Document ID: chunk:federal_register_of_legislation:F2024C00507:body:0:p27
Version: federal_register_of_legislation:F2024C00507
Segment Type: other
Provision Reference: 
Character Range: 74246–77481

from the realisation of extreme price changes.
systemic risk                          The risk that the inability of one or more participants to perform as expected will cause other participants to be unable to meet their obligations when due.
systemically important                 A central counterparty is systemically important if its distress or disorderly failure, because of its size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity. In assessing the systemic importance of a central counterparty in Australia, the Reserve Bank will take into account relevant factors, including: the size of the central counterparty in Australia; the availability of substitutes for the central counterparty's services in Australia; the nature and complexity of the products cleared by the central counterparty; and the degree of interconnectedness with other parts of the Australian financial system.
unwinding                              The process used to recalculate obligations in some net settlement systems where transfers between the accounts of participants are provisional until all of them have finally discharged their settlement obligations. If a particular participant fails to settle, some or all of the provisional transfers involving that participant are deleted from the system and the settlement obligations of the remaining participants are recalculated.
value date                             The day on which the payment, transfer instruction or other obligation is due and the associated funds and securities are typically available to the receiving participant.
variation margin                       Funds that are collected and paid out to reflect current exposures resulting from actual changes in market prices.

Endnotes

Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history

Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V