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Can you tell me what our documents say about TARGET SETTLEMENT DAY please?

we have some mark ups so would be good to know our standard position

settlement and intel london legal knowledge
RA

Rachel Amos
Truva
06 Jun 2024

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  • 06 Jun 2024

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    I think our standard form IM says this:
    "TARGET2" means the Trans-European Automated Real-Time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007;

    "TARGET Settlement Day[CD1] " means any day on which TARGET2 is open for the settlement of payments in euro and commercial banks and foreign exchange markets settle payments generally in London;

    Proposed changes (for REDHAT) are: TARGET Settlement Dates may fall on a day which is not a business day in the UK.

    But I dont know what the knock on effect is on for example the pricing supplement @Alex Tanner @Marc Wilkinson ?

    RA

    Rachel Amos

    06 Jun 2024

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