JamClear Central Securities Depository Participant Rules — BOJ — JM

National Payment System
JamClear® Central SecuritiesDepository
Participant Rules
Document Version:019
Kingston, Jamaica
Published: 05 September 2025
Effective: 08 September 2025

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TABLE OF CONTENTS

INTRODUCTION ......................................................................................................1
1.1 Document Purpose............................................................................................................ 2
1.2 Related Documents........................................................................................................... 2
1.3 Circulation........................................................................................................................... 2
1.4 Effective Date .................................................................................................................... 2
DEFINITIONS AND INTERPRETATION..................................................................... 4
2.1 Definition of Terms........................................................................................................... 4
2.2 Interpretation...................................................................................................................... 10
GENERAL PURPOSE AND OBJECTIVES....................................................................11
PARTICIPATION IN JAMCLEAR®-CSD ..................................................................13
4.1 Participant Groups ..........................................................................................................13
4.2 Participant List .................................................................................................................13
4.3 Criteria and Conditions for Participation .....................................................................13
4.4 Admission of New Participants.....................................................................................14
4.5 Mergers, Acquisitions and Name Change ....................................................................15
4.6 Restriction.........................................................................................................................15
4.7 Suspension ........................................................................................................................16
4.8 Notification of Suspension.............................................................................................17
4.9 Appeal of Suspension......................................................................................................17
4.10 Termination and Withdrawal .........................................................................................18
4.11 Reinstatement...................................................................................................................19
4.12 Dormancy .........................................................................................................................19
4.13 Limitation of Liability for Suspension ..........................................................................20
4.14 Survival of Obligations....................................................................................................20
ACCOUNTS IN JAMCLEAR®-CSD .............................................................................20
ROLES AND RESPONSIBILITIES ..............................................................................21
6.1 The Participant.................................................................................................................21
6.2 The Operator....................................................................................................................22
6.3 The Issuer .........................................................................................................................22
6.4 The Overseer....................................................................................................................22
6.5 The Regulatory Body.......................................................................................................23
OWNERSHIP OF SECURITIES IN JAMCLEAR®-CSD.................................................. 23
7.1 Securities Immobilization ...............................................................................................23
JAMCLEAR®-CSD OPERATING RULES...................................................................23
8.1 Authority to Act...............................................................................................................23
8.2 Securities Transactions....................................................................................................24

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8.3 B-FXITT Auction...........................................................................................................24
8.4 JamClear®-RTGS Settlement Arrangements..............................................................25
8.5 Liquidity Arrangements (JMD).....................................................................................26
8.7 System Maintenance and Enhancements.....................................................................28
8.8 Transactions and Settlement ..........................................................................................28
9. GOVERNANCE ARRANGEMENTS............................................................................. 29
9.1 Ownership.........................................................................................................................29
9.2 Operating Hours..............................................................................................................29
9.3 Operating Days................................................................................................................29
9.4 Statements and Reports...................................................................................................30
9.5 Amendments to Rules.....................................................................................................30
9.6 Dispute Resolution ..........................................................................................................30
9.7 Fees and charges..............................................................................................................31
9.8 Law and Jurisdiction........................................................................................................31
9.9 Indemnity ..........................................................................................................................31
9.10 Severability ........................................................................................................................32
9.11 Compliance .......................................................................................................................32
9.12 Information Disclosure...................................................................................................32
9.13 Confidentiality ..................................................................................................................32
9.14 Notices...............................................................................................................................33
APPENDIX ................................................................................................................. 34

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1. INTRODUCTION
JamClear®-CSD is the electronic custodian for domestic issues of Bank of Jamaica (BOJ) and Government of Jamaica (GOJ) securities, which wasimplemented in May 2009 by BOJ. The JamClear®-RTGS is a Real Time Gross Settlement (RTGS) system that provides the mechanism for Participants to settle large value and time critical payments, which was implemented by BOJ in February 2009. Both systems are seamlessly integrated to ensure that:
1. the payment for and transfer of all securities traded or purchased are
executed simultaneously, guaranteeing Delivery versus Payment (DvP); and
2. the payment for and transfer of all FX and JMD amounts allocated, are
executed simultaneously, guaranteeing Payment versus Payment(PvP). These two (2) systems together comprise the payments, clearing and securities settlement infrastructure of the National Payments System in Jamaica. Bank of Jamaica (BOJ) and the Government of Jamaica (GOJ) are the sole issuers of securities in the JamClear®-CSD. JamClear®-CSD manages the life cycle of BOJ and GOJ fixed income securities. JamClear®-CSD is the legal registry for GOJ domestic fixed income securities and open market operations (OMO) securities. Additionally, the JamClear®-CSD will facilitate (a) the competitive offer of Jamaica Dollars (JMD) viz the Bank’s liquidity providing operations, (b) the purchase and sale of Foreign Exchange (FX) viz the B-FXITT auctions and (c) the trading of GOJ securities on the JSE’s Fixed Income Trading Platform (FITP)/ NASDAQ Matching Engine (NME). The results of a B-FXITT auction conducted in JamClear® CSD, seamlessly interfaces with the Bank’s foreign exchange trading platform registered as JamClear®-FXTP. This feature thereby providing an automated solution for the licensees reporting requirements of the foreign exchange allocated competitively to them in the B-FXITT auction; these funds forming a part of the overall foreign exchange market statistics on the day of the auction. Straight-through settlement of these transactions are facilitated Payment-versus-Payment on JamClear® RTGS. This document contains the Rules for participating in the JamClear®-CSD and is divided into the following nine (9) sections described below:
Section 1 Introduction - explains the purpose of this document and provides
references to other documentation necessary to obtain a full understanding of the JamClear®-CSD Participant Rules.
Section 2 Definitions and Interpretation - prescribes the meaning of specified
terms or words used within the context of these rules.
Section 3 General Purpose and Objectives – gives an overview of the purpose
and objectives of the JamClear®-CSD.

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Section 4 Participation – defines the groups eligible for membership and the
criteria governing admission, withdrawal, suspension, termination and reinstatement of Participants.
Section 5 Accounts in the JamClear®-CSD – gives an overview of the accounts
which will be kept in the JamClear®-CSD.
Section 6 Roles and Responsibilities – Defines the role and specifies the
responsibilities of the Participants, the Systems Operator, the Issuer of Securities and the Systems Overseer.
Section 7 Ownership of Securities in the JamClear®-CSD – defines the rules of
ownership of the securities held in the JamClear®-CSD and details the Immobilization rules.
Section 8 JamClear®-CSD Operating Rules – describes the rules applicable to all
participants within the JamClear®-CSD.
Section 9 Governance Arrangements – specifies the rules governing operating
hours and days, procedures to amend the JamClear®-CSD rules, dispute resolution, legal jurisdiction and other rules essential to the orderly and efficient functioning of the JamClear®-CSD.
1.1 Document Purpose
The purpose of this document is to clearly and unambiguously define the JamClear®-CSD Participant rules.
1.2 Related Documents
These rules should be read in conjunction with the following documents:

JamClear®-CSD User Manual
JamClear®-RTGS Participant Rules
JamClear®-FXTP Participant Rules
Payments System Communications Network (PSCN) Operations Manual
Payments System Risk Policy
Rules for Bank of Jamaica Foreign Exchange Intervention Trading Tool (BFXITT)
Automated Trading Rules: JSE FITP/NME
Conditions for Participating in the Bank’s Liquidity ProvidingAuctions
Guidelines for accessing intraday liquidity via the auto repo facility
Procedures for accessing intraday liquidity in the JamClear®- RTGS -Building
Societies

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1.3 Circulation
These rules will be provided to all Participants in JamClear®-CSD. It will also be made available on the BOJ website.
1.4 Effective Date
Version 019 of the Rules become effective as at 08 September 2025.

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2. DEFINITIONS AND INTERPRETATION
2.1 Definition of Terms
The following words have these meanings in these rules unless the contrary intention appears:
Term Definition
Account or Settlement
Account settlement accounts in the JamClear®-RTGS system at the Central Bank (BOJ). Agreed Currencies those currencies that the JamClear®-CSD or BOJ may from time to time authorize for use within the JamClear®-CSD or JamClear®-RTGS. Beneficial Owner the natural person or corporate body entitled to receive some or all of the benefits of ownership of a security or other financial instrument (e.g. income, voting rights, and power to transfer). Beneficial Ownership may be one or more Holders. Beneficial Owner Account the account used to record the ownership of the securities. It facilitates the payment of the benefits of ownership. B-FXITT Bank of Jamaica Foreign Exchange Intervention Trading Tool. BOJ Bank of Jamaica/Central Bank. Business Day or Day a calendar day other than; i) Saturday; ii) Sunday; iii) legal Holiday; iv) any other day as determined by the competent authority to be a public holiday; v) a day on which banks shall be closed to the public.

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Term Definition
Client Holding Account an account opened by a securities dealer licensed by the FSC in JamClear®-CSD for retaining custody of securities that are subject to retail repurchase agreements. Counterparty those Participants engaged in a securities transaction. Court a Jamaican court of competent jurisdiction. Customer any person or institution who uses the services of a Participant and into whose account payments are credited. Delivery versus Payment or DvP the simultaneous transfer of ownership and payment for securities traded between counterparties. Dematerialize or Dematerialization the process of eliminating physical certificates as a record of securities ownership, and where the ownership of the security exists only as an electronic record in the JamClear®-CSD. Depository the Central Securities Depository or JamClear®- CSD. Dispute a dispute or difference between: a) BOJ and the Participant; or b) two or more Participants arising out of, or in any way connected with the Rules. Final Cut-off the time the JamClear®-CSD closes to all Participants. At final cut off no further payment instructions can be entered and all pending payments instructions are cancelled. Finality irrevocable and unconditional settlement. FISD Financial Institutions Supervisory Division. Foreign Exchange Trading Platform a trading system owned and operated by BOJ for real time trading and settlement of foreign exchange transactions, seamlessly integrated with JamClear®- RTGS

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Term Definition
Free of Payment any security transaction in which ownership is transferred and does not require a payment. FSC Financial Services Commission. GOJ Government of Jamaica Holder a person, business, trust or other entity that may have participation in the beneficial ownership of a security. Immobilize or Immobilization the lodging of the physical security certificate with the Depository that acts as a custodian, in this case the Operator. Evidence of the investor’s ownership will be maintained electronically in the JamClear®-CSD. Initial Cut-off the time the JamClear®-CSD closes for Participant’s customer transactions. Intraday Liquidity funds which can be accessed from theCentralBank during the business day usually to enable financial institutions to make payments in real time and must be reimbursed within the business day, prior to finalcut-off. Irrevocability transfers or settlements which cannot be revoked by the transferor. Issuer either BOJ or GOJ who issues fixed income securities on the Primary Market. JamClear® -RTGS Gateway an application used to link a Participant’s Back-Office with the JamClear®-RTGS for Straight-Through Processing (STP) of payments. JamClear®-Central Securities Depository or JamClear®-CSD the Depository maintaining the Register of Government of Jamaica and Bank of Jamaica domestic securities and through which transactions evidencing the sale, purchase, JCSD Trustee Jamaica Central Securities Depository Trustee for the Retail Repo arrangements implemented in 2015. JSE FITP/NME Jamaica Stock Exchange Fixed Income Trading Platform/NASDAQ Matching Engine

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Term Definition
JSE FITP Cut-off The cut-off time for the selection of inventory in the JamClear®CSD JSE FITP Trades Cut-off The cut-off time in the JamClear® CSD for receiving trades from the JSE FITP/NME JSE FITP Trades Settlement Cut-off The cut-off time in the JamClear® CSD for the settlement of trades received from JSE FITP/NME Membership Agreement the Memorandum of Understanding (MOU) entered into between BOJ and the Participants and Members. Notifiable Event an event related to a Participant requiring the Participant or other legally entitled party to:
(a) make a general assignment for the benefit of, or enter into a reconstruction, reorganization, compromise, arrangement or composition with its creditors; or (b) admit in writing or otherwise to its inability to pay its debts as they become due; or (c) seek, consent to or acquiesce in the appointment of any trustee, administrator, receiver or liquidator or analogous officer over any material part of its property; or (d) present or file an application in respect of it:
i. in any court or before any agency alleging or for
its bankruptcy, winding up or liquidation (or any analogous proceeding) unless it can be demonstrated by the Participant that the filing or application is vexatious or that it is otherwise unlikely to result in the winding up or liquidation of the Participant, in either case within a period of time to be specified by BOJ;
ii. seeking any reorganization, arrangement,
composition, readjustment, administration, winding up, liquidation, dissolution or similar relief, under any present or future statute, law or regulation, such application (except in the case of an application for liquidation or any analogous proceeding) not having been stayed or dismissed within 30 days of its filing; or

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Term Definition
(e) appoint a receiver, administrator, liquidator or trustee or analogous officer of it over all or any material part of its property; or (f) declare to the Operator at least 7 days before it is about to pass a resolution or seek a declaration for its voluntary winding up; or (g) declare the occurrence of any event having a substantially similar effect to any of the events specified in (a) to (f) above under the law of any applicable jurisdiction. Operator or JamClear®- CSD Operator the department established in Bank of Jamaica to manage securities depository operations. Overseer or Payment System Overseer the department within BOJ charged with providing Payment System Oversight. Participant any institution that has authorized access to the JamClear®-CSD. Parties a Participant in the Payment System and/or Bank of Jamaica. Payment Instruction a payment order or value message initiated by a Participant to transfer funds to the order of a beneficiary by means of an electronic book entry on a JamClear®- RTGS account in accordance with these rules. Payment System the JamClear®-RTGS and JamClear®-CSD systems and related applications. Payment versus Payment or PvP a settlementmechanism that ensuresthat the final transfer of a payment in one currency occursif and only if the final transfer of a payment in another currency or currencies takes place.

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Term Definition
Pledge a loan contract where the securities used as collateral are blocked in the borrowers’ JamClear®-CSD account. Pledge Release a process for releasing the blocked collateral backing a Pledge contract and can only be executed on the authority of the Lender. Primary Dealer a securities dealer licensed by the FSC that has been given Primary Dealer status by BOJ thereby enabling them to participate in the primary market for BOJ and GOJ securities. Primary Market the market for new securities issues where securities are purchased directly from the Issuer. Procedures the JamClear®-CSD Procedures which set out the standards adopted by BOJ from time to time and which govern the operation of the JamClear®-CSD and or other related systems. PSCN the Payments System Communications Network,which is the Interbank network provided by t BOJ for all value and non-valuemessages. Public Holidays days, other than weekends, when the JamClear®-CSD is not open for operations to Participants. Regulator the Financial Services Commission (FSC), BOJ and/or any other regulatory body that regulates Participants to these Rules. Repurchase Agreement (Repo) a loan contract where the securities used as the underlying collateral are ‘sold’ by the borrower to the lender for a specified period and price. The collateral is transferred to the lender’s account and is subsequently repurchased by the borrower at the maturity date of the contract. Retail Repurchase Agreement (Retail Repo) a repurchase agreement between a securitiesdealer and an investor through the JCSD Trustee, which holds the underlying collateral in the dealers Trustee account.

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Term Definition
Repurchase Agreement
Free of Payment a repurchase agreement where thesystem does not require cash settlement to transfer the securities to the Lender’s account. JamClear®-RTGS System or Real Time Gross Settlement System the settlement system established, owned and operated by BOJ for real time gross settlement, seamlessly integrated with the JamClear®-CSD and other related linkages. Rules or System Rules the JamClear®-CSD Rules, as amended from time to time, which govern the operation of the JamClear®- CSD. Secondary Dealer a FSC licensed securities dealer that is not a designated Primary Dealer, and is a Participant in the JamClear®- CSD. Secondary Market a market where Participants trade existing securities. Securities any domestic securities issued by BOJ or GOJ. Services any services provided by the JamClear®-CSD system or related applications to the Participants. Value Date the date on which financial and/or securities value is transferred or is due to be transferred.
2.2 Interpretation
In these Rules:

words importing one gender include the other genders;
the plural number includes the singular and vice versa;
headings are inserted for convenience of reference and do not alter the
interpretation of these Rules;
a reference to any legislation includes any statutory regulations, rules, orders
or instruments made or issued pursuant to that legislation and any amendments to, re-enactment of, or replacement of that legislation; and

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where any inconsistency arises between these Rules and the Procedures,
these Rules will prevail.

GENERAL PURPOSE ANDOBJECTIVES
JamClear®-CSD is the electronic registry of holders of debt and money market instruments issued by the GOJ and BOJ, respectively. Its primary purpose is to:
1. Maintain an electronic registry of holders of domestically issued Government
debt and Central Bank money market instruments.
2. Improve the efficiency of the market by, transferring ownership of a security
immediately on confirmation of payment (DVP);
3. Manage, in conjunction with the JamClear®-RTGS, the efficiency of interest
and redemption payments;
4. Manage, via the interface with the JSE FITP/NME, the efficient settlement of
secondary market trades effected on the JSE FITP/NME;
5. Maintain a comprehensive record of pledges against securities and repo
transactions;
6. Facilitate improved efficiency of monetary policy operations and Central
Government debt raising activities; and
7. Manage the valuation of instruments backing Central Bank liquidity
operations.
Functions
The JamClear®-CSD will:
1. Manage bids for Primary Market issuances of GOJ/BOJsecurities;
2. Facilitate the clearing, settlement and custody of BOJ and GOJsecurities;
3. Maintain an electronic record of the securities issued through the
JamClear®-CSD. The electronic record will be the sole evidence of legal ownership, effectively dematerializing these securities;
4. Record and hold in custody all securities issued by GOJ/BOJ;
5. Maintain a yield curve module, which provides valuationof bonds based on
market transactions relative to the previous valuation methodology of par plus accrued interest;
6. Maintain and manage the record of pledges against securitiesheld;

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7. Maintain and manage the record of Repo transactions and the associated
transfer of ownership;
8. Facilitate the trustee arrangement through the JCSD to safeguard clients
retail repurchase agreements held with theirbrokers;
9. Maintain accounts of the holdings of all Participants and their customers;
10. Facilitate the allocation of liquidity on a competitive price basis viz the repo
auctions with BOJ;
11. Facilitate the purchase and sale of FX with selected Participants via the
competitive priced B-FXITT auctions; and.
12. Facilitate the selection of inventory held in JamClear® CSD for trading
on the JSE FITP/(NME).

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4. PARTICIPATION IN JAMCLEAR®-CSD
The Operator, with the agreement of the Issuer(s) and in conjunction with the Overseer, has the responsibility for designating entities as Participants in the JamClear®-CSD. The Operator in evaluating eligibility for inclusion in the list of Participants will take into consideration the applicant’s status as determined by the FSC, BOJ and the rules and requirements of the Operator.
4.1 Participant Groups
Participants are classified into the following groups:
Commercial Bank – Approved by BOJ, provided that the entity is licensed as a deposit-taking institution under the Banking Services Act. Primary Dealers – Security Dealers Licensed by the FSC and designated as Primary Dealers by BOJ. Secondary Dealers – Secondary Dealers licensed by the FSC which have not been designated Primary Dealers by the Bank of Jamaica. Trustee – Jamaica Central Securities Depository (JCSD) which holds clients retail repurchase in trust. Cambios – BOJ licensees to conduct foreign exchange market activities. Other Participants – Other groups of people or institutions that the Issuers may, from time to time, approve to participate in the JamClear®-CSD.
4.2 Participant List
The JamClear®-CSD Participants list is at the Appendix 1.
4.3 Criteria and Conditions for Participation
Participation in the JamClear®-CSD is limited to the organizations within the Groups defined in Section 4.1 which have agreed, in writing, to comply with these Rules and applicable procedures, and have provided the Operator with the required documentation as set out in the JamClear®-CSD Operational Processes Manual. Participants will be required to:

Provide the Operator with a Mandate on the Prescribed Forms as
provided by the Depository, indicating the names, titles and specimen signatures of authorized officers who can act on their behalf and who should be given access to the JamClear®-CSD;

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2. Maintain accurate, complete and detailed records of their trading
activities in securities held in the JamClear®-CSD. Such records are to be maintained outside of the JamClear®-CSD and must be made available to the securities regulator (FSC) and the Payments System Overseer (BOJ) on request, and within the time stipulated. Failure to maintain such records and or to make the records available, within the time period stipulated within the request, may constitute sufficient grounds for suspension as provided for in section 4.7;
3. Remain free from practices, which in law are deemed to be anticompetitive;
4. Pay the system fees (Initial Entry Fee, the annual Participant Fee and
Transaction Fees) as established from time to time by the Payment System Overseer. The Operator in conjunction with the Overseer has the right to waive fees due;
5. Sign and unconditionally agree to the Membership Agreement
between the Participants and the Operator;
6. Maintain and comply with an Information Systems Security Policy
(ISSP), approved by BOJ, that adequately protects the confidentiality, availability and integrity of all information both within the Payment System and within their ownorganization;
7. Sign and comply with the BOJ’s Payment Systems Communication
Network Connection (PSCN) Agreement, where applicable;
8. Obtain a SWIFT BIC to uniquely identify them in the system. Where
a Participant is not a SWIFT member, they must obtain and hold a Non-Connected BIC; and
9. Comply with all rules and procedures for the use and maintenance of
Security Tokens providing access to the Payment System.
4.4 Admission of New Participants
Organizations may apply to the Operator for designation as a Participant. The Operator will be responsible for admitting new members and will do so in accordance with the provisions of Section 6.2. The applicant must:
a) Be incorporated in Jamaica or be a Statutory Corporation; b) Be operating in Jamaica; c) Demonstrate to the satisfaction of the Operator that the applicant’s partners, directors, officers and the institution itself is compliant with all applicable regulations, rules, orders or directions of the Regulatory body having jurisdiction over that institution;

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d) Obtain certification from the Operator of the competence of its staff in the use of the systems; e) Sign and unconditionally agree to the Membership Agreement;and f) Agree unconditionally to the JamClear®-CSD Participant Rules and associated responsibilities, as provided for in thisdocument.
4.5 Mergers, Acquisitions and Name Change
Participants must satisfy all criteria outlined in Rule 4.3 and the requirements below. Thirty (30) days written notice must be given prior to the effective date of the merger or acquisition. The Requirements include:
a) Letter from the Participant advising of the name change, merger or acquisition. The letter must be duly authorized by the mandated officers of the entity; b) Letter from the licensee/regulator (FSC or BOJ) authorizing the merger, acquisition or name change; c) Certificate of incorporation andArticles of Incorporation /Memorandum of Association and any other documents evidencing the incorporation of the entity; d) New TRN as required for mergers/acquisitions or updated TRN for name change and copy of TRN receipt from the TRN Office; and e) New Participant BIC as required for mergers/acquisitions or where a participating BIC is required for abank.
4.6 Restriction
4.6.1 Reasons for restriction
The Operator may restrict the right of a Participant to use the JamClear®-CSD and any feature thereof, in the following circumstances:
a) Where the Operator determines that the Participant is unable to properly use the JamClear®-CSD and any feature thereof, due to operational or technical problems with the Participant’s own systems or the systems of third parties, or due to events over which the Participant has nocontrol; b) Where the Participant requests the Operator to doso; c) Upon written notification from the FSC that a dealershould not have access to JamClear®-CSD; and d) When in the course of its monitoring of the Participant pursuant to section 6.1, the Operator determines such action is necessary to protect the interests of the JamClear®-CSD or any feature thereof, and is in the best interest of all other Participants.

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4.6.2 Notification of Restriction
Prior to restricting the right of a Participant to use the JamClear®-CSD under Rule 4.6.1, the Operator shall give at least five (5) business days written notice of its intention to do so, which notice shall specify the reason(s) for the restriction; provided that the Operatorshall be fully entitled to give such shorter period of notice as in the Operator’s sole judgement is justified, having regard to the particular circumstances.
4.6.3 Length of Restriction
The restriction imposed on a Participant under Rule 4.6.1 shall remain in effect until such time as the Operator determines that the circumstances which resulted in the imposition of the restriction have been rectified by the Participant to the satisfaction of the Operator.
4.7 Suspension
The Operator, subject to the approval of the Overseer, may suspend the Participant’s access to and utilization of the Services, or any element thereof, for the following reasons.
4.7.1 Mandatory Suspension
The Operator, subject to the approval of the Overseer, shall suspend a Participant if it determines, in good faith, on the evidence available to it, that the Participant is in such financial or operating condition that its continuation as a Participant would cause a significant disruption to the services or would jeopardize the interests of the JamClear®-CSD or other Participants. The occurrence of any of the following events will lead to an automatic suspension:
a) the Participant ceases to be eligible for participation in JamClear®-CSD or to satisfy the qualification or standards set by these rules; and b) the registration or license of the Participant has been cancelled or suspended by a Regulator. c) A Participant will automatically be suspended from the system, until further notice in the event of bankruptcy, winding up, or the appointment of a receiver or liquidator.
4.7.2 Discretionary Suspension
The Operator, subject to the approval of the Overseer, may suspend a Participant, if the Participant:
a) is in breach of the rules, procedures and user guides; b) fails to comply with all the conditions of membership;

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c) commits a breach of the provision of the Rules that the Operator in its discretion considers to be a significant breach; d) fails to settle agreed fees and charges as set out by the Operator;or e) is engaging in or is about to engage in an unsafe or unsound practice which in the opinion of the Operator is likely to hinder the satisfactory functioning of the Payment System.
4.7.3 Notification of Suspension
Prior to suspending a Participant under Rule 4.7.2; the Operator shall give at least five (5) business days written notice of its intention to do so, which notice shall specify the reason(s) for suspension; provided that the Operator shall be fully entitled to give such shorter period of notice as in the Operator’s sole judgement is justified, having regard to the particular circumstances.
4.7.4 Length of Suspension
The suspension of a Participant under Rule 4.7.2 shall remain in effect until such time as the Operator determinesthat the circumstances which resulted in suspension have been rectified by the Participant to the satisfaction of the Operator.
4.7.5 Requested Suspension
A Participant can request suspension for a limited period, not exceeding one (1) business day, where due to temporary technical or other serious operational issues, they believe they are temporarily unable to fulfil their obligations under theseRules. This request is subject to the approval of the Payment SystemOverseer.
4.8 Notification of Suspension
The Operator shall promptly notify a Participant of its suspension from participating in the Payment System and the causes of this suspension. The Operator shall promptly inform the regulatory bodies and all other Participants of the suspension of a Participant.
4.9 Appeal of Suspension
4.9.1 A Participant who is suspended under the provisions of these Rules, with the
exception of Rule 4.7.5, may appeal to the Overseer.
4.9.2 The appeal shall be, by way of notice in writing, issued by the Participant to the
Overseer within five (5) business days of the day on which the Participant receives notification from the Operator of its suspension, and shall include a clear and concise statement setting forth the basis on which the appeal against the suspension is being made and whether the Participant will be represented by legal counsel at the hearing of the appeal.

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4.9.3 The failure of a Participant to issue notice of the appeal within the time period
provided in these Rules shall constitute a waiver by that Participant of its right to a hearing.
4.9.4 The Overseer shall arrange for a hearing to be held within five (5) business days after
receipt of notice of the appeal from a Participant. The Overseer shall notify the Participant in writing of the date, place and time of the hearing at least five (5) business days prior to the date set for the hearing. The hearing shall be held within ten (10) business days from the date on which notice of the appeal is received by the Overseer, unless otherwise agreed between the parties.
4.9.5 The appeal shall be heard by a panel comprised of representatives of the Overseer, a
representative of the relevant Regulator and Issuer.
4.9.6 At the hearing, the Participant shall be afforded an opportunity to be heard and may
be represented by legal counsel in circumstances where the Participant had in its notice of appeal indicated an intention to be so represented. The Participant must make available to the panel all relevant documents on which it reliesin support of the appeal.
4.9.7 The panel shall advise the Participant of its decision in writing within five (5) business
days after conclusion of the hearing.
4.10 Termination and Withdrawal
4.10.1 Termination
Bank of Jamaica has sole authority to determine the existence of cause sufficient to consider termination of an entity’s designation as Participant of JamClear®-CSD. Prior to de-registration, BOJ shall:
a) Notify the Participant and the relevant regulators of the intention to terminate; b) Give to the Participant a summary of the reasons for the proposed termination; c) Give at least five (5) business days written notice of the date of the meeting at which the termination of the Participant is to be considered; and d) Give the Participant opportunity to make representations to BOJ to justify its continued membership. Upon termination of a Participant:
a) The Participant shall cease to be a Participant as of the date and time specified by BOJ; and

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b) The Operator shall promptly inform the relevant regulators and all other Participants of the termination.
4.10.2 Withdrawal by Participant
If a Participant at any time wishes to withdraw from participating in the JamClear®- CSD, the Participant must:
a) give at least 90 days prior written notice to theOperator; b) cease to be a Participant at a time determined by Operator.;and c) must have satisfied all its obligations and meet any other requirement that the Operator deems necessary for withdrawal from the JamClear®-CSD. The Operator shall promptly give notice to the relevant regulators and all other Participants that the Participant has given notice of its intention to withdraw. Withdrawal from the Payment System will not entitle a Participant to any refund of operating costs which it has paid or incurred.
4.11 Reinstatement
A Participant who has withdrawn or has been terminated may at any time be reinstated by the Operator. The Participant must:
a) give notice to the Operator requesting reinstatement; b) meet the standards and qualifications for participation; c) demonstrate to the satisfaction of the Operator and the Overseer that it has discharged all of its liabilities and indebtedness to BOJ and the other Participants arising from any service; and d) pay a reinstatement fee to be determined by the Overseer. The Operator in consultation with the Overseer may approve or reject a request for reinstatement in its discretion. The Operator shall promptly inform the relevant regulators and all other Participants of the reinstatement of a Participant.
4.12 Dormancy
The Operator may, by way of a written notice to the Participant, designate a Participant as dormant if a Participant has not used any of the Services or Functions for a period of at least six months to a degree determined reasonable by the Operator. The Participant shall within 30 days of receipt of such notice elect by written notice to the Operator to commence to use the Services and Functions of JamClear®-CSD on an active, ongoing basis, be designated as a dormant Participant, or cease to be a Participant of the JamClear®-CSD. Failure to make such election shall be deemed to have elected to be designated as dormant. A dormant Participant shall not be entitled to use any of the Services or Functions to the extent prescribed in the Procedures unless and until it has been designated as an active Participant. A dormant Participant shall remain liable for all obligations and liabilities under the Rules arising from or related to the period prior to its being

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designated as dormant including any such obligations arising under the Rules. A dormant Participantshall pay such annual fees and other charges as may be determined by the JamClear®-CSD Operator from time to time pursuant to the Rules including a reactivation or continued dormancy fee if it wishes to be designated as an active Participant or continue as a dormant Participant in accordance with these Rules.
4.13 Limitation of Liability for Suspension
The Operator shall not incur any liability as a result of anything done by it bona fide in the exercise of any power or the exercise of any function or duty conferred on imposed by or under the Membership Agreement or the Participant Rules which results in the restriction of the rights of a Participant to use the Payment System, the suspension of a Participant or the termination of an entity’s designation as a Participant of the system. Neither in any such case shall the operator be liable for any loss, damage, cost, expense, liability or claim suffered or incurred by any Participant, arising from the restriction or suspension of a Participant or the termination of an entity’s designation as a Participant in the system, or the decision by the Operator not to take any such action against a Participant, including any loss of opportunity, profit, market, goodwill, interest or use of securities, or any other special indirect or consequential loss damage cost, expense, liability or claim. Each Participant irrevocably releases the Operator from any such liability.
4.14 Survival ofObligations
The liabilities and obligations of a Participant to the JamClear®-CSD and to other Participants, and of JamClear®-CSD and other Participants to the Participant, arising from its use of any Service or pursuant to the Rules, shall survive the suspension, termination or withdrawal of the Participant as though the former Participant were still a Participant.
5. ACCOUNTS IN JAMCLEAR®-CSD
The JamClear®-CSD will maintain segregated accounts for each Participant and their Clients. The account which records all holdings owned by the Participant is referred to as the Own Account, while the account which records all holdings owned by the client is referred to as the Client Account. All Participants and their Clients are required to have a valid TRN before they can be enrolled in the JamClear®-CSD. A Beneficial Owner Account is generated automatically for each eligible Participant and their client at initial creation in the JamClear®-CSD. This account has a named primary holder and can have a single holder or group of holders. Each holder may have up to 9999 beneficial owner accounts. Tax payments will be applied against all entitlement payments due on securities held on each Beneficial Owner Account and will be determined using the tax status applicable to the primary holder. Clients of Participants may define their payment instructions in the beneficial owner account. All beneficial rights of ownership and tax payments will be paid/applied to the Beneficial Owner Account.

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6. ROLES ANDRESPONSIBILITIES
6.1 The Participant
6.1.1 It is the responsibility of each Participant to ensure it has agreements in place to fund
their settlement account in the JamClear®-RTGS.
6.1.2 Each Participant is responsible for the correct generation and transmission of its
securities and/or foreign exchange transactions for the authenticity of such instructions, and must accept responsibility for the accuracy and completeness of all its transactions.
6.1.3 Each Participant must ensure that all securities and/or foreign exchange transactions
which qualify for inclusion in the JamClear®-CSD are authenticated messages (as illustrated in the JamClear®-CSD message guidelines) transmitted either via the Gateway or the Browser using the PSCN: all messages are in the SWIFT format.
6.1.4 Each Participant is responsible for complying with the conditions of any Service
Level Agreements, which may be agreed periodically.
6.1.5 Each Participant must have the appropriate technical capability, including adequate
Business Continuity arrangements, so as not to hinder the smooth operation of the system(s).
6.1.6 Each Participant must be capable of sending and receiving approved messages
during the hours of operation of the system as set out in the JamClear®-CSD system Procedures Manual.
6.1.7 Each Participant is responsible for its own connection device and communication
facilities within the PSCN.
6.1.8 Each Participant must issue a Portfolio Statement to the Client in accordance with
section 9.4.
6.1.9 Each Participant is liable for all charges which it incurs through the operation of the
system, including but not limited to any SWIFT message charges, operating charges for its own payment system(s), or charges in relation to the operation of its settlement account at the Central Bank.
6.1.10 Each Participant is obliged to advise BOJ of any Notifiable Event(s) which may
affect its participation in the system.
6.1.11 In the event of a prolonged technical problem a Participant must request that the
Operator suspends it from the JamClear®-CSD. In such an event, the Operator

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will inform all other Participants. However, it will be the responsibility of the Participant requesting the suspension to implement the required Business Continuity procedures to ensure that all outstanding commitments are settled.
6.1.12 Where any Participant is aware that, through a system failure, it will be unable to
participate normally, it must inform BOJ and any affected Participant(s) within a half-an-hour (½-hr) of the discovery of the failure and advise its plan for restoring normal operations.
6.1.13 Each Participant must notify BOJ, at least thirty (30) days in advance, and in writing
of any such hardware and/or software changes which will impact the Participant’s participation in the JamClear®-CSD.
6.2 The Operator
6.2.1 The Operator is responsible for:
i. the admission of Participants and assigning Participants to a Group. All
enrolments will be done subject to the entity meeting the requirements for operating an account in JamClear®-CSD;
ii. the day-to-day business operations of the JamClear®-CSD, and the day-today management of all routine daily activities;
iii. invoking business continuity arrangements for the JamClear®-CSD;
iv. providing access to the Payment System to approved users;
v. providing detailed user guide and operational procedures;and
vi. the custodianship of all information held on behalf of the Issuer.
6.2.2 The Operator will keep the Issuer and the Overseer fully informed of all operational
or management issues that could compromise the safety and efficiency of the Payment System.
6.3 The Issuer
The Issuer(s) will issue all new securities in the JamClear®-CSD and/or initiate the offer of Foreign Exchange Intervention Funds in JamClear®-CSD. The Issuers have the responsibility of ensuring the accuracy of the details and for publishing the detailed prospectus. The securities and foreign exchange offer data on the system is the property of the Issuer(s).
6.4 The Overseer
The Overseer is responsible for implementing and maintaining the Oversight Policy. The Oversight process ensures that all Financial Market Infrastructures in Jamaica are operated in a safe and efficient manner.

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Each Participant agrees to provide to the Overseer, in writing, and within five (5) business days of any request, any information relating to its operation with the JamClear®-CSD system that the Overseer may require. Failure to supply information as requested by the Overseer may be grounds forsuspension under section 4.7 of these Rules.
6.5 The Regulators
All Regulators must notify the JamClear®-CSD Operator immediately if anyof their licensees has been suspended or revoked so that action can be taken in a timely manner. The JamClear-CSD Operator must be given written notice for the effective date of the suspension or termination of the Participant’s Licence. All Regulators must maintain a current listing of licensees.
7. OWNERSHIP OF SECURITIES INJAMCLEAR®-CSD
JamClear®-CSD holds and maintains the legal record of ownership of all securities instruments which have been immobilized or dematerialized by the Issuerin accordance with Rule 6.3. The Participants agree that, from the day the JamClear®-CSD becomes operational, all securities movements including pledges, sale, purchase, Repurchase Agreements or Reverse Repurchase agreements or otherwise, that gives rise to automatic access to title in the event of default1 , will take place on the books of the JamClear®-CSD, and that JamClear®-CSD will become the sole legal record of ownership of these securities.
7.1 Securities Immobilization
Securities must be immobilized before they can be traded or redeemed in JamClear®- CSD. It is the responsibility of the Participant to deliver the securities to be immobilized to the Operator and to ensure that a receipt has been provided by theOperator. The process of Immobilization will be complete once the Security has been received by the Operator and a receipt printed and supplied to the Participant. The Operator will hold the Security in custody until the Security is redeemed.
8. JAMCLEAR®-CSD OPERATINGRULES
This section describes the Rules for participation in JamClear®-CSD and for the clearance and settlement of securities transactions.
8.1 Authority to Act
All JamClear®-CSD Participants authorize the Operator to execute instructions which are received in a format as described in these Rules or as provided for in the JamClear®-CSD Procedures. Participants authorize the Operator to effect Transfers:

1 Refer to Guidelines for accessing intraday liquidity via the auto repo facility

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(a) for settlement of fees and charges; or
(b) for any other transaction that has been agreed in writing by the Participants or any of them.
8.2 SecuritiesTransactions
8.2.1 Only transactions in agreed currencies conducted in JamClear®-CSD between
Participants and between Participants and the BOJ arepermitted.
8.2.2 Transactions may only be inputted by Participants through the Payments System
Communication Network.
8.2.3 Participants may enter trade details for a future date. The CSD Operator will advise
Participants of any restriction to future dating oftransactions.
8.2.4 Where a Participant enters trading information for a future date, that information is
not matched with the counterparty information until the future date, and is not considered a trade until that future date.
8.2.5 In the case of Rule 8.2.3, either party may change the trading information at any time
prior to settlement however the counterparty must also change their information for it to match on the future date.
8.2.6 Any securities transactions for value, earlier than the date of transmission or greater
than the future date limit will be automatically rejected by the system.
8.2.7 Any private arrangement between the sender and the receiver is outside of the
depository.
8.2.8 Funds settlement for trades interfaced from the JSE FITP will be for value in ‘T’ and
must be settled by JSE FITP Settlement Cut-off in JamClear® CSD. Failing which, the transaction will be cancelled.
8.3 B-FXITT Auction
8.3.1 Only selected Participants will be eligible to access this rules-based competitive multipleprice FX tool.
8.3.2. Auctions can only be conducted in the currencies allowed in JamClear®-CSD and
stipulated by BOJ.
8.3.3. Unsettled allocations will incur charges as outlined in the B-FXITTrules.
8.3.4. Settlement will be effected on a PvP basis.

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8.4 JamClear®-RTGS SettlementArrangements
8.4.1 Primary Dealers and CommercialBanks.
Primary Dealers, Commercial Banks, and any other Participant licensed by BOJ as a deposit taking institution under the Banking Services Act and which is authorized by the Operator in its sole determination, will be allowed to hold Settlement Accounts in JamClear®-RTGS. The objective of providing settlement accounts is to ensure Delivery versus Payment in securities transactions and to promote settlement among Participantsin a safe and efficient manner. The following terms will apply to settlement accounts:
i. Settlement Account holders will use these accounts for the purpose of
settling (a) approved securities transactions with the Central Bank and other Participants and (b) payment for amounts allocated viz the BFXITT;
ii. Each account must be pre-funded before settlement will be effected. If
the account is not funded payment will not be made and any transaction pending for that account will be cancelled at the end of the day of settlement;
iii. Holders of Settlement Accounts will be required to manage their
liquidity efficiently and will be responsible for arranging for any surplus funds exceeding the agreed minimum balance to be transferred from their Settlement Account;
iv. No other rights or status are conferred upon Settlement Account
holders; and
v. The provision of a Settlement Account is at the Central Bank’s sole
discretion.

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8.4.2 SecondaryDealers
Secondary Dealers will not be allowed to hold Settlement Accounts in JamClear®- RTGS. These Dealers must appoint a Commercial Bank as Settlement Agent. Their transactions in JamClear®-CSD will cause settlement on the account of the appointed Settlement Agent in JamClear®-RTGS. The following terms will apply to settlement accounts held by the Settlement agent for the secondary dealers:
i. A Settlement Account will used for the sole purpose of settling approved
securities transactions with other Participants;
ii. Each Settlement Account must be pre-funded before settlement will be
effected.If the Settlement Account is not funded payment will not be made and any transaction pending for that account will be cancelled at the end of the day of settlement; and
iii. Settlement of securities operations cannot exceed the limit of the Trading
Ceiling set in JamClear®-CSD by the settlement agent.
8.4.3 Cambios
Cambios who do not meet the requisite banking requirements will not be allowed to hold Settlement Accounts in JamClear®-RTGS and will be treated in similar manner as Secondary Dealers. The following terms will apply to settlement accounts held by the Settlement agent for the cambios:
i. Each account must be pre-funded before settlement will be effected. If the
account is not funded payment will not be made and any transaction pending for that account will be cancelled at the end of the day of settlement; and
ii. Settlement of B-FXITT transactions cannot exceed the limit of the Trading
Ceiling set in the JamClear®-CSD by the settlement agent.
8.5 Liquidity Arrangements (JMD)
8.5.1 Intraday LiquidityArrangements
Participants who have settlement accounts in JamClear®-RTGS can access intraday liquidity from the Central Bank through the auto-repo facility. These repos will be backed by Securities in the depository and will be executed by way of the sell/buy back functionality in the depository. Intraday liquidity will therefore be granted to Participants automatically, guaranteeing Model 1 delivery versus-payment (gross payment versus gross delivery) Participants requiring intraday liquidity will send a repo message (MT543) in the system. The Payment System will then validate this message, ensuring that there are sufficient and eligible securities to execute the repo. The Participants account in JamClear®-RTGS is then funded and the securities transferred to BOJ. The second leg settlement is started as part of the Delivery versus Payment (DvP) prior to cut-off (closing) procedure or can be timed for settlement at any point during the day.

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Securities for intraday repos will be limited to GOJ and BOJ securities in JamClear®- CSD. Intraday Repo with the Central Bank will be allowed for securities denominated in Jamaica and United States Dollars. Where there are insufficient securities in the account of the Participant for the settlement of the first leg, the Intraday Repo with the Central Bank operationwould not be allowed. In the event of default, securities are owned by the Central Bank and penalties as defined by the BOJ will be applied. The facility is guided by the published guidelines governing the provision of intraday liquidity via the Auto Repo Facility. Access to this Facility is at the sole discretion of the Central Bank.
8.5.2 Overnight LiquidityArrangements
8.5.2.1 Access to this facility is at the sole discretion of the Central Bank and is limited to
Participants that are deposit taking institutions licensed by BOJ under the Banking Services Act (“Deposit Taking Institutions” or “DTIs”).
8.5.2.2 This operation issupported by guidelines of the Standing Liquidity Facility for DTIs.
8.5.2.3 Securities will be GOJ and BOJ securities deemed eligible under this arrangement to
include US Dollar denominated instruments.
8.5.2.4 Funds settlement from the Central Bank will be effected DvP on receipt of the agreed
underlying securities from the Participant. Similarly, securities settlement to the Participant on the return leg will be effected DvP on receipt of the loan repayment to the Central Bank.
8.5.2.5. In the event of a default, securities are owned by the Central Bank and penalties as
defined by BOJ will be applied.
8.5.3 Repo Auction Arrangements
8.5.3.1 Access to this competitively priced auction facility is at the sole discretion of the
Central Bank and is limited to Participants that are DTIs.
8.5.3.2 This facility is supported by the Conditions for Participation in the offer terms
circulated to DTIs.
8.5.3.3 Securities will be GOJ and BOJ securities deemed eligible under this arrangement to
include US Dollar denominated instruments.

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8.5.3.4 Funds settlement from the Central Bank will be effected DvP on receipt of the agreed
underlying securities from the Participant. Similarly, securities settlement to the Participant on the return leg will be effected DvP on receipt of the loan repayment to the Central Bank.
8.5.3.5 In the event of a default, securities are owned by the Central Bank and penalties as
defined by BOJ will be applied.
8.6 Liquidity Arrangements (USD)
8.6.1 FX Sale Operations (B-FXITT) will be governed by section 8.3.
8.7 System Maintenance and Enhancements
8.7.1 Any fixes, changes or enhancements to JamClear®-CSD that the Operator considers
necessary for the running of JamClear®-CSD will be implemented by the Operator. The Overseer reserves the right to recoup the cost of such system maintenance and enhancements through adjustment in the fees chargeable toParticipants.
8.7.2 Any maintenance or enhancementfor the purposes of clause 8.7.1 will be implemented
by the Operator in accordance with the Change Management process contained in the JamClear®-CSD Processes Manual.
8.7.3 The Operator will use all reasonable endeavours to consult with and take due account
of the requirements of Participants if any change is required to ensure that the JamClear®-CSD continues to meet its business requirements. Any system maintenance or enhancement will, however, be at the sole discretion of the Operator.
8.8 Transactions andSettlement
8.8.1 A Participant may access the Payment System and undertake transactions between the
hours and on the basis set out by the System Operator from time to time in the System Timetable.
8.8.2 A Security transaction shall be deemed to be settled only at the time the System records
Settlement and denotes the transaction’s status as “FINAL”.
8.8.3 For the purpose of determining the time of such a Settlement, the security leg of a
Trade shall be deemed to be settled at the same moment in time as the cash leg is settled.
8.8.4 Upon settlement of all elements of a trade or transaction. The transaction shall be final
and irrevocable.
8.8.5 JamClear®-CSD shall not settle securities movement instructions if the securities
holding of the Participant isinsufficient.
8.8.6 If a Transaction cannot be settled on a Settlement Date, either security or cash leg, the
transaction will be cancelled.

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8.7.7 Under exceptional circumstances and with the prior agreement of BOJ in its capacity as
Overseer, the Operator may initiate transactions on behalf of Participants using the Central Bank user interface.
8.7.8 Nothing in these Rules shall be construed as permitting any Participant (other than the
System Operator) to attach any condition or restriction to the Settlement of any Element except as may be specifically provided for in these Rules. Any condition or restriction whichis imposed by a Participant contrary to the provisions of these Rules shall be void and of no effect.
9. GOVERNANCE ARRANGEMENTS
9.1 Ownership
JamClear®-CSD is owned by Bank of Jamaica.
9.2 Operating Hours
The Operating Hours will be set by the Operator in consultation with JamClear®- RTGS operator and the Participants. These hours are detailed in appendix 2 and identify inter alia cut-off times for all JamClear®-CSD transactions. The Operator may provide access to JamClear®-CSD at hours outside of those of JamClear®-RTGS however settlement of the cash leg of a Securities trade, and therefore transfer of securities ownership will only occur during the operating hours of JamClear-RTGS.
9.3 Operating Days
JamClear®-CSD will operate on the same days as the JamClear®-RTGS which will usually be all normal banking days; this will be any day other than Saturdays and Sundays and public holidays and any other days as notified by the Central Bank. The Operator may provide access to JamClear®-CSD on days outside of those of JamClear®-RTGS, however settlement of the cash leg of a securities trade, and therefore transfer of securities ownership will only occur during the operating hours of JamClear®-RTGS system. In exceptional circumstances, as may be advised by the Overseer, such as a natural disaster affecting the whole of the banking industry, and at the sole discretion of the Overseer, a normal operating day may be declared a holiday and any holiday may become a normal banking day. In such an event the Operator will act asif it is a normal business day and the Participants will ensure that there is no penalty or loss ofinterest to any Party where transactions normally carried out on the affected day are processed on an alternate date.

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9.4 Statements and Reports
9.4.1 Portfolio Statements generated by JamClear®-CSD are available to Participants via
the reporting option in JamClear®-CSD. Participants may retrieve statements and other reports generated by JamClear®-CSD as required or they may request specific reports from the Operator asrequired.
9.4.2 Participants must issue a Portfolio Statement at the time of purchase or sale of a
security as well as the end of each month in which the client has effected a transaction.
9.4.3 Where a Client has not effected a transaction but there are securities held by the
Participant on a continuing basis, the Participant shall, not less than once every three months, forward a Portfolio Statement to the Client.
9.4.4 Clients may request Portfolio Statements or other reports from the Depository.
9.5 Amendments to Rules
The Operator is responsible for these rules and may amend them periodically after consultation with Participants. Participants may submit proposals for changes in these Rules. Such proposals should fully describe the purpose and benefit of the change being proposed and should be delivered to the Payments System Overseer. The Operator will rule on the acceptability or otherwise of proposals to change these rules. Reasonable notice will be given in writing to Participants before implementation of any changes.
9.6 Dispute Resolution
The Participants agree that every effort shall be made to resolve amicably by direct negotiation, any disagreement or dispute arising between them under or in connection with these Rules. Where attempts at direct negotiation have been unsuccessful, notification of intent to dispute must be sent to the other Participant and the Overseer as well setting out a full description of themattersin dispute within fourteen (14) days of such intention arising.

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Pending the resolution of the dispute, the Participants will continue to perform all their obligations under these Rules. The Chief Executive Officer of the Participants must personally or through nominees attempt to resolve the dispute, on the basis that the Participants wish to retain an ongoing relationship. If the Chief Executive Officers, or their nominees, are unable to resolve any dispute within fourteen (14) days of the notice or any other time frame as the Participants may agree, then either Participant may give notice to the other Participant that the matter is not resolved and that Participant shall refer the dispute to arbitration before a single arbitrator in accordance with the Arbitration Act of the Laws of Jamaica or any statutory modification or re-enactment thereof for the time being in force. The Arbitrator is to be appointed by the president of the Jamaican Bar Association. The decision of such arbitrator shall be final and binding on the Parties.
9.7 Fees and charges
Participants acknowledge that the Overseer has the right to set fees and other charges as set out in Payments System Pricing Policy/Plan. The Operator agrees to apply the same fee structure to all Participants using the same services within the JamClear®-CSD. The Participants acknowledge that the Overseer may recover ongoing and variable costs where feasible by volume based charges. The Participants agree that the Overseer may periodically review its fees and charges, following consultation with, and taking due account of their views. The Operator reserves the right to charge Participants on a cost recovery basis for any additional services rendered.
9.8 Law and Jurisdiction
The Rules of the system and any agreements hereunder shall be governed by and construed in accordance with the Laws of Jamaica.
9.9 Indemnity
All officers, employees and agents of the Operator shall be indemnified against any action, claim, liability orsuitwhatsoeverin respect of any act or matter done or ordered to be done, or omitted to be done, by them in good faith and in the intended exercise of any power or performance of any duty conferred on them under these Rules. Each Participant shall indemnify and hold harmless BOJ and all other Participants and their respective directors, officers, employees and agents from and against any loss, damage, cost, expense, liability or claim (including the cost of legal counsel to advise on or defend against such claims) suffered or incurred by or made against it, them or any of them arising from:

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(a) any interruption, malfunction or disruption of the JamClear®-CSD operations to the extent caused or contributed to by any negligent, reckless, willful, fraudulent or dishonest act or omission of the Participant or of any director, officer, employee, servant, contractor or agent of the Participant done while acting in the course of office or employment or made possible by information or opportunities afforded by such office or employment; (b) any incorrect instructions, information or documentation provided to by the Participant; and (c) any breach by the Participant of its obligations, under the Membership Agreement, or the Participant Rules or any applicable laws or regulations.
9.10 Severability
In the event that any one or more of the terms and conditions contained in these Rules shall be determined invalid, unlawful or unenforceable in any respect, then such term(s) or condition(s) shall be severed from the remaining terms and conditions which shall continue to be valid and enforceable to the fullest extent permitted by law.
9.11 Compliance
Upon reasonable notice, at the request of the Operator, a Participant shall within a reasonable time provide to the Operator a statement signed by a signing officer on behalf of the Participant, confirming that the Participant’s use of the services is in compliance with all rules and procedures.
9.12 Information Disclosure
The Operator will provide every issuer whose securities are entered in JamClear®- CSD information on the account details, account holders and other relevant details from the JamClear®-CSD. The Operator will provide relevant regulatory bodies and Payments System Overseer information on Participant activity details and status from JamClear®-CSD as required. Stockholders may request information from the Operator pertaining only to their specific holdings of securities in JamClear®-CSD and at the discretion of the Operator. These requests may incur a service charge as defined by the Operator.
9.13 Confidentiality
The Operator and its servants and/or agents shall regard and deal with as confidential all documents, information and records obtained in the course of the operations of JamClear®-CSD relating to the affairs and operations of a Participant and the affairs of the holders of accounts in JamClear®-CSD, and shall take all reasonable measures to prevent the unauthorized disclosure of any such documents, information and records.

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The Operator and each Participant will preserve the confidentiality of how i) JamClear®-CSD works, and ii) any and all information concerning or provided by the Operator, that, at the time of disclosure, is marked as confidential or is disclosed orally as confidential and that becomes known to the Participant through the operation of any service, or in anticipation of any new service, including any on- going projects, records, data andreports. In preserving such confidentiality, the Operator and each Participant shall exercise the same degree of care as it uses with respect to its own confidential information. The Operator authorizes the Participant to release any confidential information concerning JamClear®-CSD:
a) to the auditors of the Participant, as may reasonably be required to perform their duties; b) to the legal counsel of the Participant, as may reasonable be required to perform their duties; or c) as may be required from time to time by order, summons, subpoena, statutory direction or other process of, or pursuant to an agreement with, a court, regulatory body or other administrative or regulatory agency, having in the opinion of the Participant, jurisdiction over theParticipant. In all cases such disclosure must be advised to the Operator.
9.14 Notices
Any notice, request or other communication required or desired to be given or made pursuant to these Rules shall be in writing and shall be considered to have been made when the relevant document is delivered to the addressee, unless the parties otherwise agree in writing. Notices to the JamClear®-CSD Operator should be addressed to:
The Manager
Electronic Securities Depository
Department
Bank of Jamaica
Nethersole Place
Kingston
Jamaica, West Indies

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APPENDIX 1
JAMCLEAR®-CSD PARTICIPANTS AS AT AUGUST 2025
1. ALLIANCE FINANCIAL SERVICES LIMITED
2. BANK OF JAMAICA.
3. BARITA INVESTMENTS LTD.
4. BANK OF NOVA SCOTIA JAMAICA LTD.
5. BPM FINANCIAL LTD.
6. CAPITAL SOLUTIONS LTD.
7. CITIBANK N.A.
8. CORNER TRUST & MERCHANT BANK LIMITED (formerly MF&G TRUST &
FINANCE LTD.)
9. CUMAX WEALTH MANAGEMENT LTD. (formerly Credit Union Fund
Management Co. Ltd.)
10. FHC INVESTMENTS LTD. (formerly Churches Co-operative Credit UnionLtd.)
11. FIRST GLOBAL BANK LTD.
12. FIRSTCARIBBEAN INTERNATIONAL BANK (JAMAICA)LTD.
13. GK CAPITAL MANAGEMENT LIMITED
14. GRACE KENNEDY CURRENCY TRADING SERVICES LTD
15. GUARDIAN LIFE LTD.
16.IDEAL FINANCE CORPORATION LTD.
17.IDEAL PORTFOLIO SERVICES CO.LTD.
18. JAMAICA CENTRAL SECURITIES DEPOSITORYLTD.
19. JAMAICA MONEY MARKET BROKERS LTD.
20. JMMB BANK (JAMAICA) LIMITED (formerly Capital & Credit MerchantBank)
21. JMMB SECURITIES LIMITED
22. JN BANK LIMITED (formerly Jamaica National Building Society)

National Payments System JamClear®-CSD Participant Rules © 2025 Bank of Jamaica Version 019
Page: 35
23. JN FUND MANAGERS LTD.
24. LASCO FINANCIAL SERVICES LIMITED
25. MAYBERRY INVESTMENTS LTD.
26. MF&G ASSET MANAGEMENT LTD.
27. MINISTRY OF FINANCE & THE PUBLIC SERVICE
28. MONEYMASTERS LTD.
29. NATIONAL COMMERCIAL BANK JA. LTD.
30. NCB CAPITAL MARKETS LTD.
31. NCB INSURANCE AGENCY & FUND MANAGERS LIMITED. (formerly NCB
Insurance Co. Ltd).
32. PROVEN WEALTH LTD. (formerly Guardian Asset Management Limited)
33. SAGICOR BANK JAMAICA LTD. (formed from merger of RBTT Bank Ja. Ltd. and
PanCaribbean Bank)
34. SAGICOR INVESTMENTS JAMAICA LTD. (formerly PanCaribbean Financial
Services Limited)
35. SAGICOR LIFE JAMAICA LTD.
36. SCOTIA INVESTMENTS JAMAICA LTD. (formerly ScotiaDBG Investments
Limited)
37. STERLING ASSET MANAGEMENT LTD.
38. STOCKS & SECURITIES LTD.
39. VICTORIA MUTUAL BUILDING SOCIETY
40. VICTORIA MUTUAL PENSIONS MANAGEMENT LTD (formerly Prime Asset
Management Limited)
41. VICTORIA MUTUAL WEALTH MANAGEMENTLTD.
42. WINTRADERS

National Payments System JamClear®-CSD Participant Rules © 2025 Bank of Jamaica Version 019
Page: 36
APPENDIX 2
DAILY OPERATING SCHEDULE
Activity
Time RTGS CSD FXTP Description
07:00 Start of Day

MaintenanceActivities
Only BOJ Transactions can be
processed
07:30 Open for
Business
Start of Day Start of Day
JamClear®-RTGS, JamClear®-
CSD JamClear®-FXTP systems started
Value date set
Network and web servers enabled
Adjustments made from overnight
processing if required
View access to both JamClear®-
RTGS and JamClear®-CSD systems
08:00 Open for
Business
Open for
Business
High Priority BOJ tasks performed
(e.g.: securities maturity and return leg of overnight Repos)
JamClear®-CSD opens for all
payment and securities movement types
Trading activities on the TP
14:30 Foreign
Exchange Cutoff
Close (14:45) ▪ Swift InterfaceCut-off
Banks (and PDs) can operate for
bilateraltransactions
FX orders are no longer
accepted.
14:50 Cut-Off for
Customer
Payments
End of Day
(15:00)
Customer payment transactions
are no longer accepted
Participants clear pending payment
instructions
Only Interbank transfer payment
instructions accepted
All management functions available
e.g.: priority changes and cancellations
FX trades are interfaced into eGate

National Payments System JamClear®-CSD Participant Rules © 2025 Bank of Jamaica Version 019
Page: 37
Activity
Time RTGS CSD FXTP Description
15:15 Cut-Off for
Interbank
Transfers
Final Cut-off

No further payment instructions
received
Monitoring facilities continue
All pending payment instructions
JamClear-RTGS are cancelled and the system advises Participants 15:20 End of Day
BOJ performs end of day functions
All pending payment instructions
JamClear®-CSD are cancelled
DVP and FOP cut-off
Archive ofinformation
Generation ofreports;
Upload of data to GL
JamClear®-CSD Upload to Vision
JamClear®-CSD System shutdown
15:30
End of Day ▪ BOJ performs end of day functions
Archive ofinformation;
Generation ofreports;
Upload of data to GL
JamClear®-RTGS System shutdown

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