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    The document discusses rules for determining value dates of transactions in international securities markets. Rule 221 states that for new issues, the value date is the closing date or third business day after the trade date, whichever is later. Rule 222 states that for transactions on or after the closing date, the value date is the third business day following the trade date. Both rules define a business day as one where settlement systems Cedel, Euroclear and the relevant cash market are open, and require interest adjustments if any are closed between the trade and value dates.

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    The document discusses rules for determining value dates of transactions in international securities markets. Rule 221 states that for new issues, the value date is the closing date or third business day after the trade date, whichever is later. Rule 222 states that for transactions on or after the closing date, the value date is the third business day following the trade date. Both rules define a business day as one where settlement systems Cedel, Euroclear and the relevant cash market are open, and require interest adjustments if any are closed between the trade and value dates.

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    Page 2

    Uploaded by

    hecha82
    The document discusses rules for determining value dates of transactions in international securities markets. Rule 221 states that for new issues, the value date is the closing date or third business day after the trade date, whichever is later. Rule 222 states that for transactions on or after the closing date, the value date is the third business day following the trade date. Both rules define a business day as one where settlement systems Cedel, Euroclear and the relevant cash market are open, and require interest adjustments if any are closed between the trade and value dates.

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    Chapter 2 Trade, Value and Settlement Dates Most markets have rules for determining the value date of a transaction. For example, the value date for a transaction in an applicable international security is governed by ISMA Rules 221225. The rules as at January 1997 are given below: Rule 221 Value date new issues The value date for a transaction effected prior to the closing date shall be the closing date or the third business day following the trade date, whichever is the later. A business day for the purpose of this rule shall be a day when Cedel, Euroclear and the cash market of the currency in which the relevant transaction is to be settled are open for business. In case either Cedel, Euroclear or the cash market of the currency in which the relevant transaction is to be settled, are closed for business between the trade date and the value date, accrued interest shall be adjusted. Rule 222 ormal value date The value date for a transaction effected on or after the closing date shall be the third business day (as defined in rule 221) following the trade date. In case either Cedel, Euroclear or the cash market of the currency in which the relevant transaction is to be settled, are closed for business between the trade date and the value date, accrued interest shall be adjusted.

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