Rulebooks: Contents

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Chapter 1 Application of Rules
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Rule Amendments

  Versions
(2 versions)
 
Up to Apr 25 2013Apr 26 2013 onwards

6.07.8 Release of Performance Deposits

Past version: effective up to Apr 25 2013.
To view other versions open the versions tab on the right.

6.07.8.1 Subject to Rule 6.07.8.2, if there is no claim or no outstanding claim, the Clearing House shall return the Performance Deposit posted with it (less any administrative fees payable) to the respective Selling Member and Buying Member, as the case may be, upon their request, only as provided in the relevant Contract Specifications, or, in the case of a Contract traded on the Exchange:
a. upon notification by the Selling Member and Buying Member that their respective Seller and Buyer have agreed to an Alternative Delivery Procedure and each of them has furnished an indemnity on terms acceptable to the Clearing House;
b. at any time after a notification has been lodged by the Buying Member on behalf of its Buyer that no claim whatsoever will be made by the Buyer on the underlying Commodity delivered by the Seller provided that the Clearing House shall not release any of the Performance Deposit to the Buying Member unless the Selling Member is first notified of the request to so release and thereafter given an opportunity to raise its objections (if any) to such release; or
c. upon notification by the Selling Member that it has paid or settled all liabilities to the Buying Member in respect of any claim on the underlying Commodity delivered by the Seller to the Buyer and for which the Performance Deposit to be released has been posted provided that the Clearing House shall not release any of the Performance Deposit to the Selling Member unless the Buying Member is first notified of the request to so release and thereafter given an opportunity to raise its objections (if any) to such release.
6.07.8.2 The lodging of a claim which is not bona fide by a Seller or Buyer, or Clearing Member as the case may be, may subject such Clearing Member or the Clearing Member of such Seller or Buyer to such penalties as the Clearing House may impose.

Added on 22 September 2006 and amended on 1 October 2009.