By-law No. 7 Respecting the Large Value Transfer System

11 (1) In accordance with section 65, the President may determine the need to have more than one LVTS cycle on any business day and shall communicate that fact to all participants.

(2) An LVTS cycle may not commence unless the preceding LVTS cycle has terminated.

(3) An LVTS cycle may span more than one business day, and in that case all payments made during the LVTS cycle retain the value date as at the commencement of the LVTS cycle.