a) A member firm against which a buying-in notice has been issued will incur a £25 charge.
b) If the Exchange buys-in against a transaction as a result of a buying-in notice, a dealing charge is levied. This is based on a percentage of the transaction consideration with a minimum fixed charge as detailed in the table below.
|Trading Currency||Dealing charge on consideration||Minimum Charge|
|GB Sterling||0.75%||50 GBP|
|US Dollar||0.75%||75 USD|
|Japanese Yen||0.75%||10,000 JPY|
|Hong Kong Dollar||0.75%||2,000 HKD|
c) Other Charges:
i) In addition to the £25 charge on the issue of a buying-in notice, the liable party will also incur a daily charge of £50 where it fails to match the resultant bought-in trade with the Exchange in accordance with the buying-in timetable.
ii) Where the liable party does not settle a buying-in transaction on its settlement due date, the liable party shall pay an additional pro rata daily charge of 4% per annum above the UK clearing bank lending rate on the total transaction consideration or £50, whichever is greater. This charge covers the cost to the Exchange of funding the market purchase transaction.
d) Invoices will be issued to member firms on a monthly basis. Included in these invoices will be charges for buying-in notices, fines for late matching and late settlement set out in sections a and c above. These invoices must be settled directly with the Exchange.
e) The transaction consideration (including dealing charges in b above) due to the Exchange in respect of the bought-in securities will be payable through the relevant settlement organisation in the usual way.
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