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3NRHdK8WzPXJkblmfPUqlSdlVrGKMt6UmMz5SGDWi3RAtv16pbVAlXuT9t2u2rSlm05TBBtFfROh+Kq6cm50Gywunfh1rIxPJKp18fZbWqj0fRUzUiMKYyuP\/e0fbO+F6Be5bnwze92n+tu99+iGzbVm6XzC\/Bn1f8lIiNQuTEWTzcVVyp7ebZ3GUTBSRyOo0k+UkbRJaPEYxjHPoqCMYxJHp9P+2rBB5jrPC90rpZZrGznfpIqkeDBEOUUOUGd6OIemMRb4xIyMpx71hIWttP9VYu5HXK92dpH8+5hk4S7Qo3eZDvGbRzpv7K6VDTIbDljfbLxeokNA98Hn6nfrpzDsbVrKlxcjUWmvSCStor3FAjaUyUwpYiVqZ4rQ1IrU7kzg5iYQe0CdqkCaVnXkc\/VpBh58VyKviOHpFKwo2m0woyCKVDJFha8uqW3u1S9HfeMOdVrBkty0dYr3eiWrqYqFFZ9u9LJbIaj5qAqWRyOkvNCil2RkT5qwOX6btWL3wqLPbCcJpp7932HwLp9u95M\/\/b80y\/\/6Gvnrs3Dp+uG2t606tv\/rgMHevsSJ52dK40EcgqOP1ss6oQ1cwbO0P8i+BYPuaz5xSjnb4D\/B\/aQM+wpVuJUhLeKOnepXhGCi3mnav5yDb1bAX4dfm1ES7mn9lncTNIiEOLFhKt+MeZp3E9luicmaJ+gqVu5CspkVccSx8rOXpVafsFFVaRFDSOtQkGRK9ILy2A7FVFuH4F\/iy6hzyFlsh1KTYhMCXJEx5pgsi5inuyF6Rh2cyUY813MZVFNidrN1MyKdQ3mmskc2NxQILKB8nnWmptDG1ZzuizN9iv3vXJfAz6FPiAmUEiBJaiXyowkRCn2aVTPGKgx1oqlNnwIfUBgIFLDXUXuyzUwRQ06NzjXMjSVCS7LPOSqJDWG38OZzWYjqIek\/F30Z+pLapyV473RuBlV\/W40RZkd4QnLtUkZ29foc1Xp7dKB5auO57GYLWl1OdERMVCbqqY0dFKTl424DOiOlaMpqTVsRfJ8K1XaGsNCi1Tk7RFNr\/C4THCF97qZllHWFJarlWZX3zv4BoM6mzZzJ57dG7gt+5qjem+J98k7hu9I3UhJBvKq+5kqDFauq8lhQ2Uxs6Oj2HPD9muqZt5yLMu3DCsQpxOz3E0gb+BlC8+frd14XM1SBw7qS3HP7pl71BCv3Xy\/4Zh7Gih9g3ST5sGmrbnyZKxNx8IK6ZaMuxHfPF92GcNdg+ieFdsGGlqy3Wjs2AdcCUZijnnRcTK2ig4nB71Jp9L2K+81pnYP9YxDyklClRPSM9fgICN6i70mXy22iyMZ0Zrw2vRI3kjl4DP8Dq0ZmZipK+WbUq18VwMVb09XIp3H01m+0mllK3hVHCJuudIM9Tnx3vw9sRec0H6huJV7QSlntfnireotk\/1kxp7qurhbOZzelS38T8h20E7a9C2pZ6qU2iv+F3eeyHJ7M3iKZnysbEf5uM+R7G2W9WSaZSy9NMjl5kiMNx3+tvG8bnkG0pbX720cWGhU\/Wk8\/NHMVDx1+enYy\/\/OUdRr6a72bfH1F7\/y4pfL5diQLcOuu8NFH42m\/epqtnk9zJ\/8h3gHIiMOtvPSKZHRUz1JvXKmZXfpXEtc5j5cb3GnTy6188Pb9rPFj9KpNBMQyd4kg2iL9au+Pgg3+fPqi62r6ki8wDbdgr3MBnujmEUj\/IwRwR7xt78qN+203GGZFlqZmshNaytJjz\/f2CV0\/HQ9NhHdkaN2ji9mk\/xpmeV\/n2eRI8ZSS0fhvkyiLSGMHbiWDbv\/AFeHLweVtTecFiSIQw+5kZ1UpWHCu8i7KL49PTRen8jyBfI9dsUJtG37BIFjRGfxMS75788fQCs6RPi8UZ9I3hpM0RfkFfucY2rzFDbxH5ryOB8oV+krFJcHCXwVjw3WUmbzRaGof6\/DO8hvq9qbhcaWi8Xw83hITPQCgTdq30XKtxim8\/lSCj34Nl7Xmkd12XtYu4euqoe4I6L06+nXx986\/62p5h9Cf6sLfNEscceom7cq4zYc024zx3QE318g1zfjUTusrWAaecVhcPE8asfzit40uKJHuAt3418M41raTlHeMTmUjaorIyg4Glsv6YU6qgY0oZrsZzpPfh4unSHwKWyE9Y4NqC0W8qENf6z+ZwVj2Ulc1MmLchhva4mhkaHRU0oMM8oLOepJVAxZRWBRGeVZIyyVwgQjY8DRVl6TKY2hlpYkuaUZEMnT0pqRHrOyRi7ENs0yX089uJO8BlGKlobv5U+HceH7ad23X6RNfN073wjoHbkJi7fDWfywkj7tMLYrrgVpNsbDescYin5Uqq8kEkbf\/GZOeQ7jSbSNUruf7+5a4eB8sW1sdfJ1YTe9k51bf+pdt75bX6tXvOX6gHYgeKPcibomvIkcUJLr1ZPqk6SATX1I3iAXSTt+D4MOmSD+Ar6EbRJrt+VMLjwMj5N3F9Y99b10Dh6tHw0+yS\/Uf1H9RWGob8lfRw7lXjxkb6NvK17HzfGfl9+s17fOD1E0U18VV5KDPq72\/Lnqed7LRfm9aDYDdk6mcj6am7LiYvtcSNNBdd\/lP8z\/Rz7a2wpfTL4a+2EdpdOrU3ZxVG81NuGcOWpHs5fstFk2t11Ko16LLTHWwNFTZNepDSZf236qHGG\/1bvtKbbDwPohfKn+YutJdj\/+LHueqcbb9bdRRn\/APOfNyqLO9Y\/C60XXPDn9NfNZXaVwongQ53bVKiCT9bWe9pPZPFY1T2uXbPS8UZ6GJ8q3IEOXLNNkRzGN5ttg6EVVjhXHbRsaNniz9jSrQRSzYzlNd7Hc\/5J7vVKmUZ5DYimmrkHjXBT5l3auXkgDfk1UalRk2rDeSy7wCDLKIdezErzSESpp1K+\/YMA\/lD+tCDpNi0QUVe4GnY5mCP0D8DvK+VTdKKv+O+AUA9g\/XBxawhBew0Iedy4s9o10EdjV5GJ50b44Jzqcua9n9qpu7EdLBU7rOImLQu1zLIHHuVIUFVxIADK\/nQPsTNNCTcuFK3iaXFj6rLvHrurcHNqpIRWKK4IJzE+P\/lj3tcJWnaEjlaS9d3BCwb7Cy12ytZArSIu0Qe9iM0G1MXGTDApbmpG7O1u5g6o0fDNGBqU6cqc4ed2Vxs1ZuGJPO4j2D4RWliUkypKBFlYJG0NkRm9r\/CncX74oTaHrTjxzsc4be1W0fqy91AAzLdL9VM2rYIXjGx3dm1dMgYlZzeqWJAmtLBW90uNA5iSJITaGlGvD5vAAKnaCLVHAc0sonqKJmaOQYTtpZirRAVtm5ZH2bXXzbsMsKHcBuQwpsQVwiJKJoaiJqTSIxnpMIa5WK\/5chTNF5cuYmAcpJSUypcargmZaLv1yTFKrNpyZct5B4PE2ITlDOmP7mog+1yjNEPxAkPLACOzG+K7YSAoykx5Ci\/7ScE64tSfoK8YV\/vIr57ZBBuICeiHn+Xa5M9or+DSWsMevZqEYTvsjPyxjbTNLwovD3WvjLImOwsH6D0Q9RzR3QZu7WE+6RTdnaRcsYe1gEANW3xKXuSLMGO9miSIFrY2J+IGfXcq0Eg2m3EnwzsSvgmOTFmGpW9pp1\/YyimlhsGVE8crkDfDZ+lMCTUYv+SJRZJxBKSZ6ZHJZOwmtm1bjel3pqnm1mctrdcrzGz3Rr05kau2xun1u9Ucex+pvfaVzXSetzCF2gytScgAvZcx0NM9iM52uTdxKwf3FPat0iFVQxUrdUQQkMd4Os\/CkqMpmmgs4H0Nl8boOAshZon0zNVMQbdsIqljLRayGnXhms5LmuBTqVJdmn5SIGTXTkNFr4NzUWhJjrzC4odaEaGahKmA4rqL3VMMCS1Pqxsy+mgosiiIejHd4bYR0BNyoD\/qOulrSCQ\/rvpGmiTUi++GvIcnLKtFEgURaegnGzqTO8kJERZUY+cQqyxIJVmhDWauVixWpA2I5LQAZEhvLhNamaMVOD74Bv5vXPIMKBxInWsGQOTJyociCJVppqaogTNrIlLqGE+x7M3ABfj0vJA1KiaOqPHBeVUpVZRo2AHSiFaTVLHQ2J0quBGKA9jjXerCGfjvnO1o2nmhCFJClIBNSKIIpSllHpk80Co3Zqo2b0C5tf4bBCsJ54il6SaNCGRu7ttuE\/eiH3FC1smHAHAVvBLoJcPCVquyE4xxEEQXawBrp8H6k55pSaRYt2UUZxSBuUd4CH4Q3SaHmeXJBCnatKqW+o1RegUTAKz4QRTU1k7YwY8OYSR3UZGpeXvZCdIGlbXBylM6xXkuzJJRxRtM65lOq6I5GhVvrs3pJaEjBSewcKYcyq3KJiRE6KvyMVo3MnWpgSJZMeZXT3M9AyMBegVvgjySahn2UGnFLeCrFN97hMgUXdeJGBOtAPZozxWzkdmSlqKZ+a1LKOChDHUis+lYb1uHrUovBD2sl8WKrBOFkroqtplrMaIrSEF0\/CZWY7aQOvBMyeWXCeZ1RLoTG5wyLO5Vn5h2\/y9UjcEn9TZB6sRilQVlKJZOQhGmtGRkVdU5EPsWVmVXJBJ8Tm1FVDfRBkesXKLeMW7XlS+yaW2lzcrWXZ63GaxpE83IV9MmMYiRdIBR+Uf0fQG1fDYSW2ZJpC1DWiyJQIrE35H0\/DgueGBx8BhizyjV1meZ6TLRmodJZi1X2bDKT4bKhkqRF4BH0nJCOlPW2qUCDwSMoyCtbmlItRuZAU5G9AM+i\/zuv9uXNnCmtnYNFU9a1w11ZlVH9PdPGXIlIbhZ17H0XUzRKQuCyhEmzx5bbcE\/1MUW9pEfqtC0U3h0sT4oDSwuIUYWZqssV1PBXv1RM+WBvEe6tflYJNsPJXlwlU1HEyGcTmaZFMKpCKm2l698FqP0WYOsZY5baudYc9io2ImUjs5fAq34PfQHSSZXgPb3APM0agcPfNN1fzk4OBO2pW9MO2JmlvCt1yg37pOiE13XOn\/sy1KMnYQ4a6POVm7FMZcvdysDtpLc519ckC1E1wiH6sRy4JTRpo\/A0nRRlhLlIYXgScpirnRrzmUIjlibbSgurcJ+D1eJfZP8iheUX73nhngxn3QiU7nMQJVEtn895vavJMuHj0bDgSlqIsPQDAZmMkYxYWWeiQH0iCAJhac0gG9FJxWm9An+B\/qqiGvzcQmli1DwB9ZuW4Jl3wLXPGp\/VSy2U8DlZVmM8iotCLO6YAzlSUpEblUFaypI0lGbQhk\/CHVD5jlxHWmGAFZqqQnVNMSwTaOxONF4IZTKNiufhKHwfHUbX8KTxTLxTj3e2ec4iANvnddENUZFM6U41yWJIjb7MIGE5HVXDQo74pLICyEXuIK1vgJ20KrApw0dsZJvroC8euvOWN\/OVxKTOoZv5HAFbazZIxTRLzqgzttLN25yCifV0BgzdUpr5nNmotaGTW0kR+C9NebKT5SFLgMcxyMtBehGm874dwpX9gNAqitgOTEzYyYrYKvWhvjm5Xm81c31XMa6iT7uqw9XMytq4ZQC2LGDcpM6czszbGq5naowTQKQBF6EJSRk7KRTac3WIi2krNeqmxuRSZXCCoHnDBkDUKbuucDwpUjQ2dp8gE4a8rIcb+imOXrsIT8G\/rOsZoiGdq9gOOpgiQ9qbZJoNpK\/zWr1Y9qML86q7p2tGRRCoFhB9JqMIaQeggEklZ5R2jhSWN\/X2xI0LIKIWpC7yuq+LLAbgXILEBUMWL4Jm1UhhWiTjaXtKEkeqwtBxq4F04PD5Cvfqg9NajtOMpShrxg34E\/ileoqyIuhsl8bOoWcs0m6qRsx4LTXADAO24POQVa2GZkJjakwUhEeTWOgjM+2KRXgG\/rC2ah0T8FxH1UhlaKzdZS3VLDCyxkpkplDMhLUoqjQrqrz+2x0FR3Uqc3fvVvgQ7Ffgcu5rPB0qWZThTfe6PwkrvJPE48QtabYwceqG0nOVBtYkY7Nui1Ywa7Q6DjM1K1Njc1AN9+Uw7saYu0I9APfCr6K4HqQvyrwcDceZj7a2VE5qSHiuR3HYmZquk9O2rqQGNLt6o7Synq7JKjAFU2A2XTFQyzQtOdeGI3Ad0L4RVdwCD7JYn6rDDCZGmlX5KKRJcPByJ77NQQdmgMA6\/CPU+\/pQX1SLHr0N3l0\/pExuzQwf73Ffy8VESMN\/IkRlwJO8qvn1Le0iS1BU+As7dyM4fKgCKlDVvfHEI1aCK3fUALdTldIcrRG9sIiK0f4evKX+faVsB+Y2nsodjGhOQ30HFTwUVrSCMK+kO2wSSryiwzyppydgrv5bBblyRm0RVlusYzUy7atKqm2FcTR5+YWnwiowJhpSN4sS85Jz\/2WecaXGSQ3TWdHTbgt6nQb7Gc27XE+7pfe61FKwZFfr2HaIxuZqJ6N5nc\/JBmYwKH9byYoqMWMKNq0aE43Cn9UaKvKwqKQrLCdnt8H\/UaeAu\/Vrdwzf0tql6TFkqwiMvILZkdavOenXeK7ShXIF4OVv1ltz2UX1GSOs\/rseQ5Tv2dWaOWd2m65i1itTi66kdqohHZ6tH1DGZDiq+Uyti9o2SW248HvKDxRRqnkoK1IKCarO4Wq6GlGybGpOXFH4E+UppYiWvVrnKk9SuQ9ofUUdGn01JVklCisXRaDxSkq\/\/srgK\/3osrW9FrqVo2n6qtnlrWrGYAdnFgyil6XumBbolFMGv6Y8oZQZBpUowsElnZTmzecNdIkhmWoLrcg0P5\/CRFfn4FeUr8OBbHbTrUzbw63C0Fi3chJgXoHSNANJ\/TKNEq02MlyyaT2+7oPMjsAB5X+pF5G7wg4YjPVchCymq3NM08Qqt3KzpXWcFXxPabBWeXtajDVfJlGg7C7+wH2y4jywOEqoqmeNSH\/lq+e\/m21WQxv0oS5\/+o9\/+o8d+LfKdxWi8l730C6LXhi107QMolAdqvWKMac2YBsxDakCaY1q4dDhXJuqkEZVpRVZBqPEeGKW6+Ajrrq1gRUiSAxJUQlNUPhl5Rvqpg6hLpVJy63tefjflYY6y9trs8ypOktlT1JVH9jCiVGeTuXYSWYDIyyBJJCayu44UC7c+j3nOu4vwpPoPm2WarpS2AoYkZ6b+fzEqaiECzsok8VOCRmPIgGR5BxEpiR88Jph+3W32k6GQVHOaLSgpFJjieFbVcNO7DLXBQYM362Y3S6FPlWVrAExaGxGerY6VzZzz9bzZqT1q+nlWK\/3uK\/6y5M7YBGdZuqk3PGjPtYn4LsqTIbVj\/0Q1fYlKzYrKzF5XkVGrftFybhRdEZxaRYr7FCnyTvV7ESjTXrkusY6OnLsntBjVDt7cgJWpyRgUa12p+5ImTT8OstXYQG9n9FJlFFfpx5qTttVI0BBXkCsinivCR2MQqsmWacrUW32StW43IFZn4o4F\/HMy4uhG+JReRf8R\/QcjQZ1uJcV\/PmlSV7ku809ZcLO77mVSyzRQSbfSL1s9yIdzNKm7AVMUZJG4NUFdQEbrKK4g6Tr6TryTLN25krXqjRKa8WMqdSv1tNxv1I7E1zYvkh6xOVob3gLPAeHGPNQx8oaqzOKXbRVRzrB4U2rTwmxvBx2V\/ewqRwwvVwvWnHBDdn2t8fTUP54NW5O7Qv6xXLn3KWX7dwmVrAE96knjUJVeBiEKNzLhkkZt2RZDbK8TrRMcK3GiWlotYnNgeWZXccWRu2ZJVu2WGx7ECkXdGTqVOlhdeBFeABJXkz4tJqYpat1MtX1wtfBK+oFonbm3yw86KS23LDbFu+0eY8fDjS+SNbK9nilvJ0dcRaznjJzqc+xYpZt6opG2Myr+nkZRiG\/lozI1SgNjclmPoDr+dWkTzLoW5vqqNzG\/2jGrUyJ7T75EctnaCOim6bvyIfhpPKnNEdFHitqEO4kyE+y2s9wsFfnkisyXUlrEZdGYhJF9wz8tFOjVJ+GeeryKC+kFZdXjbwsXglQnESb\/eHOpQyiVwL5Ih5nl6FOgywnchLmgrfGR\/3FyUG+MLk7uL2MN9VgZocaTHgD24Y1rzCSRqlHnW4184YTDpieMV0OdUMuqV2v3e9Mq5SloARDsvOaLB7zzbur+dTKTy8hzR4pvKlZ9aqFCFcbC4elx5zYyPKyuwRfRq+nAWi5j5ZTM0MTriS5xotSi1ZSS8Ux1ZhtBA7NGrURInnMT6ssEalpqYhcNUy4XbmNChbX6HIRs4lWuw425KzQbVhXrpPrNUzpOSNWthe\/2WJ2Z\/iajEbLYv0UPKl0iD8qh\/h6ll5z0kbih\/Ctp5T+3jCzp2pq+hq8EEU4cERjmv\/XHjUW9VpLPdBHvUmyqrYrS9MqR5\/zkGmCSxToEWrVlo4tO4cWxaxmRjPXLfunUjcgfN8dsKccw\/k+6hRUJ2CZhDJpiqomfiWYu1Dtl2r09SyeUJ5ylEsYR1TGcRYjkcNAVBAkiV9nO0pYFEpcjszLzZZdqcEiN5nKD9m8o7q6ps83NM2jqnD3w67ys7htugUOdFx7Mw1tLiuEipjI1WFSoa6YVW8ZY4UU1khVLgVbhHsKEkTBSc4TAXEmtDwPVbEPflb9Haxj1c73Wapm8sX63twoLVmm13he7sS5MiyibCTVQpavkN16aCpll9DKdebMvgxpYHuKWIefVuc0oms9aU8dtM8sm6vJfKBIirol3dMHB8ZH45oEeVn40yLbzooyYHtehUJvoEzNYXUhCYuJU3ZUOnUwijxNtkjTCkwhp2FlizfALyk\/VI3EBBCO6qbmbitsYGpYNQkPDajaE9jx7crxbhEkzRMb4ZDIVuqUC3gFI61pOuCoLDzp92rHV85HJUv4JivdSJmMB82s7UNhZCjdHOT238xkWhZdJP3GCI\/Wt8qURDlv3Zx7dCkzWYkyt\/IaJioI6RbzrKeuRqlMQmWXv\/TXbOAAVT+tQu5wyBpXDIWW6nxmySI3hciaIazCf9IuwezsDDWi+bppQ4tRmt99N7RNXN5iq8ga3HUNOBWXo1GkXvnKVhC6SWswlqMrfJwou9OkHrTE8auL8KB2QpEdqaimbGWKKPxOWRe2JAWvRmOj9mWe1tZ\/FBdZbQjNmhHQYl1TI55emat3QVP7TQUfiu1CClQ3YprPqW5qicMCpVmC87IeiTSrq0CE9Zj7KdJ3pGSXaV2NdwZqVmZa5jpaVfdasZpThDM6CH+IM2W3yHCNE0evsS4aLUUnajMlB+IPGghT5K3CHdpLqE+K+KInyiqbjjPC+tCXMU0rbqYoIJUSylJLCVICktqcKoZkHBNDdu8t21KpfqE0BJ6Hb6nvQryCpNCmSe0XKXmeynJUVPSariAiDKyqK7Lh1Qo1aO4aTdFAeqGnqAnfU7+CpCmRjLeH5RYfaNPmpk21Akym5J51FJuio2AHnlDbCm7mPanndUnHFhoUShDqhafM7SpiAX5PPakU8xLJVBF9Yeykl5WnrFTDiiwEjvVai2jFErUx39U71azU9f0V2Zn1q0xrwC9rTSVThJ8UfAhjItXUAHrdK0gPThZqbaatJnxSW1UKfagnl40xSrQSfigGLrIM2gwaqOFqqpfN1Z4Dn9GOKoUaBxOSc+TrO6VvqSWnN9bsHatuPwLHtTmUYik4S3FeRQxC\/+UQR900r3If4Wl5VZYkxVuyuDHDsQ1tE2c6woWtdEqwGG5iWmga8gpVd1qyclWLI9nOQV8OV7rwuPodlJHqhLGazvE05DFVfbGXQjWhoZiiwK5JammE6SmtMDbgW4qjiLLa0kDbZVpuwlIJirkPXqv+ENUuaeSO0jRAGLEopTqUu4lT7JmJLGMtMyQPOgnC45RU0YRBpPuLyfxY16miEgzGoXXYVX5LLTOcqwPxIh9o22KoiaTOEj1ntIqxH0fVNXOKhllRhea4HrZjM2gYetTqoSVXr26xZ3AP7RvejW41Z1AnbedqWiU9GQ5IXk4NC96sGgrplB5XRFMWdd\/ftYWKLUJSFzbUv0ASSpFXWWYFRtXChjT0AimY60NFsmX4tPp2lHSLhsoik3OcqdfqrJA4z4pLt\/BmWbWfcX2E9ZSCGmWCCopqR9MKl9QKZQputOCL6jchq4oWr4pMvbGyJVOLPIHUDorUQKaDAS1jTXQJ7KkfB6lltZKYKsImcPUTEFW1TErdr9JmHzJa0o1wxoZ17VOQaxPJJcR7qtOXEyXA5pLH5sHrwb3q22vWSLEyn2KRbRV1FrNQShKluSK5mpTpArrx\/wBboaxNeuIg7CgfrmllG1g42OJIX9CIbshq25B86iCdOwv5W2EjZ9lBjWY9pZegaCx3Lg8TliWRLIJpiF4I9pSsGaljE05q\/6YO1UkQX1I3O14nmb090ZKimGfwniq29uZk7uzM7tAK2Ggew3r9WSsnKLS4aBC4u\/60VZTNwCqA7DQIvLb+AwuN1IKh0s4MDP+q\/riV4N5lRQ3nCDxWv8XKmRrpXEXcWoQrxXP27oQHLPYsM2dDiqizoHp8btfhCk1M2ZjgPdcGqQcqX6JmZWwmEAiZKWXZg\/9UvMnuLLkMM1PVHV9nDiccrl5LGUy5f8UPdtGYRMoeLVyzPWvOO\/Bs8SmzsgYoz6cVzsNQmXqxXTZjHWUrdP4\/wG+WF\/Tg\/DipNrVJsZXGSMRj2PKuWkDtjnL71EKtjGVuNRtmeisPG0a9MJ3XzcplgWKz3uHabRzAK0sLLeQ5vq4xPTeI1Buq52oGRpWOgTT35qpZs2gYWMelyahVmZpn1DRQzGhGegoRFptJ9XEEOVdHkUAXT8uGUPMWdVp0Xp8vWpSW8zqjKYlQhTOU0gmaUmb7jazycapW2MdJFdHNDVnG1pBhljEV76kXD01Jv\/b1L0eTLA2e2r6Yi7ge8ok\/tLcMtUjCSeM7VjR74+3uSKeuDNPSNw1TNZhb+dM8muZsaqLuAKvdJ6uL4TPKmMF\/gPeTUZnsNNLFckVPnEstHT6Cfo8R3wNdJ6tcy7KkSP0n4efVNxOzJvbqxD52wM0P6WYbKZ7tKizEiZcvTu1+zqk4Hs1U1lhPLPlGdb5sx4swI3Rzhq7AEu01F53UNsSK2WbLtoMddIQqzoRM80AdVQmT+2f4jL2gQ6dJTBNwYjS0WZiLjr48P6JifzgzZrDEPLK6Mx7m40jt576PB2WdpmBFMefXEhX5JA2jwXmxlYZyqJussF0z3TsXRfU4S0Oj9DIQDaebN2s7VcVWkqWjME26Y3p5LgAZJVhYV3mVfOnpS98vB1lM8zRJt8q9vbxOHMk0sl1meMRSS9PGNEv86iLfG6gosSsRmAOPaFFTlnszSqO1gnBm5eiKTq2Uh9jfermckgzvyjQIG3URkefsa3quJvaITIts7sddUbkGGLyhzOyxK65wJ+1SiyvRkhrGpd7W7KprUXWOUWMZqwz66N\/oz+x5iVu1Lbch9Li8Az6r\/hhKS1PUdo7lQlpxrE7z6bRKadryjWkXGoVWyP6xQskLI1EnEedOWtXcTyruaZrWDXuXUNC9bIUtoe9Em\/qNX7ySUCoIKhgY1Cw1pDNcOprOFAZSOYQUd5oLNSnaPzQVWDPgmPo3QIzQ2ilRlnOcz9amrM0GvEN7EspYCcysA6aOPGsmqYUQSmnmUhFBmGEC79MySOk0Nvf0kizSm\/c1bdvUzAIacTdMDsOa9q3aUq1Q62OpM5KnSbs20jb1GnDrcE+9zZeTSd3ebRf29WYxG5UiTVkygW15WcuySBnzUEs6S7ipXmWSdMzEVqulJmzgy1Uko950x\/97\/W\/0lvGitp\/U2ku2oy5Fy+aymDX3VfsW4M3qn6lAIrvW7cZuGwxBan+QyzxFtTQjgxLhX3NAnxBCE6zpsYrzOVU1UhVjoOqfqkroRbIVsiacUZdVRc3Xo2XVKpqcSquUqVGFJBBXjVG9x1RHNq4TqOBXdTeBJqe+MLgB34M\/1DG2FWSGZdsdVzsjJybaDPwlXNX76jjv5Gka0EyYfVfqxIgygbIkIIXH7JmMYldXkePWWWOiEfgK\/JQ+3j58sGVMtd3+MnwE\/b7Oi5D6UsR+GWBoJbNJJWlWGVMjz4UVlxMtZYgQTeRlO2qBYMtKk4AlbEKEQmEL\/p1ulMICK4Nw2EI2RPC0PiR4OiZF6tRIWGVlMXAjaHPcgt+G56imZl6KFJvRsBHpLyuC9lkdLL1klE7SKM3cVVixcnPluvryIM\/z7UROybjK0liJZGRFdpG7mutpbN\/iTKJTrTZ6iuO6JmKJwVG8xKs6ytQ8JPBRwPqgQmlemFlz1oFPq21Ue2w5p3LKqyoXSAuKAoUKZtJQVuEMfp0SltFyMB70\/ChoRjxcTPML36ouJl8zEzJq42ZqGVZz7rV6pW+xfBl6T2Ir7aI52dVbrkGW+WzIXXhJ\/TaahmRPJvGz1KcV1ZSGZSM3N7AFM3mrDZW6hoRRuaIuDKxWjlBqN9VlmMtqWpT65XTSvuBI7zA4LVhB5xVW3m4Sormm8ZK3dejiLVIo2fIm81GoSRnrcSC0wQFoqF1zbzxCU56qYZru1hcHWyx0obiU9mEQtC9HPKJpE5PI4aRlm0bbccitRXd\/O3PmD89a3dJmWmfLnIIDZ9V3mLozwPL6yHeuDpN62C4bBurebu7NJIsW\/GfllwzLrCzGCjdX4oTwIo0FiXTowUeqx2VCtquio+nSvsoUt6RPpdNJOdVfWmrpZfd5dbrvwn7d08kdaTNH8\/CbqKH9uCvDqZw8FfoQ8FhcjqP6uilMtBghrQuE6ZVBBFMXyuUcq3rH1ZvsrmPwduWrStm1HdU1jPbIXpMz4dK508WpDIPjs9H8UPHNgijkipW+TtNC\/Vw0eoI\/mU32gjKjUr1WbhGeikwRvJuwtJF40g61rBXNVd3EGs0lGxchnSMUvqH8voK12iEtHhZI6ZObSjmbjdSUSWQcgW8oL9YxvcwKwotyh2d1HNR8kHJ+Mbh6qYRY5ujKVNT5Tra3tSWmSfW8gRoOqRzaaPaIRanTsZipNA\/cPivnDcf29u9rgcst1JJLi\/AldE2BT8G\/eyv8DDSEhfVSp2g+OGrNKM3KSTHBYhkbl+3LQSndYDGoqi8deGGlKCI0nFuDL6EYnQMYcLjlc7d8bnLZTNhVO9OnZWbmrHZjxvZBQ53Pse5Ba6mB8l41m837erSedt2WKw2qO6pTzGdU7MtxlmdqLKfkS\/BFWIM\/g6+pT3y33gknEOcCQsr5JBPaprcLIc1NUNNujDMvVGKTIvMIw8aMYVgHrKLnkszCVoFrh3uRM3EnYaygRom53O713wSeBRJ+Xq10TISWQRELPc1VWU+tqun8v+Wc228cVx3Hf3M5Z86Zmb3Zu3YcXxKnSUOiNEmVENKigoooRaoELwGl4qI+ABJSEyQqoQBV+kAJQtAHEBQpokII6AMgWpWmCaJSWkTvkAAFoyRN4ua6tte7Gc\/u3M5c0MkwnfF6d2MnjoDyuv\/Azvf8Pp+PChfgTekEnJ+Cxoqjw1N9eq1f2aZvLl31r6MX7VnRX4\/Lmp6XnEGRUypojOpz6lntrakZUGEqekBskWYUXWl5gjmEEQ5lrOfhE9JDAqmXq4U5KjNFRgJ1ttjMVa3ANVoBgY9JLwieagrWCeSQQMNofAwel74qoALojuaKfs4WmC7jEPkskBlzRVv1HC8IRH+WylrNbuVnBKRKikURuITkWirskr4nhEyOLNsT9HoeYbU56HkE7pF+LCghsXVdkFpl23dqGP4Jm5lYNCKoIUyirfAR+KKYq1PmXRbtwSvE0Fn\/tAKFKs4Nq1KhkQ+RrEQFX4SyLMgqFmXSLInqyooeIiboSIyoERqiq57FXhC1Wm6o25ojMTqtnznJziHTc\/rhDXbISy0WbnuI0\/S0dlmbyRof1T4VRH8Py1KnMYeKYczfjzjlyIlHkxXgL\/6nNbdfGe78ZR\/mBuCY\/2jORr33QWXTqlG+Ixx5FG4Lfp5LdodbjPLZ5XFhpvdeIXBPmM+lm8nVzmyk8IuwkZvv+UsyhqdDKe83eQvAAmbK8Fw4Z9BQkK0QweFw9N93lVYOwT\/CfI5fVfh1ZQ0Y4ZQ0\/95mh37m3qZ5Wy1+b8NQpLrY+eZ2rvQ4zIbv0\/4z26FtZdXgYryyxqHcGgz\/O1dW+\/bdFu2l4CSuWPv2bd\/GKrw3+h1N7DokkXWczDVMAp+NdlCmZH0y\/ttBmnXO6CoM90f7dR\/4lmb0ygCCPdHH9XhLG+V+2Bc9TK5tnzkihkejA+qclZh9FPZFm\/WsVcgtwxJ8P5rUuHnYy0zE8PvIoK6TWHsK\/CG6XU2dPm+AwpORrWWNR6NgSe+Hqejr6iTKGohLtyqX7jy60gYYgdfojRuDO0qxLxgbiDkYhLy60FKM7cUh+E70YbI4zy\/1At8D62AHXbxpmXzHrl09tHrh92vsbV7Plz6Fh2E3Zo1049cCz1bgdbiLxf8bkh7JRkThGDxN+aLQaLow2ncChjocoMk3\/mjY+xsfARIeoQ1vaJZvmDH4svA1ytfCXLjYnaFZI0GyMxTYI0x6nOMjkSRBkeUpfF4I3cC7SvGRsI8zfdHcKnhM2OUFfbIIRVbqZXBJJkwvtMAincJXhJ8QqzH\/HYTAfuGE6Qexs85yFnEMDE8Ix8zQI15EAxSGCH4pPGWCxc11h8hwRHjMFGyJ+jACrwgvu0vnCzmVSOCUYLiJ1RE7HgReFfbRhp2+AfzdQFAWay63Q7glgqEs+m7ih9hFHX4lflOd\/32efLUr8Jr4rOjMMTH+htW2qPC6eFJIXp+9IDwvC\/w9mkAg7hDS1R+ukG9RYad0BNpXP1bXwmVR1m58gfAdo8B90lFIiFBOhxbgIekDmp\/vtkzcAoGfSQrLFhssBcOEtInxokPcduhd6BgFS3qC1c3rKZ\/UjU6VkDLY0h3a6XJvl2hSr0GNaFCR90Xpu278DsLfejHslkNI3kosz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7f3g+NDmDTtia\/XnlWEdJh09NDGO+\/1dri\/ePbGpDvSmStMEaLL4MM+IIZInk5FYMGp8OCp73v9zcDocNSzlE8Qht0CMaGTsW9msN9mHWcfblLaWMlf0fSujYSkXiA3jIHi4jVtK1LTgHdyNaC7ft+ZUd\/PV+EcnFp\/T3yOyWeu5dFAikzz9sbY7A+e98ENVgi\/Y7+ee7eMGIpO1Dpk\/lhnEtX2d9UUPmfM6O3bfXYZzTsTRdGwnV4MeuXAmOif5RQaDb6Y789GEp7sVMF7NYwLe6AubzePM3o9ZOinsZ9qpnGYzEuwSJBqePVzCDvh07C57Eb5JCFf4mulDvIvmzEMzpqC7R8ZOU3huu2Fqe\/Y2YESlfYDNbHKC+JJiwvVc914L7S\/2gm45scic8R9zj\/fwsXYEIVtEqeG3ZxjOMuMKy8mWWBiepWULljJYdDbeMSbqnvfx46JWRTRKL7tmpV1M+sihdklxutNuZ+Mf7V1Q1ZVuFyrZUaV5aAoiQguevTI4RjglkH\/U5Z0Oj8HWBWQ622zHoS4H2qdsPYP6pTXyTp19tCVmS1yxz9n7p6xY1dUxkr+3cjwu6ocPAzpQI1j9vxnCQo8ahfjzeK+aD+9CKlxxQSz98WdKClPy6SOXbobuzBwhX2tiT3DAKeurcj9QLKe7gTF\/QzcAW\/wPkmJzeIf0303SYJ4Na4V44IogaEv9e56lH2cuHRdWcM7ClmEtKPT80CgrUfC7y1UaT7275eFIUbB5T4mYj1XTpPrJ9u\/hAN7+\/Qkn9mO1v7sl36UqUGutpMUGmuLRZH+aJrMcCTxDaWclY+d3zU5ufSEFvj7AWZNK6lqUOK1rX3TuvV2sOq7KPI9ARbulkat7E7uDf8C4wrCTtPre71g71mH07ZQ1ELNu2E8aoeG+63qG8nLQEx7KJEFT4uaOeYx0R+VZ7mFnBT5DMNcfq0CGgvqMpjweab24\/RBn\/OWc0u7LkT2dl0EYlW46auHDVXRtmrK4gcsFggollWiplmxXJgmzx6cClzi7qU7vx0gPSuGBEwfsQ5dOu03ioI+R1e8damb6zE3kypZ0RdyYLxWsa5gMbsyPvcge63xGsmb8ppir2VBX6Hyer8uMfPss7EWF1GoOUmufXty+04IhDkCQkXE0wgJRULfH7aNnoHNO\/\/gY\/4JZd6DP+HzobiZ\/0u0y1yl3KfZjOk9Be3CXKFE5x4oO\/VabTjDOgWL3rDpPZrtpF2QPbRNZwRzGDUy+fliWUtJPdS3UXcitpo\/pj8qNPm70kQ5gZdtTth4+HUwrhFQghl8nEUkZAvmp+lNJtVAXWXHsM2tRubpI75sb34sp9XaWzwCJKF\/nLZM4GyrxByqWgg54PnUkqE+IyQypv4acX2yFcFCfRiuEm58de7xI+ERKZzJfEuN51z7mQIUnJOqhByjgczvrU4EF4JjRZYl8O9hlMdx7tAAX5dYWwcmSAmvIKz0pk+xtX0VEoDKhgMlxtCiEcaych3bQE1EA2TdBBQGqaEbMTOS8fVo9oZcw4CfGeQXLEEg5J7\/sx4R+So5\/op\/joaIRhivcIDpN\/e1aN1n6HZ0Aadv9\/Qr7lDhCDYu0TI0LFsmgqzxiOJwrEhkL+uej5zqisz3Wjighbr0YPikl9zSMSaal5aeBaq37bwlFkpDQ4Y\/Fd3PMBQJIMpAPlv04q+IcrkB7D3B5n75CEOz9n1HxeJzy8M94R5NtLbkM4zuHeZ5darjamb+tAvM3NIrA+21lm79t2zvpf0SSCdPbzvyNvd56GFBKIPA8VRl6zNiZgMPHqgqoE\/I4B9\/LayOkVuRCpGc7X010MB1\/bj5aO5J5zT3TYyh+t+bpPzK\/OBqigyDO9wbDsM+wOZVJzR+ZXQjw2Fc5kiOrG0rR0lUtGzM7mQsjjNRdoyCrpcc8cy6TjLnsUU6FWt6fEbAdsIFyS+oNGQVtLBm35dJZRtrAool7L76UnFIM7qZS3MhQaNGC8W\/tU5nomgvlCR1xYpNJk2Qbs2EU1zOssjhcNSBCBW1RQz0xExwgIKF95LKmjsNmEYKiwzTCCpXJlnjrpyPPa4WS2xzo3MW4X5IWnssgPTHqqsyV4UhC7h2+GKM30cGxlJvbZYTcBe3\/BBO0q7RBS25NJqfZBjKOAx0O5AP1HP8T7f3\/+clAggezrO0nKFO2sLDbHoj08eR4SWwgLhdCdzlAtSX5yLeLCQ2xvk5Z5nbNVuNLTlee2ndqJXdiTMfyvhEdy0ePh9DWvaNqKZSy4FB0qMHyueFh2lk2JorshF3gXN618HT3pYctTb810TWoswRytUJlrKzTeHpPKXz3jDRdhZbF9BSDoixm8k4mnxq66wvmpoYWrzI\/nhernYmkwomMQ2seiNt2jos5GV4Ysg+2Om+yhKoVxayKD1YYF3xHcTNFCc06YrKOJMvrUZPKwsCEdC652T0n31FE8OSr9VI5BU2SSMJ1pT4lbZLJc9bUsggVCrc7Pz6x6ftM\/L+2rUiPjuDOikgx+2gU89ApcV249bwwFGgA0Yi\/Vdbz2ijnwWTblaejp5OczY\/noPoiNokptWUq1eiYaNrnMlgkAk0B1Twhh\/cXHI\/LK6UskCtoUXG7DKOklMoCzjWV1qWr1APil+GigsokY\/54EMjV7wguH4A9Qgt1qpmTXx4MXqeb7Zz3qTv27ntZ+OnoYFGCE1UtgsGl2\/xNCWR1Ac1pq3yDGGjV71Qwbm6vMG7KyoBpCmNSwduoY5Cj44bckKlHQlbxjJI4AJTKnLq3Sl+MGoKN5vc5KBIRAGrla26mL608xV9pm6P3vLLObHlv9ozuPM3u4hLUTd+dpLBm+mLgd8QuAu0ZvUDZhF6g7gJU2SusJgb5BhoRD9a82uBiv+eJXlGMna1bOJcH\/0dZ8IiJxSrzZsB1G4sX8eZQKXRYnlm1Q\/mxoVEIY5v1bVtMJzv3vnD8zHTHghZPtQ7xtl8PdAstupP4jygcz48KofWuUdmSBfJWrjZtFkdxV13ABe0CHtOeJ5IuGpQwJl3STcqGpw75dMWx6Ra957u85AAVWdtqogces7LQfh1zj67ehVybrUFRswInEsc5\/GfFi90FuBTxCcmu5yxJ0AU4yIrGaPVwggMRRSeQlzyGnCGZ4UIu1qLipmlp56akLBqsxGN7I5Q1IM9iHizh16NgSQzCi3EGFySIHdniadMF2evUOJdDIYfWw3Pc5FKnRg5BVXBC0PjbJGPr9N1AnRrHK1JehxuZgGQYVd8stYfLZgKs8cJZogQdGRtIjAg2bxAWQwbC4Y4O6cf2kpsanfoqrn6UmAattVNeRTd1YFfLhMYBocKe0tvOttiH5PqSv+RUAzcalYUwAjVEm3koLMAshy9fjfTFaGFu1LVbZLdI0kskbHebjzmjuA0BJAfePomRibk1Z5\/srBg2lSLBthXmyUHA4lMumr89gFwlE7enZt5lsg25ZI2uxPgg74AvJTPVIU\/s\/gixL78FrVOjgdX5JoUq2F6vRQKxqXiVlA3S+LndS77o3+pt7egc65wuTzC\/8Gtqq3gzGh+xqty4ARn8qEGsElQxoEfcG0wxqQK8chygv9pkkir7WqC643CyfIor1kqZB54c5a01Wj+MZcRqfWeky5wxtuShHCl+ZWZnYVfigC464no9LScwBde8UZNcPS6HEtebG08USneZTjiQVJvQXnw8rC4R7dTw+oS1DPEh3j19D8Z7Wsu54nR6XunA2b2sO40P5gBkhEm+vOwC8lz0KakgGKvAw3XZ8FbHw52CUgs3oY49udCmkaCbo3ihPsu0u9W0UNyu83BMt5jTHbVHH8+B6nhujcSp8beazTPUSpfPeUZCNejyJl83WtdeHXSkwnx5gu8XWDUDeKJPzIeDFZynvrZ9arz3\/H05sJZRItreLvgOG9l1lS4FHKTuVGVe3z+Tl0tGOVUWvzubh8Cs56ZMZK5K0hctf9SJkYhKrr7LZPsLV+vcOihAks3aiSURnVCH6TES+m51Avsgzw1Mn5GDE++C3lptjT439+P3OvjmAMXSiWIYXf4T3ZlQYplDLostc5GyI80iNxjURpUBpJGdYJU1ggefXjx1P9ePPS77vl5Zm+9Lz6rOX57QPeQTH6cWi9ZExzuoK0jP6RTfYooWerqCnbekh9aJ+zokqJPPkyuofWAE0Ad33M31jj5QEOaRhokauk7b8ucpyHIouU0r4HHUZPz4USQQ+UzIxvEGquJRA8E367zdVV52oRe3cplRyrzXItXk2o7yuOKXRCS1mCrNe8zP9mwqiS6Pz2yhDQ+vo82KKgHXQzWkTE6q67UVS+sybfS6LOD7UHaOvjTR+hoWQ7KHuebMJjeK2yw7ls171QySLKsKdpL\/UntQvhqzdEk8wPnC0NO2tCZf1WeQ57fZVrwFOI55F8oDfXZLYlSkOVEkJ+qkSY5XfceNaQelWSsW7HBGc8rilwLWxHKmMLqpUfPRmnBuxHwY8Vbj7VPZqG1PzC6\/zxeq54+iu9KIgxpKqj9ZPAvb19H1B79ZJmNxKEHSNbv7E+LaeKlg03wfGdflNlmDPJDHkvhjATbyUfmour32qNrUfNtxZHbJ+2ZU5PJHLUSXtpgJW3PO\/LyX1URtfb6OCE+36VJLXMayCRct1Tsn50YhMAI5Sto00mGMfVyba80ZlHmXV5VPONGX2Opw2neQUzXGp9hwjCywZTKT2S\/qB4eTagk6rd7tq0pRKGIf0ZxYFztcWsFX6u2er9DbEcQ2bQ2O7dxqvNaXYmAG4fxYbj1gwLtS8O6PxSOzf4x+S8nQOp6IKBRyEhb25kR748Zn+Rufgq5EtkSyit+RhK8VLquCsEKlBUVXdS2y36GdjzDACflT99NDvTYs+ncsZWKYup7vbcmFIdvX4AM\/UoKBM5pMjkMrs3\/nbz+URexc\/+nC8mLQELqPxgWrsz8wjnq+qrbcKExBU3wOz6rVabHbTXx6+jqerr7XbGX3dN1D3d7Kl4muLmU92hN6puio+RmHRAOOtwVxS5RBz1tiyHMkQyWXX\/rBpmj0bAnQcajjCR3wgTDIc563Vx4IhOOMMBRfCFNX0hG1BKxZXcHM0ftZ\/LJVvpFHuVHPWtY9ib+e4e42dLWEfkRfwel+jHjelPgbP6SaSn1Ep3s+lc0SdPL3jRJDn7rvGoIZzvrdgEGRaHroz3RnbztAztpKV3C5J741ywub6ougX2Ik5X17LVscC2VNvWsg2PF+vtu9Pfg23+NxTQ\/CaBZ4\/48Og7bgTxBj1sCb1MlX17\/Zm+5gdK0f1McRXI9wxFVczy\/cVneAbEKwuc1x8W2\/jK71bTZfPMJCuiYTLALbQl5vwoxbAyo\/Z1cLnHHKbhJyHG4R+k2hAQ5l7L7p7OZ5sQMdrpEydWcY08R2OYE\/5FQgsC0n0N3Fkz3aml1avmaX8uAZZ4pbpnlZJqbu\/H0NYJYmMNvWAKaNpmlgb0pmPLKfbJ2bWaoPiivK+5GdctKV86ZWDl0RzuCP9mxmUVZR1jxIfLCn9nn9BpoTPx3kFqu1I\/CLc7c9fL9px\/vwEmFtbSaht7ndvjxZkkhOe8b3ktDK2pnxvSN+f5rzvSv53ttMUWfVnHBg7U2urKh0O1et281XriZ9S4dPtvo6xuBGr60SDZeCE6l\/Ib6IN6Ijn7s2Ohowh6+AYlfTRRo1jye2byFtLn+7IonFsuFoCSgUmo\/vtr52fVFZobMCFX\/uuqZutKfS82Ykl3b7HZu\/uYKvEOQrR5JmCml55xoVrTrNymXND++z4915k6cxE4WlAd\/rkEB6ncAu6vWhWAl75\/TBWTRRDOrxic+l2adxde5NoimF\/8wmDZUXmN5\/ZL\/tEk1W1zY\/fhAjxaY+IPuvKrkpjxnBsdr8sOIP5I32KuTLE\/bmfeJrGw1ZLehKVmL1ho1eUuMhu\/bCEt3yQQs1JsSiGvPcZneU26y59dJqosz9vYnC583umasktv3grtjy6FwJjp83TdIzqln18d1Kpow7tj+6Y+ygwqDYPlDdH9hD6mMGI5Z0s1kfaduXBVc8pG8cmy1Lf6ORg6dltK\/ITxzlPqLzAt0mUhgz\/ip39rVqEqa+oF4ly95ZpkseMJ6uR3sc6I1VUzHuUXzp5TlJ9Gb3rIrsi44TQX3Kzshuyepmu\/jrqnyrWanvMIdKDnF5RY46RgWxN13xnr\/eNxXkydYBzYq4gmd84Y0A6x1gni14AEscFCxbx4NIlmByWVY4\/dlLfA7+vfG0anHyCSFim8A4O4MchcNgUekPWJWbg7KGJ1P6W+odencazMlE14x8O6PEfJuLB6L9+x0lfTpfQNywXHNIUOHipX0k7JESrXgahktSABACwr8e2bV4ENneg3q4sKYL7Nl\/pyvqXUxZpdymL7fW2BaurciOXe\/QGs\/Cte24ux1ofzvh2k59EDntbzdce8k+hn772wvXIIiTNCC\/T1a4diI7tpL2tx2u\/dh1bKv97aD3PWC38E9uuIbmbud073vhOk0jewfJ7xjB2wc72I4vtsN1svf2dtt\/7IRra7+HO7P97YbreB+gA5H89sJ14nlW0PYf++F6bwYe3JPfkWmGazuyIxt2DQgjqQs9u2tAKAEBCOK2wTLDtbdzTDftGqxw7UZutAu6BjtcO2CXgg6obYbrfewOMGwrXAeOF4Cka7DD9S4J4rQdeA1BuDZ35t5sP0EXM+HaCixgwaHFDteWadlWhx50lx2uvch3\/K5v4paydnwndl3SdqxAE64t2\/Kt6DDY\/sO1CwI\/Sg59Rjb0ku04HTGcQALD6hiBT+YW\/33e2Zv2bcwN8TPb87bdf1HKl\/YNlMwoXJuRGZvt0LBFOKTPbqKxth9kxUs4ckr2lvdw1II2GERDKe\/sHXPC8aNpcN4JJ82AnbG8fzOT1kzrnJ4GgOSUee26Q3eFw8MYXNFmbp8V8Eg9qrImi0HeYyMth4foV\/ugO+TZU6ht3UqSWrXfIZktjK9RFhsR\/COD1Sfzs42X3UKHdse8iYn5z122F8T9DhJnREWUv25+LWmtgekyUbjsEIp4O56aPgR34H5JBPepP3A\/4McRDAbuh7hd4g7czwZ+EgUD9zMTJw38gfulCdx33BJxvzSKUj8ZuF\/qBJEbDNwv2XuWnQ7cD\/i2a0cD97PBLkj8gfvByA8cl+J+EUg7bo24H0yARXM\/GOwi4A7cz7c9s4OHuR8M0B\/F\/UAMXehS3M8DcRAHFPdL0miAgbgf8ECSOBT38\/x9EO0p7hdB3wUM94t9GwCK+zmRu9+7FPeDMLVTj+Z+aZzGacRwv9RO7Y5nttwviPYesFjuF\/tx3A2QcD9oQR+y3M9Pgd9Ni3C\/xINeagvczw62TrD17K352ZvifzuP4X9kCoJcQApU1jGiVZTI+XhqRg1wLUEjwfMXPf+i578Leh4VM9v41\/jLU43uag2jOyCVN73Md7bwna31nSN852h95wrfuVrfecJ3ns53JwEvJy28nAS8nLTwchLwctLCy0nAy0kLLycBLyctvMQCXmItvMQCXmItvMQCXmItvMQCXmItvMQCXmI9vPjCd77Od5Fp8h9Gpqn3pSV+ael9aYtfaq1GZImjtfRGa4mjtfRGa4mjtfRGa4ujtfVGa4ujtfVGa4ujtbVGeylr\/ktFGAb95RtOlcJ+qooVob8tUBoG9lOF8zf9JVJm+E+xgqPxLYhj\/lNFRkC21xex0xfNL4WlUcYR0B8jdZP\/WBnTRH\/cpqZnPiap4rUWlyTr5VZX4bSLvpbXux3NIINvUmfErVIlXbRS2ZpddVb+1tvSzyemwBYef1YcGY+QA8l+aq2slYuqRI5\/TYyPXCIFrayutqmR1dWWR517I1ldNVOPIknmGvWjdtsMaoxq\/tmTKucjuSnoIjrKflG18qkw577MVTdAEsy8KDdK2+WCGlt9AluXjQwLpiPDpDW2prJ8zA0Ua2f2rJEqeYJVtTXaa2XI6ZDhVMgDRjA3Dh7lNNXGv8AT+HURElRSGxf\/prOl\/qx8XLYqIVcbUM+nCtG9bW0td7K6jP2j0Xpn3RvK1dG6f52TV7IF+4GpR9o8sTj1Iny\/gCKBCZ9XSJ6xZe4snlG8eucL6lKMgaTiFT2+6ZLdYiDPI+Km0JaGxfUmCXD+w8iKBJ1dPolxjkEef0Jx9avf0e7ZHKouKQ61bWzTlCdFJ0mvuWD2R+8n9SRX0bVpykKVMaAfbsCmq6Ku6mlGLFztzt3PTpeOB\/OvcIWCyvUz7lGTUhYY5F5l99KCrXro95\/6uMSdktxNHM7vjMvu0mTOSd7BJ83Uy5OmnWVWlURjZyuSaOil\/HT5lJ9KYK3nNwlBUAN2lgH2JgF7PGAlZGk5RVqMZouUI4S25cqVYA0l5dkyydRZQoqY285RXdisGXZbe5X2DXJVBxbq8vU2Q0PwNTQES6ohjJV9WJ7ZpB3\/9XZnqqAWzgNzBd09p6R1DSnL8Ux\/SnOKCCUFeS0Do7SP0GCSrPrydL2gPByCs9O\/2d4\/2P9mmv\/OfKKRhGjxFVb4Crk7mqwpeqS7S8q3YrTDf3xQh8VIXVG8fWwNPWmKulDZoBeVuECn8UWe82ypEj69epdXKFy1Z+9Ez1RVwqmyZuORlN5haWlEyTBAJSuPSEQCqgqdpw9RLA42ZYQzLhktT2gr4dPMZoHajMbynHUyPa3r+yOZf2TCa8d8+jo56g6Z9LRn2Dx9fc62+l+glDzP2Xg2nhmdo5LCM3snVuKx\/tX2YskAyrmzx5bmse7VPFWARWzPY8DUVmjJuqSpAIwqXrY4A1SbcX9xgQmFhHUBBcxvI3IaqaZgm3eXaug6mm0f7oUsHetwwNbRGAartByQgS033VqeTnE0bKmdV36rHxttnrUl5lml4LU4NWBLdGyUHKoCb6Dq7OPKQ09\/gToiyg7UeffZUhF0emxCIQMl4OsDjRhObCQFVTOlqSgGJWYr5OsAMI7jgrww6RKn7Jvo\/TdN3b3\/4B6jmysegsrdxORER4smpPHvzeJ6kdU8TPCe1WMw7aVAUUi8KMTQGsXM3F93KCFsIv8uqfz4yDRSzfNQqxGwlNfmIHNrwnydhjm7fN9DMHhfOWF7xBgrt9zOGlOrbIH61Cua0qRd2vmfVN28fXlqTlkx9DFk6NAFJ1EdBOTpJJbh4UZiwXUlXJ+5LWmfrKxgzj2HZABCKvLt\/K+HtOdMpgNdTLzORIUZaAL+dgWz4O5mYG4Gi9JmJmdQveAYGGyUG92wSMvcLN4e53GOtXlAvVGtEtDSrDnu3BrQ\/MyU9bpppE2NRJdwL4r+andGeXBPvrd9cW\/PqGrEj1SzRMH4p3S9Ap2MerpojEGel9dGRZKMCfTvieaKsoG6XOCOcTraPAQFe5Lq5LNNbtrcr5oge11i1hVTKyCTUyc0b5bEyqKQUa0cEdJ8ZLrUnGQopYqupD4rBZ8wK5jniqWwHr8Ur+CxJ4dS1D20PM6Ar7Boag3FjxtolyfppQ+Uus1JE8zDPLX4XsaC2695Lsyv5nYBNKqelEAcj2TUTKfUabCoU112gyu2bXW3+R3rkw30QVkvdbdiVda1XHIbmf5dTKbrLs6qOIdqCfexMg8pNPcgqWfZSrXlA3V0W8J0JfkZmQqK\/qyOhfqCGoUMZyD3uJiC268V25Ms3nYBOBnDaklBi8NoqyeSQoblyxjjFkmtdsXF1l3eQts+dLcwN2ZeWXriJdlZpoLbuppyggI2FwmNUgFG+0CB76WIb+Lbf3isrZN01RLz22Cw4FJW0iXXtNLG6ive1yKW3xgLGWtNvYy19wmP+Fwd39ydsXQ7G5qU81STVgdKodOZAb4k71eRzeOJ4a4ciQuwKoEnusUluTT5rS4EJIw44dAOka1D+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auto;padding:0 16px;font-family:ui-sans-serif,system-ui,-apple-system,\"Segoe UI\",sans-serif;line-height:1.55;overflow-wrap:break-word}#nxe-n9b2ee22.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-n9b2ee22.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-n9b2ee22.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-n9b2ee22.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-n9b2ee22.nxe :where(ul,ol){padding-left:20px}#nxe-n9b2ee22.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-n9b2ee22.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-n9b2ee22.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-n9b2ee22.nxe svg{display:none}#nxe-n9b2ee22.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-n9b2ee22.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n9b2ee22.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-hero\" data-layout=\"dag\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A-P05 \u00b7 TOPIC \u00b7 clearing-and-settlement<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Payments and Market Infrastructure<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">In development<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Topic dossier \u00b7 Payments and Market Infrastructure<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Clearing and settlement<\/h1><p class=\"nx-tagline\">After a trade, clearing confirms and nets obligations and settlement delivers securities against cash. Central securities depositories, securities settlement systems and settlement agents do this work. Settlement failures, delays and shortened cycles affect liquidity and counterparty risk across markets. This page sets out how clearing and settlement risk arises, how it is measured, and who decides.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/contact\/\">Make an enquiry <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/\">Back to Topics<\/a><\/div><\/div><div class=\"nx-hero-canvas\"><div class=\"nx-plate\" data-wide=\"true\"><div class=\"nx-plate-label\"><span class=\"nx-eyebrow\"><strong>Systems<\/strong> \u00b7 around this subject<\/span><span class=\"nx-eyebrow\">Design, not a record<\/span><\/div><div class=\"nx-figure-frame\" data-scene=\"true\"><figure class=\"nx-fk nx-cx\" data-fk=\"cx-payments-rtgs\" data-cx=\"payments.rtgs\" data-variant=\"section\" aria-label=\"RTGS operations console: illustrative console with placeholder names and values\"><div class=\"nx-fk-head\"><div class=\"nx-fk-heading\"><h2 class=\"nx-fk-title\">RTGS operations console<\/h2><p class=\"nx-fk-sub\">Clearing and settlement \u00b7 RTGS system \u00b7 Business day 190<\/p><\/div><div class=\"nx-fk-actions\"><button type=\"button\" class=\"nx-fk-btn\" data-fk-act=\"menu\" aria-haspopup=\"true\" aria-expanded=\"false\" hidden><svg viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 4v11\"\/><path d=\"m7 10 5 5 5-5\"\/><path d=\"M5 20h14\"\/><\/svg>Export<\/button><ul class=\"nx-fk-menu\" data-fk-menu=\"true\" hidden><li><button type=\"button\" data-fk-act=\"export-png\">Image<small>PNG of the map or chart<\/small><\/button><\/li><li><button type=\"button\" data-fk-act=\"export-csv\">Data<small>CSV of the figure's values<\/small><\/button><\/li><\/ul><\/div><\/div><ul class=\"nx-fk-kpis\" data-n=\"4\"><li class=\"nx-fk-kpi\"><span class=\"nx-fk-kpi-l\">Value settled today<\/span><div class=\"nx-fk-kpi-line\" data-fk-view=\"kpi:k0\"><span class=\"nx-fk-kpi-v\" data-k=\"kv\" data-tn=\"true\">81<\/span><span class=\"nx-fk-kpi-u\">local bn<\/span><span class=\"nx-fk-pill\" data-state=\"info\"><i aria-hidden=\"true\"><\/i>Active<\/span><\/div><div data-fk-view=\"spark:k0\"><svg class=\"nx-fk-spark\" viewBox=\"0 0 96 26\" aria-hidden=\"true\" focusable=\"false\" preserveAspectRatio=\"none\"><path data-m=\"sarea\" data-k=\"sa\" d=\"M2,11.6L10.2,15.5L18.4,12.1L26.5,15.7L34.7,11.5L42.9,14.1L51.1,18.1L59.3,16.9L67.5,20.1L75.6,20.6L83.8,23L92,3L92,26L2,26Z\"\/><path data-m=\"sline\" data-k=\"sl\" d=\"M2,11.6L10.2,15.5L18.4,12.1L26.5,15.7L34.7,11.5L42.9,14.1L51.1,18.1L59.3,16.9L67.5,20.1L75.6,20.6L83.8,23L92,3\"\/><circle data-m=\"sdot\" data-k=\"sd\" cx=\"92\" cy=\"3\" r=\"2.4\"\/><\/svg><\/div><\/li><li class=\"nx-fk-kpi\"><span class=\"nx-fk-kpi-l\">Payments queued<\/span><div class=\"nx-fk-kpi-line\" data-fk-view=\"kpi:k1\"><span class=\"nx-fk-kpi-v\" data-k=\"kv\" data-tn=\"true\">168<\/span><span class=\"nx-fk-kpi-d\" data-dir=\"up\" data-good=\"na\">15<\/span><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Watch<\/span><\/div><div data-fk-view=\"spark:k1\"><svg class=\"nx-fk-spark\" viewBox=\"0 0 96 26\" aria-hidden=\"true\" focusable=\"false\" preserveAspectRatio=\"none\"><path data-m=\"sarea\" data-k=\"sa\" d=\"M2,11.9L10.2,11.4L18.4,11L26.5,10L34.7,10.2L42.9,13.6L51.1,14.9L59.3,18.8L67.5,18.7L75.6,23L83.8,22.1L92,3L92,26L2,26Z\"\/><path data-m=\"sline\" data-k=\"sl\" d=\"M2,11.9L10.2,11.4L18.4,11L26.5,10L34.7,10.2L42.9,13.6L51.1,14.9L59.3,18.8L67.5,18.7L75.6,23L83.8,22.1L92,3\"\/><circle data-m=\"sdot\" data-k=\"sd\" cx=\"92\" cy=\"3\" r=\"2.4\"\/><\/svg><\/div><\/li><li class=\"nx-fk-kpi\"><span class=\"nx-fk-kpi-l\">Availability, % this month<\/span><div class=\"nx-fk-kpi-line\" data-fk-view=\"kpi:k2\"><span class=\"nx-fk-kpi-v\" data-k=\"kv\" data-tn=\"true\">100.0<\/span><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Normal<\/span><\/div><div data-fk-view=\"spark:k2\"><svg class=\"nx-fk-spark\" viewBox=\"0 0 96 26\" aria-hidden=\"true\" focusable=\"false\" preserveAspectRatio=\"none\"><path data-m=\"sarea\" data-k=\"sa\" d=\"M2,11.2L10.2,12.9L18.4,13.8L26.5,16.4L34.7,17.1L42.9,18.8L51.1,17.3L59.3,17.9L67.5,22.6L75.6,22.4L83.8,23L92,3L92,26L2,26Z\"\/><path data-m=\"sline\" data-k=\"sl\" d=\"M2,11.2L10.2,12.9L18.4,13.8L26.5,16.4L34.7,17.1L42.9,18.8L51.1,17.3L59.3,17.9L67.5,22.6L75.6,22.4L83.8,23L92,3\"\/><circle data-m=\"sdot\" data-k=\"sd\" cx=\"92\" cy=\"3\" r=\"2.4\"\/><\/svg><\/div><\/li><li class=\"nx-fk-kpi\"><span class=\"nx-fk-kpi-l\">Participants below liquidity floor<\/span><div class=\"nx-fk-kpi-line\" data-fk-view=\"kpi:k3\"><span class=\"nx-fk-kpi-v\" data-k=\"kv\" data-tn=\"true\">2<\/span><span class=\"nx-fk-pill\" data-state=\"not\"><i aria-hidden=\"true\"><\/i>Alert<\/span><\/div><div data-fk-view=\"spark:k3\"><svg class=\"nx-fk-spark\" viewBox=\"0 0 96 26\" aria-hidden=\"true\" focusable=\"false\" preserveAspectRatio=\"none\"><path data-m=\"sarea\" data-k=\"sa\" d=\"M2,6.6L10.2,9.4L18.4,8.2L26.5,10.3L34.7,12.2L42.9,16L51.1,19.2L59.3,19.6L67.5,23L75.6,20.1L83.8,20.4L92,3L92,26L2,26Z\"\/><path data-m=\"sline\" data-k=\"sl\" d=\"M2,6.6L10.2,9.4L18.4,8.2L26.5,10.3L34.7,12.2L42.9,16L51.1,19.2L59.3,19.6L67.5,23L75.6,20.1L83.8,20.4L92,3\"\/><circle data-m=\"sdot\" data-k=\"sd\" cx=\"92\" cy=\"3\" r=\"2.4\"\/><\/svg><\/div><\/li><\/ul><div class=\"nx-cx-status\"><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Queue building at peak<\/span><span class=\"nx-cx-prod\">GRA \u00b7 Payments and Market Infrastructure<\/span><\/div><div class=\"nx-cx-grid\"><div class=\"nx-fk-panel nx-cx-p\" data-w=\"3\" data-t=\"chart\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Intraday liquidity, system<\/h4><\/div><\/div><svg class=\"nx-fk-svg\" viewBox=\"0 0 460 210\" width=\"460\" height=\"210\" role=\"img\" aria-label=\"Intraday liquidity, system\" focusable=\"false\" tabindex=\"0\" preserveAspectRatio=\"xMidYMid meet\" data-fk-chart=\"cx-payments-rtgs-c1\" data-fk-xs=\"lin,0,23,36,446\" data-fk-ys=\"lin,0,100,180,20\" data-fk-series=\"Available|ink|l||0:44.6;1:39.9;2:42.8;3:38.2;4:36.3;5:35.9;6:35.3;7:33.7;8:37.6;9:40.4;10:43.7;11:47;12:46.4;13:47.3;14:45.8;15:42;16:47.3;17:42.6;18:44.3;19:44.8;20:44.2;21:46.8;22:49.9;23:50.2~Queued|acc|l||0:52.4;1:48.6;2:49.5;3:53.1;4:56.3;5:57.7;6:61.3;7:57.6;8:54;9:55.8;10:59.8;11:60.4;12:61.4;13:64.6;14:62.4;15:66.2;16:64.8;17:66.7;18:64.3;19:61.3;20:62.8;21:59.3;22:60.4;23:63.3\" data-nx-z=\"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\"><\/svg><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"3\" data-t=\"tl\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Incident and failover log<\/h4><\/div><\/div><ol class=\"nx-cx-tl\"><li data-s=\"watch\"><span class=\"nx-cx-tt\">09:<span class=\"nx-cx-n\">54<\/span><\/span><span class=\"nx-cx-tag\">INC<\/span><span class=\"nx-cx-tx\">Participant P-12 message delay<\/span><\/li><li data-s=\"ok\"><span class=\"nx-cx-tt\">10:<span class=\"nx-cx-n\">47<\/span><\/span><span class=\"nx-cx-tag\">LSM<\/span><span class=\"nx-cx-tx\">Liquidity saving cycle released <span class=\"nx-cx-n\">53<\/span> payments<\/span><\/li><li><span class=\"nx-cx-tt\">14:00<\/span><span class=\"nx-cx-tag\">CUT<\/span><span class=\"nx-cx-tx\">Customer payment cut-off<\/span><\/li><li data-s=\"ok\"><span class=\"nx-cx-tt\">Q<span class=\"nx-cx-n\">2<\/span><\/span><span class=\"nx-cx-tag\">TEST<\/span><span class=\"nx-cx-tx\">Contingency site failover in <span class=\"nx-cx-n\">78<\/span> min<\/span><\/li><\/ol><\/div><\/div><div class=\"nx-fk-tip\" aria-hidden=\"true\" hidden><\/div><figcaption class=\"nx-fk-cap\"><span>RTGS operations console: the screen's structure, terms and states for Clearing and settlement.<\/span><span data-honesty=\"true\">Placeholder names and illustrative values; a design, not a record or a live system.<\/span><\/figcaption><\/figure><\/div><\/div><p class=\"nx-caption\"><strong>Fig.<\/strong><span>RTGS operations console. Design wireframe with placeholder names and illustrative values, not a record or a live system.<\/span><\/p><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-field\"><span>02<\/span>Settlement dependencies, and what\u2026<\/a><a href=\"#nx-sec-question\"><span>03<\/span>Clearing and settlement: how the\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-indicators\"><span>05<\/span>What is measured, and how well<\/a><a href=\"#nx-sec-pipeline\"><span>06<\/span>From sources to decisions<\/a><a href=\"#nx-sec-sources\"><span>07<\/span>Where the evidence comes from<\/a><a href=\"#nx-sec-decisions\"><span>08<\/span>Who decides, and what the evidence\u2026<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">Securities clearing and settlement is the process that confirms trades, nets obligations and delivers securities against cash. Central securities depositories and settlement systems do this work, and shorter cycles reduce exposure while compressing operations. Securities regulators, CSD boards, participants and overseers hold the decisions.<\/p><\/div><\/div><\/section><section id=\"nx-sec-field\" class=\"nx-section\" data-hue=\"infrastructure\" data-tone=\"alt\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Spatial finance<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Settlement dependencies, and what fails with a node.<\/h2><p class=\"nx-lede\">How a failure at one financial centre can spread through settlement links. Design links, not real dependencies.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-canvas-wrap\"><figure class=\"nx-fk nx-sf\" data-fk=\"payments-network\" data-gl=\"sf:payments-network\" data-sf=\"payments-network\" data-sx-credit=\"Natural Earth (public domain) | design links, not real dependencies\" data-sx-src=\"Natural Earth ~ public domain ~ https:\/\/www.naturalearthdata.com\/ | Design scenario values by the Global Risks Alliance ~ illustrative, not data\" data-sf-learn-views=\"timeline\" aria-label=\"Interactive map: sixteen financial centres joined by design dependency links. The panel chooses a centre to fail and steps the cascade.\" 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\"><figcaption class=\"nx-fk-cap\"><span>Sixteen financial centres, and how a failure at one spreads through settlement links.<\/span><span data-honesty=\"true\">Design links, not the real dependencies of any infrastructure.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"map\" data-nxf-kind=\"map\" data-nxf-resource=\"nexus:\/\/gra\/A-P05\/topics\/clearing-and-settlement\/#map\" data-nxf-title=\"Payments and Market Infrastructure live map\" data-nxf-height=\"560\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-question\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"stack\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">The question<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Clearing and settlement: how the risk develops.<\/h2><p class=\"nx-lede\">Settlement exposures and infrastructure. The dossier below sets out how the risk develops, what is measured, where the data come from, how it is modelled and who decides.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"2\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><rect width=\"8\" height=\"8\" x=\"3\" y=\"3\" rx=\"2\"\/><path d=\"M7 11v4a2 2 0 0 0 2 2h4\"\/><rect width=\"8\" height=\"8\" x=\"13\" y=\"13\" rx=\"2\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Delivery against payment<\/h3><p class=\"nx-p nx-mt-1\">Delivery-versus-payment ensures securities move only if cash moves. Where it is absent, one party can deliver and not be paid.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M5 22h14\"\/><path d=\"M5 2h14\"\/><path d=\"M17 22v-4.172a2 2 0 0 0-.586-1.414L12 12l-4.414 4.414A2 2 0 0 0 7 17.828V22\"\/><path d=\"M7 2v4.172a2 2 0 0 0 .586 1.414L12 12l4.414-4.414A2 2 0 0 0 17 6.172V2\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Shorter cycles raise intensity<\/h3><p class=\"nx-p nx-mt-1\">Moving from two days to one day after trade reduces exposure but leaves less time to fix errors, fund trades and handle cross-border time zones.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"12\" cy=\"4.5\" r=\"2.5\"\/><path d=\"m10.2 6.3-3.9 3.9\"\/><circle cx=\"4.5\" cy=\"12\" r=\"2.5\"\/><path d=\"M7 12h10\"\/><circle cx=\"19.5\" cy=\"12\" r=\"2.5\"\/><path d=\"m13.8 17.7 3.9-3.9\"\/><circle cx=\"12\" cy=\"19.5\" r=\"2.5\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Fails propagate<\/h3><p class=\"nx-p nx-mt-1\">A failure to deliver one security can prevent the recipient from delivering onward, creating chains of fails across participants.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M2.97 12.92A2 2 0 0 0 2 14.63v3.24a2 2 0 0 0 .97 1.71l3 1.8a2 2 0 0 0 2.06 0L12 19v-5.5l-5-3-4.03 2.42Z\"\/><path d=\"m7 16.5-4.74-2.85\"\/><path d=\"m7 16.5 5-3\"\/><path d=\"M7 16.5v5.17\"\/><path d=\"M12 13.5V19l3.97 2.38a2 2 0 0 0 2.06 0l3-1.8a2 2 0 0 0 .97-1.71v-3.24a2 2 0 0 0-.97-1.71L17 10.5l-5 3Z\"\/><path d=\"m17 16.5-5-3\"\/><path d=\"m17 16.5 4.74-2.85\"\/><path d=\"M17 16.5v5.17\"\/><path d=\"M7.97 4.42A2 2 0 0 0 7 6.13v4.37l5 3 5-3V6.13a2 2 0 0 0-.97-1.71l-3-1.8a2 2 0 0 0-2.06 0l-3 1.8Z\"\/><path d=\"M12 8 7.26 5.15\"\/><path d=\"m12 8 4.74-2.85\"\/><path d=\"M12 13.5V8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Depositories concentrate<\/h3><p class=\"nx-p nx-mt-1\">Central securities depositories hold record of ownership for whole markets. Their failure would freeze settlement and ownership records.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"infrastructure\" data-tone=\"alt\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Settlement cycle<\/td><td data-label=\"Definition\">The time between trade date and the date securities and cash are exchanged.<\/td><\/tr><tr><td data-label=\"Term\">Settlement fail<\/td><td data-label=\"Definition\">A transaction that does not settle on its intended date because securities or cash are missing.<\/td><\/tr><tr><td data-label=\"Term\">Central securities depository<\/td><td data-label=\"Definition\">An entity that holds securities accounts and records ownership for a market.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-indicators\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Indicators<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">What is measured, and how well.<\/h2><p class=\"nx-lede\">Each indicator carries its unit, its cadence, the kind of source behind it and the evidence label a value would carry. No values are shown: a programme supplies them under its own authority.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Source type<\/th><th scope=\"col\">Label<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">Settlement fail rate<\/td><td data-label=\"Unit\">share of instructions or value failing on intended date<\/td><td data-label=\"Cadence\">monthly<\/td><td data-label=\"Source type\">CSD and regulator data<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Settlement cycle length<\/td><td data-label=\"Unit\">days after trade date<\/td><td data-label=\"Cadence\">on change<\/td><td data-label=\"Source type\">Market rules<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Value settled through CSDs<\/td><td data-label=\"Unit\">currency per year<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">CPMI statistics<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Cash penalties for settlement fails<\/td><td data-label=\"Unit\">currency<\/td><td data-label=\"Cadence\">monthly<\/td><td data-label=\"Source type\">CSDR penalty data<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Straight-through processing rate<\/td><td data-label=\"Unit\">share of trades processed without manual intervention<\/td><td data-label=\"Cadence\">periodic<\/td><td data-label=\"Source type\">Industry surveys<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">CSD links<\/td><td data-label=\"Unit\">count of interoperable links<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">CSD disclosures<\/td><td data-label=\"Label\"><span class=\"nx-chip\">DECLARED<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"indicators\" data-nxf-kind=\"indicator\" data-nxf-resource=\"nexus:\/\/gra\/A-P05\/topics\/clearing-and-settlement\/#indicators\" data-nxf-title=\"Indicators\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-pipeline\" class=\"nx-section\" data-hue=\"infrastructure\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Canvas<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">From sources to decisions.<\/h2><p class=\"nx-lede\">The topic as a computational graph: named sources feed the methods, an evidence review gates the outputs, and the decisions stay with the authorities that hold them.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-plate\" data-wide=\"true\"><div class=\"nx-plate-label\"><span class=\"nx-eyebrow\"><strong>Pipeline canvas<\/strong> \u00b7 Clearing and settlement as a run graph<\/span><span class=\"nx-eyebrow\">Design, not a record<\/span><\/div><div class=\"nx-figure-frame\" data-scene=\"true\"><svg class=\"nx-figure nx-ui nx-dag\" viewBox=\"0 0 1200 564\" data-nx-dag=\"true\" data-w=\"1200\" data-h=\"564\" role=\"img\" aria-labelledby=\"nx-dag-a-p05-topics-clearing-and-settlement-sett-t nx-dag-a-p05-topics-clearing-and-settlement-sett-d\" 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R20SDFCTT2fy3ye3i4ZFVI\/PJ\/eR2MbkDs4e7ExTZIfPHv2V6HvL9X7Jq1p5qqNpXz7e6FBtl1fKvSqZzcc7Hh+rhj9nksdEln9xhnI215FtMU63WgVn1Ao48YRavm+\/rcuqxxluW0w1ItjT18iTtaK\/r9rJ3OvvtaTE\/YXAYb3fsuaW6xa7Sg6IXkf8F1UG33Yw2Yc9BflqcsTrZ5R3N3tfn1EDXR\/cmaUA7jrSJ+o305PfpnXya3p7V9CUMiicx6mYjpdF++HE+efx9csdimi\/QIEpWq5qjVjSf9Bvzp9n9w+2vp8Z8F0eJ\/6XTmBOlMW+kQP8L\"><title id=\"nx-dag-a-p05-topics-clearing-and-settlement-sett-t\">Clearing and settlement: payment from instruction to finality<\/title><desc id=\"nx-dag-a-p05-topics-clearing-and-settlement-sett-d\">A payment instruction is validated and screened, queued and settled in central bank money when liquidity allows; settlement is final and reconciled; a contingency route takes over if the primary system fails. Design of the process, not a record of a run.<\/desc><\/svg><\/div><\/div><p class=\"nx-caption\"><strong>Fig. 02<\/strong><span>Nodes carry their type, two metric rows and a state; connectors show what feeds what; dashed frames name the owners; the timeline is the cadence. Design of the pipeline, not a record of a run.<\/span><\/p><\/div><\/div><\/section><section id=\"nx-sec-sources\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"stack\" aria-labelledby=\"nx-s-8\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Where the evidence comes from.<\/h2><p class=\"nx-lede\">Named public datasets and institutional records, each with its licence class. Sources by agreement are used only under their terms and never republished.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Source<\/th><th scope=\"col\">What it gives<\/th><th scope=\"col\">Licence class<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Source\">ESMA CSDR settlement fails data and reports<\/td><td data-label=\"What it gives\">EU settlement efficiency and penalties<\/td><td data-label=\"Licence class\">Free, EU reuse terms<\/td><\/tr><tr><td data-label=\"Source\">SEC and industry reports on the move to T+1<\/td><td data-label=\"What it gives\">Implementation and effects of the shorter cycle<\/td><td data-label=\"Licence class\">Public domain and public reports<\/td><\/tr><tr><td data-label=\"Source\">CPMI Red Book statistics<\/td><td data-label=\"What it gives\">Securities settlement volumes<\/td><td data-label=\"Licence class\">Free, BIS terms<\/td><\/tr><tr><td data-label=\"Source\">CSD PFMI disclosure frameworks<\/td><td data-label=\"What it gives\">Self-assessments of depositories<\/td><td data-label=\"Licence class\">Public records, terms per CSD<\/td><\/tr><tr><td data-label=\"Source\">ECB TARGET2-Securities reports<\/td><td data-label=\"What it gives\">Operation of the euro area securities settlement platform<\/td><td data-label=\"Licence class\">Free, ECB terms<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A-P05\/topics\/clearing-and-settlement\/#evidence\" data-nxf-title=\"Sources\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-decisions\" class=\"nx-section\" data-hue=\"infrastructure\" data-tone=\"alt\" aria-labelledby=\"nx-s-9\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Decisions<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Who decides, and what the evidence serves.<\/h2><p class=\"nx-lede\">Payments and Market Infrastructure prepares evidence. The decisions below are taken by the authorities named, under their own rules, and never by the platform.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"ledger\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Who decides<\/th><th scope=\"col\">The question<\/th><th scope=\"col\">Evidence this page serves<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Who decides\">Securities regulators<\/td><td data-label=\"The question\">What settlement cycle and discipline rules apply<\/td><td data-label=\"Evidence this page serves\">Fail data and cycle change evidence<\/td><\/tr><tr><td data-label=\"Who decides\">CSD and settlement system boards<\/td><td data-label=\"The question\">How to invest in resilience and links<\/td><td data-label=\"Evidence this page serves\">PFMI assessments and incident history<\/td><\/tr><tr><td data-label=\"Who decides\">Market participants<\/td><td data-label=\"The question\">How to prepare operations and funding for shorter cycles<\/td><td data-label=\"Evidence this page serves\">Industry readiness evidence<\/td><\/tr><tr><td data-label=\"Who decides\">Central bank overseers<\/td><td data-label=\"The question\">Whether settlement systems meet standards<\/td><td data-label=\"Evidence this page serves\">Disclosure and oversight records<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nx-h4 nx-mt-4\">Outputs this topic produces<\/h3><ul class=\"nx-list\"><li>Guide to clearing, settlement and delivery-versus-payment<\/li><li>Brief on shorter settlement cycles and their trade-offs<\/li><li>Method note on settlement fail measures<\/li><li>Questions for boards on settlement readiness<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-core-questions\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-10\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Core questions<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">What the industry asks.<\/h2><p class=\"nx-lede\">Between the moment a trade is agreed and the moment it settles, each party is exposed to the risk that the other fails to deliver. These exposures can be large and can spread across the system if a major participant defaults. Settlement infrastructure is designed to shorten, reduce and control them. Changes such as shorter settlement cycles alter the balance between exposure and operational pressure.<\/p><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\"><li>How large are settlement exposures, and how long do they last between trade and settlement?<\/li><li>How do delivery-versus-payment and payment-versus-payment arrangements eliminate principal risk?<\/li><li>What happens operationally and legally if settlement fails or a participant defaults?<\/li><li>How do shorter settlement cycles change liquidity needs and operational risk?<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-mechanisms\" class=\"nx-section\" data-hue=\"infrastructure\" data-tone=\"alt\" aria-labelledby=\"nx-s-11\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Mechanisms<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">How the infrastructure works and fails.<\/h2><p class=\"nx-lede\">Settlement risk combines credit, liquidity, legal and operational elements.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"3\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"m11 17 2 2a1 1 0 1 0 3-3\"\/><path d=\"m14 14 2.5 2.5a1 1 0 1 0 3-3l-3.88-3.88a3 3 0 0 0-4.24 0l-.88.88a1 1 0 1 1-3-3l2.81-2.81a5.79 5.79 0 0 1 7.06-.87l.47.28a2 2 0 0 0 1.42.25L21 4\"\/><path d=\"m21 3 1 11h-2\"\/><path d=\"M3 3 2 14l6.5 6.5a1 1 0 1 0 3-3\"\/><path d=\"M3 4h8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Principal risk<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Delivery without payment<\/h3><p class=\"nx-p nx-mt-1\">The risk of delivering an asset or payment without receiving the counter-value. Delivery-versus-payment designs remove it.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"m14.5 12.5-8 8a2.119 2.119 0 1 1-3-3l8-8\"\/><path d=\"m16 16 6-6\"\/><path d=\"m8 8 6-6\"\/><path d=\"m9 7 8 8\"\/><path d=\"m21 11-8-8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Finality<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Legal certainty<\/h3><p class=\"nx-p nx-mt-1\">Settlement finality makes a transfer irrevocable at a defined moment, protecting it from being unwound if a participant fails.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><rect width=\"8\" height=\"8\" x=\"3\" y=\"3\" rx=\"2\"\/><path d=\"M7 11v4a2 2 0 0 0 2 2h4\"\/><rect width=\"8\" height=\"8\" x=\"13\" y=\"13\" rx=\"2\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Operations<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Processing and reconciliation<\/h3><p class=\"nx-p nx-mt-1\">Settlement depends on accurate data, matching and reconciliation. Errors and outages cause failed settlements.<\/p><\/div><\/div><p class=\"nx-p\">Tokenization and distributed ledgers are often presented as ways to settle instantly and atomically. Research suggests that they could reduce some reconciliation burdens and exposures, but they also raise questions about settlement asset, legal finality, interoperability with existing systems and operational resilience of new platforms. These questions are best examined jointly by the industry, before any architecture becomes entrenched.<\/p><\/div><\/div><\/section><section id=\"nx-sec-methods-and-evidence\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"stack\" aria-labelledby=\"nx-s-12\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">11<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods and evidence<\/span><\/div><h2 id=\"nx-s-12\" class=\"nx-section-title\">How the evidence is built, and its limits.<\/h2><\/div><div class=\"nx-section-body\"><ol class=\"nx-rows\"><li><span class=\"nx-eyebrow nx-index\">01<\/span><div><h3 class=\"nx-h4\">Settlement statistics<\/h3><p class=\"nx-p nx-mt-1\">Settlement efficiency and fail rates published by infrastructures. Granularity varies.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">02<\/span><div><h3 class=\"nx-h4\">Legal analysis<\/h3><p class=\"nx-p nx-mt-1\">Review of finality, insolvency and collateral law across jurisdictions.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">03<\/span><div><h3 class=\"nx-h4\">Process mapping<\/h3><p class=\"nx-p nx-mt-1\">Mapping of settlement workflows and dependencies, applying <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/engineering\/resilience-engineering\/\">reliability and resilience engineering<\/a>.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">04<\/span><div><h3 class=\"nx-h4\">Distributed ledger research<\/h3><p class=\"nx-p nx-mt-1\">Study of how ledger-based settlement could change processes and risks, applying <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/technology\/distributed-ledgers\/\">distributed ledgers and digital assets<\/a>. Most applications remain at pilot stage.<\/p><\/div><\/li><\/ol><\/div><\/div><\/section><section id=\"nx-sec-methods\" class=\"nx-section\" data-hue=\"infrastructure\" data-tone=\"alt\" aria-labelledby=\"nx-s-13\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">12<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods<\/span><\/div><h2 id=\"nx-s-13\" class=\"nx-section-title\">How it is studied, and what the methods cannot say.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-methods\" data-limits=\"true\"><ol class=\"nx-mledger\" aria-label=\"Methods\"><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/stem\/payments-technology\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">01<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Payment and financial market technology<\/span><span class=\"nx-mledger-role\">Liquidity-saving mechanisms \u00b7 ISO 20022 data quality \u00b7 Settlement cycle design<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/technology\/payments-technology\/\" aria-label=\"Payment and financial market technology: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/stem\/resilience-engineering\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">02<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Reliability and resilience engineering<\/span><span class=\"nx-mledger-role\">Impact tolerance setting \u00b7 Recovery design \u00b7 Learning from incidents<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/engineering\/resilience-engineering\/\" aria-label=\"Reliability and resilience engineering: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/stem\/network-science\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">03<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Network science and contagion<\/span><span class=\"nx-mledger-role\">Payment flow networks \u00b7 Shared provider mapping \u00b7 CCP membership networks<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/mathematics\/network-science\/\" aria-label=\"Network science and contagion: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/stem\/distributed-ledgers\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">04<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Distributed ledgers and digital assets<\/span><span class=\"nx-mledger-role\">Settlement finality on ledgers \u00b7 Tokenised settlement experiments \u00b7 Governance of shared ledgers<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/technology\/distributed-ledgers\/\" aria-label=\"Distributed ledgers and digital assets: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><\/ol><aside class=\"nx-limits\" aria-label=\"What the methods cannot say\"><span class=\"nx-eyebrow\">What the methods cannot say<\/span><p class=\"nx-limits-text\">Fail statistics differ in definition across markets. Effects of shorter cycles are still being measured. Operational detail of CSDs is mostly confidential. Payments and Market Infrastructure explains processes and risks; it does not assess any CSD or advise on settlement operations.<\/p><\/aside><\/div><\/div><\/div><\/section><section id=\"nx-s-14-sec\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-14\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">13<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-14\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>What is delivery versus payment?<\/summary><div class=\"nx-answer\">A settlement mechanism that ensures securities are delivered only if payment is made, removing principal risk between the parties.<\/div><\/details><details><summary>What is T+1?<\/summary><div class=\"nx-answer\">Settlement one business day after trade date, adopted in some major markets to reduce counterparty exposure.<\/div><\/details><details><summary>What is a central securities depository?<\/summary><div class=\"nx-answer\">An entity that holds securities accounts, records ownership and often operates the settlement system for a market.<\/div><\/details><details><summary>Why does settlement finality matter?<\/summary><div class=\"nx-answer\">Because without it, payments and transfers could be reversed if a participant becomes insolvent, spreading losses to others.<\/div><\/details><details><summary>Do shorter settlement cycles reduce risk?<\/summary><div class=\"nx-answer\">They reduce the duration of counterparty exposure but increase pressure on operations and liquidity management. The net effect depends on implementation.<\/div><\/details><details><summary>Does GRA assess settlement systems?<\/summary><div class=\"nx-answer\">No. It builds shared understanding at sector level and assesses no infrastructure.<\/div><\/details><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-15\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-15\" class=\"nx-h3 nx-mt-2\">Around Payments and Market Infrastructure.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/retail-and-wholesale-payments\/\">Retail and wholesale payments <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/central-counterparty-risk\/\">Central counterparty risk <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/cross-border-payments\/\">Cross border payments <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/payment-cyber-security\/\">Payment cyber security <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/third-party-concentration\/\">Third party concentration <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/cash-and-digital-resilience\/\">Cash and digital resilience <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/\">Payments and Market Infrastructure home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/counterparts\/\">Counterparts across the Consortium <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/\">The Global Risks Alliance home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/\">GRA governance and trust <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-16\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Payments and Market Infrastructure<\/span><h2 id=\"nx-close-16\" class=\"nx-section-title\">Bring your expertise to this field.<\/h2><p class=\"nx-lede\">The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"mailto:contact@globalriskalliance.com?subject=Payments%20and%20Market%20Infrastructure%3A%20Clearing%20and%20settlement\">Write to the team <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/contact\/\">See all contact routes<\/a><\/div><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script>\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"FAQPage\",\"@id\":\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/clearing-and-settlement\/#faq\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/topics\/clearing-and-settlement\/#webpage\"},\"inLanguage\":\"en\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is delivery versus payment?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A settlement mechanism that ensures securities are delivered only if payment is made, removing principal risk between the parties.\"}},{\"@type\":\"Question\",\"name\":\"What is T+1?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Settlement one business day after trade date, adopted in some major markets to reduce counterparty exposure.\"}},{\"@type\":\"Question\",\"name\":\"What is a central securities depository?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"An entity that holds securities accounts, records ownership and often operates the settlement system for a market.\"}},{\"@type\":\"Question\",\"name\":\"Why does settlement finality matter?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Because without it, payments and transfers could be reversed if a participant becomes insolvent, spreading losses to others.\"}},{\"@type\":\"Question\",\"name\":\"Do shorter settlement cycles reduce risk?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"They reduce the duration of counterparty exposure but increase pressure on operations and liquidity management. 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