Purchases made until the date of the settlement would be eligible for refunds.

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But the seller of the security is supposed to actually borrow the shares before the settlement date of the transaction.

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Some control procedures appear to have been predictable, being timed to take place shortly before the settlement date of futures contracts.

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Since any gains over the course of a swap agreement are considered unrealized until the next settlement date, timely payment from the counterparty determines profit.

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"It is a genuine opportunity to take stock of what the settlement has achieved to date and the challenges it may yet have to address in the years to come, " said the chancellor of Glasgow University.

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