firm commitment underwriting or initial purchase or underwriting on a best-efforts basis of short-term bills

Operations for firm commitment underwriting or initial purchase or underwriting on a best-efforts basis of short-term bills

Introduction

When a bills dealer finish short-term bill’s issuance and registration, following the bills dealer shall conduct firm commitment underwriting or initial purchase or underwriting on a best-efforts basis of short-term bills, it shall send a settlement instruction to the BCSS.

Regarding the firm commitment underwriting and the initial purchase’s fund clearing, when the BCSS receives a "settlement confirmed" message from the bills dealer, BCSS will notify either the Central Bank's Department of Banking or the FISC to handle fund’s payment and receipt operation.

Regarding the underwriting of short-term bills on a best-efforts basis’ fund clearing, , when the BCSS receives a "buyer’s confirmed" message, BCSS will notify either the Central Bank's Department of Banking or the FISC to handle fund’s payment and receipt operation.

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