Key aspects of the settlement process that the legal framework should support include the following:

(a) Enforceability of transactions;
(b) Protection of customer assets, particularly against loss upon the insolvency of a custodian;
(c) Dematerialisation of securities and the transfer of securities by book entry;
(d) Netting arrangements;
(e) Securities lending, including repurchase agreements and other economically equivalent transactions;
(f) Finality of settlement;
(g) Margin trading and securities lending and borrowing;
(h) Arrangements for achieving delivery versus payment;
(i) Default rules addressing the consequences of a member's default;
(j) Arrangement for registration of pledges and liens; and
(k) Liquidation of assets pledged or transferred as collateral to support members' obligations.
Amended: April 2016