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Archive
Rule Amendments

7A.06.3 Further Assessment Amount

Past version: effective from Aug 7 2012 - Nov 7 2012.
To view other versions open the versions tab on the right.

7A.06.3.1 The Further Assessment Amount shall be an amount up to three (3) times of a Clearing Member's Security Deposit requirement, as prescribed by the Clearing House from time to time in its discretion.
7A.06.3.2 Each Clearing Member shall be required to deposit with the Clearing House a percentage of its Further Assessment Amount as set out below:
a. in respect of Further Assessment Amount attributable to Contracts traded on the Exchange or any Relevant Market or OTC Contracts, an amount up to 50% in the form of cash, government securities or an irrevocable Letter of Credit; or
b. in respect of Further Assessment Amount attributable to OTCF Contracts, an amount up to 100% in the form of cash or government securities,
or any other securities acceptable to the Clearing House from time to time.
7A.06.3.3 In the use and application of the Further Assessment Amounts pursuant to Rule 7A.06.5.2 in an event of default, the Clearing House shall be entitled to call for payment of any balance of the Further Assessment Amount, which has not been deposited with the Clearing House pursuant to Rule 7A.06.3.2, at such time as it deems appropriate. A Clearing Member shall immediately furnish such amount to the Clearing House, prior to the close of business on the Business Day immediately following such call.

Added on 7 August 2012.