipt Agent, such order cannot be ordinarily cancelled or withdrawn without NSCC’s consent.
The Trust and Index Receipt Agent, from time to time, may establish written procedures for the processing and settlement and related activities effected for ETF Shares of each ETF Series through the Clearing Process and Outside the Clearing Process.
The Trust recognizes that fails to receive (including partial fails) may occur from time to time with respect to one or more of the securities in a basket of Deposit Securities settled through the Clearing Process.
Transactions Outside the Clearing Process shall be effected by Index Receipt Agent on a delivery versus payment and receive versus payment basis, and for DTC eligible securities, through DTC and in compliance with such terms and rules under which the DTC customarily operates.
The Trust recognizes that on the creation and/or redemption of Creation Units of an ETF Series through the Clearing Process, Index Receipt Agent, on behalf of the applicable ETF Series, is obligated to deliver to NSCC on the settlement date the Cash Component (if applicable), and the required quantity of Creation Units or the required type and amount of Redemption Securities (as applicable) to create or redeem the Creation Units of the applicable ETF Series.
Transactions handled Outside the Clearing Process will be processed via proprietary ETF servicing modules.
The Trust understands and agrees that all risk associated with the processing, clearance and settlement of the creation and redemption of ETF Shares, Deposit Securities and Redemption Securities and cash through the Clearing Process shall be that of the Trust and each ETF Series regardless of whether in effecting such creations and redemptions Index Receipt Agent, as a member of NSCC, is acting as principal or as agent under the NSCC rules.
The Trust recognizes that (i) fails (including partial fails) to receive one or more of the Deposit Securities needed to settle the creation of a Creation Unit or (ii) fails to receive the ETF Shares on the redemption of a Creation Unit may occur with respect to transactions settled Outside the Clearing Process.