Clearing and Settlement Period
The clearing and settlement period for transactions executed in ALSE will be no longer than two (2) working days (T+2). The transactions that will not be able to be settled during this period will be considered defaulted.
In cooperation with clearing & settlement institutions, ALSE shall do its best not to permit any default on transactions in order to build the costumers’ confidence and save the market integrity. For this purpose, ALSE shall establish a Guaranty Fund to take care of defaulted transactions (if any). Likewise, ALSE shall impose severe penalties for subjects who fail to fulfill their obligations during clearing and settlement process.
In order to reduce the risk and increase the market confidence, ALSE will hold accountable its members legally and administratively for any action or failure in this respect.
ALSE members (broker firms and banks) shall be held accountable as well as shall guarantee to meet the transactions executed on behalf of their clients.