2.07.1
Each General Clearing Member incorporated in Singapore shall at all times :—
not cause or permit its financial resources to fall below its total risk requirement;
not cause or permit its aggregate indebtedness to exceed 1,200% of its aggregate resources; and
comply with the accounting, reporting, book-keeping and any other financial and operational requirements prescribed by the Clearing House.
Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 3 November 20103 November 2010 and 17 July 201917 July 2019.
2.07.1A
Each Direct Clearing Member incorporated in Singapore shall at all times:—
maintain a base capital of not less than S$5,000,000;
not cause or permit its financial resources to fall below its total risk requirement;
not cause or permit its aggregate indebtedness to exceed 1,200% of its aggregate resources; and
comply with the accounting, reporting, book-keeping and any other financial and operational requirements prescribed by the Clearing House.
Added on 27 March 200627 March 2006 and amended on 10 August 200710 August 2007.
2.07.1B
Each Bank Clearing Member incorporated in Singapore shall at all times:—
or such other amount as may be prescribed by the Clearing House from time to time;
comply with all applicable RRA Financial Requirements; and
comply with the accounting, reporting, book-keeping and any other financial and operational requirements prescribed by the Clearing House in relation to the Bank Clearing Member's business governed by this Rules.
Added on 10 August 200710 August 2007 and amended on 3 November 20103 November 2010, 31 December 201331 December 2013, 22 April 201922 April 2019 and 17 July 201917 July 2019.
2.07.2 [Rule has been deleted.]
Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and deleted on 10 May 201010 May 2010.
2.07.3
The Clearing House may from time to time prescribe other minimum capital and financial requirements and conditions for exemptions or exceptions therefrom.
2.07.4
The Clearing House reserves the right to call on any of the letters of credit and all other forms of security furnished pursuant to this Rules and apply the proceeds thereof in respect of the Clearing Member's default to the Clearing House and/or its common bond liability under Rule 7A.05 and 7A.06.
Amended on 10 August 200710 August 2007 and 7 August 20127 August 2012.
2.07.5
A Clearing Member shall immediately notify the Clearing House if it fails to meet the minimum capital and financial requirements prescribed in the preceding paragraphs or becomes aware that it will fail to comply with such requirements.
2.07.6
If the Clearing House is notified by a Clearing Member under Rule 2.07.5 or becomes aware (whether or not there has been any notification by the Clearing Member under Rule 2.07.5) that the Clearing Member has failed to comply with the minimum capital and financial requirements prescribed in the preceding paragraphs, the Clearing House may direct the Clearing Member to do one (1) or more of the following actions:—
Amended on 27 March 200627 March 2006 and 10 August 200710 August 2007.
2.07.7
The Clearing House may prescribe for one (1) or more Clearing Members, capital, financial and other requirements in excess of the minimum prescribed under this Rules on the basis of volume, types of positions carried, margin policies, nature of business conducted or to be conducted or its membership in any exchange or market and such other criteria as deemed necessary by the Clearing House.
Amended on 27 March 200627 March 2006.