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Rule Amendments

7.02A.1 Eligible OTC Transactions

Past version: effective up to Nov 7 2012.
To view other versions open the versions tab on the right.

7.02A.1.1 Only OTC Transactions which meet the following criteria will be eligible for registration with the Clearing House ("Eligible OTC Transactions"):
a. a transaction which falls under one of the classes of Eligible OTC Contracts; and
b. a transaction where the Seller and the Buyer have satisfied the risk limits prescribed by their respective Clearing Members; and
c. a transaction where:
i. the trade price falls within the price band prescribed by the Clearing House; or
ii. notwithstanding that the trade price does not fall within the price band prescribed by the Clearing House, the Clearing Member acting for the Seller and the Clearing Member acting for the Buyer have both signified their respective agreement to clear the transaction and have both met the capital and notification requirements prescribed by Rule 2.11.5.
Once the criteria in Rule 7.02A.1.1 are satisfied, the Clearing Members acting for the Seller and the Buyer respectively shall be responsible for the Eligible OTC Transaction as principals to the Clearing House.
7.02A.1.2 If an OTC Transaction does not fulfill the criteria in Rule 7.02A.1.1, the OTC Transaction shall be deemed not to have been submitted to the Clearing House and the transaction shall remain in effect or be terminated, as the case may be, in accordance with any terms agreed between the Seller and the Buyer.
7.02A.1.3 The specifications of Eligible OTC Contracts including Contract size, Contract Month, trading hours, underlying asset, exercise price, minimum price fluctuation, last trading day, settlement basis and method of exercise shall be set out in Circulars issued by the Clearing House from time to time.

Added on 27 March 2006 and amended on 28 November 2008 and 3 November 2010.