Glossary
P142 – Minor Refinement to Allow a Level 2 Default Cure Period in Defined Circumstances
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.