7. Transactions under Rules of designated system are final and irrevocable

Terms defined in s 2

• book‑entry securities

  book‑entry securities

  Defined · s 2

  “book‑entry securities” means any securities that —(a)are issued —(i)by the Government, or a statutory board, under any written law; or(ii)by a corporation; and(b)are transferable by a book‑entry, on a register or otherwise;

  Open s 2
• designated system

  designated system

  Defined · s 2

  “designated system” means a system that is designated by the Authority under section 3 to be a designated system for the purposes of this Act;

  Open s 2
• netting

  netting

  Defined · s 2

  “netting” means the conversion into one net claim or one net obligation of claims and obligations resulting from transfer orders which a participant either issues to, or receives from, one or more other participants with the result that only a net claim can be demanded or a net obligation be owed;

  Open s 2
• participant

  participant

  Defined · s 2

  “participant” means a party to an arrangement that establishes a system;

  Open s 2
• Rules

  Rules

  Defined · s 2

  “Rules”, in relation to a designated system, means any rules, regulations, by‑laws or other similar body of written statements, by whatever name called, and whether or not contained in the constituent documents of the designated system, that govern the activities and conduct of —(a)the designated system; and(b)any other persons in relation to the designated system;

  Open s 2