Whole Section

  • 2.02 Eligibility Criteria for General Clearing Members

    • 2.02.1

      Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a General Clearing Member, an applicant must satisfy the Clearing House that:— it is a corporation with the requisite financial and business standing and repute and is or will upon admission be carrying on the business whether in Singapore or elsewhere;
      a. it has a base capital of not less than S$5,000,000; or
      b. in the case of an applicant admitted as a clearing member of the Clearing House and CDP, it has a base capital of not less than S$8,000,000;
      or such other capital and financial requirements as may be prescribed by the Clearing House from time to time; [Rule has been deleted]; it holds a Capital Markets Services Licence unless exempted under the SFA or SFR (Licensing and Conduct of Business); it has, and upon admission will maintain, minimum capital and financial requirements pursuant to Rule 2.07 or Rule 2.08; it has, and upon admission will maintain, a special reserve fund pursuant to Rule 2.09 or Rule 2.10, as the case may be; its managerial or executive staff have a high standard of integrity and a level of knowledge (as may be deemed acceptable by the Clearing House) on the nature, risks and obligations in respect of the market or contracts that it wishes to clear; it must have in place sufficient resources and establish and maintain adequate systems for preserving a sound liquidity and financial position at all times including the maintaining of adequate staff and facilities for monitoring its cashflow and funding requirements and maintaining sufficient liquidity for its day to day operations; it must maintain segregated and adequate back-office functions; and it satisfies any and all other requirements and criteria for such Clearing Membership, which the Clearing House may from time to time hereafter prescribe.

      Amended on 27 March 200627 March 2006, 22 September 200622 September 2006, 10 August 200710 August 2007, 31 December 201331 December 2013 and 29 December 201429 December 2014.