Past version: Effective up to 24 Jan 2017

A Clearing Member, except in the case of a Bank Clearing Member, shall collect margins for over-the-counter spot trades in Loco-London and foreign currency contracts from Third Parties (including Customers) for whom the Clearing Members procure the over-the-counter spot trades and from the direct buying or selling counterparties. No margins need to be collected from a Third Party (including a Customer) or a counterparty if it is a Clearing Member or a corporate Trading Member, a bank in Singapore or any of its overseas branches or a merchant bank in Singapore. The margins required to be collected shall not be less than:

7.22.1A.1 the minimum margins prescribed by the Clearing House for a Contract equivalent to the over-the-counter spot trade concerned;
7.22.1A.2 the minimum margins prescribed by those exchanges or clearing houses where the equivalent futures contracts are being traded, if the over-the-counter spot trade has no equivalent Contract; or
7.22.1A.3 4% for initial margins and 3% for maintenance margins of the underlying contract value, if the over-the-counter spot trade has no equivalent contracts being traded on the Exchange and any other exchange.

Added on 22 September 200622 September 2006 and 3 November 20103 November 2010.