Article 33 Netting of the Money Claims and Obligations
33.1 Upon the clearance of the Participant's trades for all transactions executed through BATS on the Settlement Day, all money claims deriving from such trades shall be transferred to all the Participants who are considered as the new creditor. At the same time, the Participants shall assume that all money obligations deriving from such trades belong to the new holders.
33.2 It is considered that an agreement on transferring the claims to the Participants and the obligation has been concluded upon the execution of the trade on the BSE.
33.3 The Participants shall compensate all money claims transferred from a particular Participant against equal obligations assumed by the other Participants. The surplus of money claims over money obligations (Participant's net to pay balance), or the surplus of money obligations over money claims (Participant's net to receive balance), as the case may be, and which were not compensated, shall represent each Participant's net to pay or net to receive balance due for payment on the Settlement Day (T+2).
33.4 Information regarding:
33.4.1 All money obligations and claims arising from the trades executed by the Participants on their behalf and on behalf of their clients;
33.4.2 Projected gross and net money obligations or claims;
33.4.3 Amount of Liquidity Reserve;
shall be immediately communicated after the trade execution to each Participant on-line through the CSDR System.
33.5 Information regarding net to pay balance, or net to receive balance shall be final and irrevocable on the next business day following the trade day (T+1), no later than 12:00 hours. Information regarding the Liquidity Reserve shall be final and irrevocable on the trade day (T+ 0), no later than 13:00 hours.