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My immediate instinctive reaction was like some other comments hear.

However, on a little more reflection I can see how it could produce significant benefits, so long as there are adequate safeguards, so long as everyone participates. The funds would remain in the account until disbursed to the entitled parties.

The biggest benefit I can see is in a chain transaction where one would not need to wait for numerous consecutive CHAPS transfers.

However, it would be conditional on lenders accepting that release of the redemption funds due to them would be treated as funds being in their account. That I see as a major hurdle.

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