{"id":8048,"date":"2012-02-17T17:05:16","date_gmt":"2012-02-17T17:05:16","guid":{"rendered":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/?post_type=smg-issue&#038;p=8048"},"modified":"2014-03-20T14:02:55","modified_gmt":"2014-03-20T14:02:55","slug":"issue-05-treatment-of-parties-going-directly-into-level-2-credit-default","status":"publish","type":"smg-issue","link":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/smg-issue\/issue-05-treatment-of-parties-going-directly-into-level-2-credit-default\/","title":{"rendered":"Issue 05: Treatment of Parties going directly into Level 2 Credit Default"},"content":{"rendered":"","protected":false},"template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","inline_featured_image":false},"tags":[],"class_list":["post-8048","smg-issue","type-smg-issue","status-publish","hentry"],"acf":[],"semantic_search":{"post_id":8048,"title":"Issue 05: Treatment of Parties going directly into Level 2 Credit Default","link":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/smg-issue\/issue-05-treatment-of-parties-going-directly-into-level-2-credit-default\/","categories":[],"tags":[],"content":"\n\n<div class=\"panel-content\">\n\t\n\t<div class=\"panel-section\">\n\t\t\t\t\t<div class=\"panel-section\">\n\t\t\t\t<div class=\"accordion\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"accordion-group\">\n\t\t\t\t\t\t\t<h2 class=\"accordion-title\" tabindex=\"0\" id=\"summary\" aria-expanded=\"false\">Summary<\/h2>\n\t\t\t\t\t\t\t<div class=\"accordion-panel\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t<div class=\"panel-inner\">\n\t\t\t\t\t\t\t\t\t<p>There is an issue in respect of how Parties should be treated if their Credit Cover Percentage goes directly to a level at which Level 2 Credit Default should be called. It is unclear whether a Query Period exists in this circumstance and there is no provision for a Cure Period as there is for Level 1 Credit Default. This means that Parties are sometimes unable to raise additional Credit Cover to avoid being put into Level 2 Credit Default, if the potential event of default occurs on a non business day<\/p>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"accordion-group\">\n\t\t\t\t\t\t\t<h2 class=\"accordion-title\" tabindex=\"0\" id=\"history\" aria-expanded=\"false\">Progression<\/h2>\n\t\t\t\t\t\t\t<div class=\"accordion-panel\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t<div class=\"panel-inner\">\n\t\t\t\t\t\t\t\t\t<p>The issue was considered the meeting of the SSMG on 20 August 2003. The group concluded that there may be merit in a Modification Proposal to clarify the provisions in the BSC.<\/p>\n<p>A Modification Proposal was subsequently submitted by Total Gas &amp; Power, and was raised as P142.<\/p>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>","s3_url":""},"_links":{"self":[{"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/smg-issue\/8048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/smg-issue"}],"about":[{"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/types\/smg-issue"}],"version-history":[{"count":0,"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/smg-issue\/8048\/revisions"}],"wp:attachment":[{"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/media?parent=8048"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elexon-beta.elexonhostings.co.uk\/bsc\/wp-json\/wp\/v2\/tags?post=8048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}