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零時條款

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零時條款

中文名詞 零時條款
英文名詞 Zero Hour Rule
中文解釋

「零時條款」如適用於支付系統,將使破產(或類似事件)參加者的所有交易自破產日零時起失效。在即時總額清算系統,該條款的影響為可能把已經完成清算且被視為確定的支付取消。若在定時淨額清算系統,此一條款可能使所有的淨額抵銷交易重行結算。這樣一來,所有淨清算部位必須重新計算,各銀行的帳戶餘額可能產生重大變化而造成系統性危機。[1]

英文解釋 When applied in the context of a payment system, "zero hour rules" make all transactions by a bankrupt participant void from the start of the day of the bankruptcy. In a real-time gross settlement system, the effect could be to reverse payments that have apparently already been settled and were thought to be final. In a system with deferred net settlement, such a rule could cause the netting of all transactions to be unwound. This would entail a recalculation of all net positions and could cause significant changes to participants' balances. In either case, there could be systemic consequences.[1]
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