P142

Formal title: Minor Refinement to Allow a Level 2 Default Cure Period in Defined Circumstances

Current Status

Submission
Initial Written Assessment
Assessment Procedure
Report Phase
With Authority
Awaiting Implementation
Implemented

Summary

P142 proposes to amend Section M of the Code to allow Parties who have fallen into Level 2 Credit Default outside of normal business hours, and who have not breached 100% of their credit cover percentage, a two-hour window to post additional funds at the beginning of the next business day.

Progression

The Authority approved the Proposed Modification on 23 March 2004. P142 was implemented on 3 November 2004 by the CVA Programme.

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