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

53 (1) After the end of the inter-participant payment message exchange period set out in section 8, the Bank of Canada shall make a single credit entry or, to the extent that funds are available in a participant’s settlement account, make a single debit entry to the settlement account of each participant to settle each participant’s multilateral net position.

(2) Settlement of a participant’s multilateral net position shall not be effected until settlement of the multilateral net positions of all participants can be effected.