2.02B.1

Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a Bank Clearing Member, an applicant must satisfy the Clearing House that:—

2.02B.1.1 it is authorised to conduct banking business in Singapore pursuant to section 4 of the Banking Act (Chapter 19);
2.02B.1.2 it or its parent bank has obtained:
a. a long term credit rating that indicates, at least, a strong overall creditworthiness supporting the fulfilment of its financial obligations; and
b. a credit rating that indicates, at least, adequate intrinsic safety and soundness, excluding external credit support, and a limited ability to withstand adverse business or economic conditions, from any rating agency registered with an appropriate authority.
c. [Rule has been deleted.]
d. [Rule has been deleted.]
2.02B.1.3 [Rule has been deleted.]
2.02B.1.4 it or its parent bank has, at the point of application, at least S$50,000,000 of base capital or net head office funds, as the case may be, and complies with such other capital and financial requirements as may be prescribed by the Clearing House from time to time;
2.02B.1.4A it has in place the appropriate procedures and capabilities to participate in the default management activities contemplated under Chapter 7A;
2.02B.1.5 it has, and upon admission will maintain, minimum capital and financial requirements pursuant to Rule 2.07.1B or Rule 2.08.1B;
2.02B.1.6 its managerial or executive staff have a high standard of integrity and a level of knowledge (as may be deemed acceptable by the Clearing House) on the nature, risks and obligations in respect of the market or contracts that it wishes to clear;
2.02B.1.7 it must have in place sufficient resources and establish and maintain adequate systems for preserving a sound liquidity and financial position at all times including the maintaining of adequate staff and facilities for monitoring its cashflow and funding requirements and maintaining sufficient liquidity for its day to day operations governed by this Rules;
2.02B.1.8 it must maintain segregated and adequate back-office functions in respect of its operations governed by this Rules;
2.02B.1.9 it satisfies any and all other requirements and criteria for such Clearing Membership, which the Clearing House may from time to time hereafter prescribe; and
2.02B.1.10 [Rule has been deleted.]
2.02B.1.11 [Rule has been deleted.]

Added on 10 August 200710 August 2007 and amended on 10 May 201010 May 2010, 3 November 20103 November 2010, 26 April 201326 April 2013, 31 December 201331 December 2013, 22 April 201922 April 2019 and 17 July 201917 July 2019.