2.8.2 Requirements for Customers
Past version: Effective up to 14 Mar 2013
Save for Affiliates, a Customer which seeks to obtain Bypass Privileges shall:
(a) at all times maintain capital of not less than $5 million, of which
(i) $2 million shall be in the form of shareholders' funds; and
(ii) the remaining capital may be in the form of Bypass Subordinated Loans or Bypass Letters of Credit in such form as prescribed by the Exchange from time to time.* Bypass Letters of Credit shall not constitute part of the collateral used for the purpose of meeting margin requirements;
(b) if such Customer is executing both Proprietary Trades and Agency Trades, at all times have systems in place to segregate Proprietary Trades and Agency Trades such that Bypass Privileges are limited to Proprietary Trades while Agency Trades are subject to the requisite pre-execution checks as contemplated under this Rules.