MIR 4.11.2

A Recognised Clearing House's arrangements for final settlement must:

(a) ensure that, if intra-day or real-time settlement is not feasible, final settlement (of any payment, transfer instruction, or other obligation that has been submitted to and accepted by a Recognised Clearing House in accordance with its acceptance criteria) occurs at least by the end of the value date of the relevant transaction; and
(b) clearly define:
(i) the point at which the transfer instruction takes effect as having been entered into the system and when the final settlement occurs;
(ii) the point after which unsettled payments, transfer instructions, or other obligations may not be revoked by the parties to the underlying contract; and
(c) prohibit the revocation by a Member, participant or other user of a transfer instruction from the point specified in accordance with sub-paragraph (b)(ii).