Whole Section

  • 7.2 Contributions by Clearing Members

    • 7.2.1

      Except as otherwise provided in this Clearing Rules or as determined by CDP, each Clearing Member shall pay to CDP such amounts as may be determined under this Clearing Rules or as determined by CDP in its absolute discretion (the "Contribution") in respect of every Exchange Trade cleared and/or settled by the Clearing Member herein. Each Clearing Member shall pay to CDP its Contribution to the Clearing Fund by such time or times as stipulated by CDP.

      Amended on 1 July 20081 July 2008 and 3 May 20113 May 2011.

    • 7.2.1A

      The Contribution of a Clearing Member shall consist of the Collateralised Contribution and the Contingent Contribution. Each Clearing Member shall pay:

      (1) in respect of the Contribution, an amount as specified by CDP from time to time, in its discretion which shall not exceed 0.9 basis points of the Clearing Member's Turnover;
      (2) in respect of the Collateralised Contribution, an amount as specified by CDP from time to time, in its discretion which shall not exceed 0.6 basis points of the Clearing Member's Turnover; and
      (3) in respect of the Contingent Contribution, an amount which is determined by the rate which is the difference between the Contribution rate as specified by CDP under Rule 7.2.1A(1) and the Collateralised Contribution rate as specified by CDP under Rule 7.2.1A(2).

      Added on 3 May 20113 May 2011

    • 7.2.2

      The aggregate Collateralised Contributions from Clearing Members shall at all times be at least $40 million or such lower amount as may be specified by CDP from time to time in its discretion.

      Amended on 1 January 20101 January 2010, 3 May 20113 May 2011.

    • 7.2.3

      Notwithstanding Rule 7.2.1A:

      (1) A Clearing Member's Collateralised Contribution shall be at least $500,000, or such lower amount as may be specified by CDP from time to time in its discretion; and
      (2) If the aggregate Collateralised Contributions from all Clearing Members do not meet the minimum amount specified in Rule 7.2.2, the shortfall shall be contributed by each Clearing Member according to its Proportion.

      Amended on 3 May 20113 May 2011 and 21 January 201321 January 2013.

    • 7.2.4

      Where there is reason to believe that the operations of the Clearing Member is or is likely to be impaired by any event or circumstances, or such action is in the interests of maintaining a safe and efficient clearing facility, CDP may require:

      (1) such additional amounts to be paid as a top-up to the Contribution of the Clearing Member as it may, in its absolute discretion, decide; or
      (2) a Clearing Member's Contingent Contribution to be deposited with CDP; or
      (3) both.

      Amended on 1 January 20101 January 2010 and 3 May 20113 May 2011.