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Employers could either set this out in a short letter, or alternatively consider entering into a short settlement agreement.
The consultation suggests adopting a T+2 settlement period across the region so that those countries already using short settlement periods are not required to move to a longer timeframe.
In addition, the platform allows for the issuance of tradable Islamic money market products settling with short settlement cycles (T+0) enabling the issuance of overnight products or other short dated money market instruments and hence enhancing the liquidity of the Islamic money markets.
The firm can now support more instruments in certain markets, such as India, which were previously impacted by short settlement cycles and regional processing hour restrictions.
Green met Carmanah's objective of receiving, at a minimum, net book value for the business as well as provided attractive payment terms that included re-payment of the inter-company debt, short settlement dates and rapid closure of the deal.