Resolution NYE Gala

Isma Agreement

This agreement does not violate all other conditions imposed on you by KB or agreements between you and KB regarding certain products (the “product specific conditions”), including, but not limited to, the ISDA, PSA/ISMA, TBMA/ISMA, OSLA, GMSLA, IFEMA and CMA master contracts. The majority of cash transactions in the international securities market, which is the largest market for international capital, are subject to ISMA rules and recommendations. These rules allow the purchaser to purchase securities if the seller of the securities does not deliver them on a specified date, with the difference between the market price and the contract price to be settled between the parties. Similarly, GMRA, the model agreement for the international pension market, grants certain rights to the parties if the seller does not provide securities on the date of purchase or if the buyer does not provide securities equivalent to the redemption date. The parties enter into contracts on the basis of the framework contracts they have entered into (for example. B” Swiss Master Agreement for Repo Transactions (multilateral version),” TBMA/ISMA Global Master Repurchase Agreement. The International Capital Market Association does this through a number of steps. On the one hand, they build confidence in the sector by promoting internationally recognized standards of behaviour, describing industry-accepted policies, rules, recommendations and standard documents on trade and investment in debt. Promoting dialogue between industry and public authorities is essential for ICMA to promote the effectiveness of capital markets. The organization brings together a diverse group of people by organizing conferences, seminars, roundtables and meetings. This will advance the mission of regulators with high professional standards.

In 2005, the International Securities Market Association merged with the International Primary Market Association for the International Capital Market Association (ICMA). The rule change, which reduces the minimum purchase time between non-delivery of securities and the execution of a buy-in on the market from 12 to 5 business days, will come into effect on January 1, 2004. The harmonization of deadlines in isMA`s buy-back and liquidation rules with GMRA makes repo borrowing more attractive to investment banks and is expected to increase market activity. . The International Securities Market Association (ISMA) has changed its rules and recommendations for trading in the international securities market by making it more compliant with the TBMA ISMA Global Master Repurchase Agreement (GMRA). The rule change, which narrowed the time gap between isMA and GMRA`s buy-in rules, potentially jeopardized a party that was both a buyer in a cash transaction and a seller in a repurchase transaction submitted to GMRA, at the risk of not being able to recover the full amount to be paid to the consideration of the pension. Market participants were deterred by this core risk by borrowing by a repurchase transaction to cover short positions, resulting in an increase in credit risk. “This harmonization of isma-buy-in rules with GMRA`s close-out rules has been achieved in a simple and timely manner by all parties cooperating in the best interests of the market, which clearly demonstrates the benefits of a self-regulatory system to ensure good practice,” said John Langton, Chief Executive and Secretary General of ISMA. JPMorgan Investor Services obtains a warrant of deposit from Delaware Investments The organization began in 1968, after companies active in the Eurobond market declared themselves ready to create the Association of International Bankers (AIBD).

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