7A.06.4 Aggregate Clearing House Contributions

Past version: Effective from 30 Jun 2014 to 16 Jul 2019

7A.06.4.1 Subject to Rule 7A.06.4.2, the total contribution by the Clearing House to the Clearing Fund (“Aggregate Clearing House Contribution”) shall be at least an amount equivalent to 25% of the Clearing Fund size, and allocated as follows:
a. [This rule has been deleted]
a1. an amount of not less than 15% of the Clearing Fund size shall form the Clearing House First Loss Contribution as referred to in Rule 7A.01A.2.a;
b. [This rule has been deleted]
b1. an amount of not less than 10% of the Clearing Fund size shall form the Clearing House Intermediate Contribution as referred to in Rule 7A.01A.2.c1; and
c. any remaining amount shall form any other contributions to the Clearing Fund as referred to in Rule 7A.01A.2.f.
7A.06.4.2 In the event that any part of the Aggregate Clearing House Contribution is applied in accordance with Rule 7A.01A, such that it falls below the Minimum Aggregate Clearing House Contribution, the Clearing House shall restore the Aggregate Clearing House Contribution up to the Minimum Aggregate Clearing House Contribution. The Clearing House shall thereafter maintain Aggregate Clearing House Contribution equivalent to the Minimum Aggregate Clearing House Contribution.
7A.06.4.3 Aggregate Clearing House Contribution shall comprise the following, where such funds are available:
a. the capital of the Clearing House;
b. the net proceeds of such financial guarantee and/or default insurance; and
c. any other financial instrument.

Added on 7 August 20127 August 2012 and amended on 29 July 201329 July 2013 and 30 June 201430 June 2014.