Thursday October 5 2017
News Source: Global Exchanges
Focus: Other
Type: General
Country: Iceland
Link: http://en.vbsi.is/media/PDF/Rules_effective_from_October_15th_2017.pdf
Nasdaq CSD Iceland has published new Exchange Rules. These Rules will come into effect on the 15th October 2017.
The Rules set out procedures which will govern corporate actions and the settlement of transactions. On the issue of Provisional Settlement the Rules State:
4.1 If a transfer order has been allocated before the time limit specified in provision 5.3.9, Nasdaq CSD Iceland carries out a provisional settlement to ascertain the balance of electronic security certificates on the accounts to which the transfer order was allocated.
4.2 If the provisional settlement reveals that the account in question has a negative position of electronic security certificates, the securities settlement system deallocates the transfer order in accordance with provision 5.3.11.
For additional information please click the link above.