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IFPRU 4.13 Settlement risk

IFPRU 4.13.1 R RP

Where a system wide failure of a settlement system, a clearing system or a CCP occurs, the own funds requirements calculated in articles 378 (Settlement/delivery risk) and 379 (Free deliveries) of the UK CRR1 are waived until the situation is rectified. In this case, the failure of a counterparty to settle a trade shall not be deemed a default for purposes of credit risk.

[Note: article 380 of the EU CRR]