SGX Rulebooks
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7.12.1
(1) Regardless of whether the Clearing Fund may have been applied, CDP shall be absolutely entitled to claim from a Defaulting Clearing Member (as a debt owing to CDP) all losses suffered by CDP arising from or in connection with its default.
(2) Any amount recovered by CDP after the Clearing Fund is applied in connection with an Event of Default shall first be used to make good any loss that CDP has suffered arising from or in connection with the Event of Default and that has not been met by the Clearing Fund. Any amount that remains thereafter shall then, subject to the provisions of this Rule 7.12, be attributed back to each source of contribution that was applied from the Clearing Fund, in the reverse of the order in which the source was paid out. The amount to be attributed back to each source of contribution shall not exceed the amount paid out from that source of contribution.

Amended on 3 May 20113 May 2011 and 26 May 2023.

7.12.1A

Any amount that is attributed back to non-Defaulting Clearing Members’ Collateralised Contributions or Contingent Contributions shall be allocated among the Clearing Members on a pro-rata basis, based on the amount that was paid out from each Clearing Member’s contribution relative to the aggregate amount that was paid out from all non-Defaulting Clearing Members’ contributions.

Added on 26 May 2023.

7.12.1B

The amount of Collateralised Contributions or Contingent Contributions that is attributed back to a Clearing Member pursuant to Rule 7.12.1C shall be paid out to the Clearing Member, save where the Clearing Member has not met its top-up obligations pursuant to Rule 7.10.3, in which event the amount will be paid into the Clearing Fund to make good the Clearing Member’s obligations before the remainder is paid out to the Clearing Member.

Added on 26 May 2023.

7.12.1C

Any amount to be paid back to the CDP First Contribution or the CDP Second Contribution shall be paid back to the Clearing Fund (and not to CDP) only to the extent that the source of contribution has not been fully topped up by CDP. Any amount in excess shall be paid back to CDP.

Added on 26 May 2023.

 

7.12.2 [Rule has been deleted.]

Deleted on 26 May 2023.