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Art. 40. Consecutive Determination of Position  
     
 
1. Member shall be obliged to fulfill its financial obligations as well as its obligations of securities transfer resulting from concluded transactions with other members to the amount of the liabilities arising from these transactions.

2. The priority of transfer instructions and payment confirmations submitted in one and the same day shall be defined in the following way: instructions and confirmations of stock exchange transactions shall have priority over OTC transactions, and statements and confirmations for transactions by order of a client shall have priority over transactions at own expenses. Statements and confirmations with equal priority shall be arranged in order of their submission from the Depository member.

3. In order to define liability, the value of sales in regard to transactions with suspended settlement (daily group processing) shall be summed up. The summing shall be done separately for each member in a consecutive order in accordance with the priority pursuant to p. 2 and in the order of the entry time, separately for each member. The summing shall be carried out separately for securities defined with a single code and administered in a separate account as well as for the funds of the Depository member.

4. After defining the liabilities for securities or funds transfers, the Depository shall determine the transactions on which no settlement can be carried out because of lack of securities or funds.