MIR 4.9.4

The legal obligations for delivery should be clearly expressed in the Business Rules, Default Rules, and any related agreements, including provisions to specify, for instance:

(a) whether the receiving participant should seek compensation from the Recognised Clearing House or the delivering participant in the event of a loss; and
(b) if the Recognised Clearing House holds margin on the matched participants, such margin will only be released until the Recognised Clearing House confirms that both participants have fulfilled their obligations.