SGX-DC Clearing Rules
Chapter 2 Clearing Membership
2.02 Eligibility Criteria for General Clearing Members
Past version: Effective from 26 Apr 2013 to 30 Dec 2013
Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a General Clearing Member clearing OTCF Contracts, an applicant must, in addition to the eligibility criteria prescribed under Rule 2.02.1, satisfy the Clearing House that:
2.02.2.1 it has a base capital of not less than S$50,000,000 or such other amount as may be prescribed by the Clearing House from time to time; and
2.02.2.2 its holding company:
a. is a bank that is regulated as such by a financial authority;
b. has at least S$1,000,000,000 of paid-up ordinary share capital and unappropriated profit or loss; and
c. has obtained:
i. a long term credit rating that indicates, at least, a strong overall creditworthiness supporting the fulfilment of its financial obligations; and
ii. 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.
Added on 3 November 20103 November 2010 and amended on 26 April 201326 April 2013.