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7.22.3

Except for trades which reduce a Third Party's maintenance margins requirements, a Clearing Member shall not accept orders or new trades for clearing from any Third Party (including any Customer) unless:

7.22.3.1 the minimum initial margins for the new trades are deposited or are forthcoming within a reasonable period from the trade date; and
7.22.3.2 the Third Party's total net equity complies with the maintenance margins for its existing open positions and in relation to potential Flat Rate adjustment applicable to freight forward contracts for tanker voyage routes or additional margins to be posted pursuant to Rule 7.22.4 are forthcoming within a reasonable period from the trade date.

For settlement currency denominated in Japanese Yen, "reasonable period" in Rule 7.22.3.1 or 7.22.3.2 means a period which shall not exceed three (3) Trading Days from the trade date (T+3). For all other settlement currencies it means a period which shall not exceed two (2) Trading Days from the trade date (T+2).
7.22.3.3 Credits in excess of required initial margins on all open positions and in relation to any potential Flat Rate adjustment applicable to freight forward contracts for tanker voyage routes of a Third Party (including a Customer), may be utilised by a Clearing Member as initial margins on a new position of the same Third Party (including a Customer).

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006 and 25 January 201725 January 2017.