A Member shall collect margins for over-the-counter spot trades in Loco-London and foreign currency contracts from the Customer and the direct buying or selling counterparty. No margins need to be collected from a Customer or a counterparty if it is a corporate 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:
(a) the minimum margins prescribed by the Clearing House for a Futures Contract equivalent to the over-the-counter spot trade concerned;
(b) 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 Futures Contracts; or
(c) 4% for Initial Margins and 3% for Maintenance Margins of the underlying contract value, if the over-the-counter spot trade has no equivalent futures contracts being traded on the Exchange and any other exchange.