Business Day

There are 3 definitions of “Business Day” under the 2011 GMRA.

1. In relation to the settlement of a Transaction or delivery of Securities under the GMRA through a settlement system – a day on which that settlement system is open for business.
2. In relation to the settlement of a Transaction or delivery of Securities under the GMRA otherwise than through a settlement system – a day on which banks are open for business in the place where the relevant Securities are to be delivered and, if different, the place in which the relevant payment is to be made.
3. In relation to any other payment under the GMRA – a day other that a Saturday or a Sunday on which banks are open for business in the principal financial centre of the country of which the currency in which the payment is denominated is the official currency and, if different, in the place where any account designated by the parties for the making or receipt of the payment is situated (or in the case of a payment in euro, a day on which TARGET2 operates).

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