2.08.1
Each General Clearing Member incorporated outside Singapore shall at all times:—
not cause or permit its adjusted net head office funds 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 and 3 November 20103 November 2010.
2.08.1A
Each Direct Clearing Member incorporated outside Singapore shall at all times:—
maintain net head office funds 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.
Amended on 10 August 200710 August 2007.
2.08.1B
Each Bank Clearing Member incorporated outside 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 25 August 200925 August 2009, 3 November 20103 November 2010, 22 April 201922 April 2019 and 17 July 201917 July 2019.
2.08.1BA Liquidity Resource Requirement
Each Bank Clearing Member incorporated outside Singapore shall deposit liquidity resources with the Clearing House upon the Clearing House's request, if the Clearing House determines that any conditions exist which may threaten the ability of the Bank Clearing Member to satisfy its obligations to the Clearing House and/or CDP under this Rules and the CDP Clearing Rules respectively.
Such liquidity resources shall be an amount up to S$5,000,000, or S$8,000,000 in the case of a Bank Clearing Member who is also a clearing member of CDP, and shall be paid in cash and/or acceptable government securities within such time as determined by the Clearing House.
Added on 22 April 201922 April 2019.
2.08.1D
Each Remote Clearing Member incorporated outside Singapore shall at all times:
maintain a base capital of not less than S$50,000,000;
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.
Added on 31 December 201331 December 2013 and amended on 22 April 201922 April 2019.
2.08.1E
In addition to the other applicable requirements under Rule 2.08, each FCM Clearing Member shall at all times maintain an adjusted net capital, in accordance with CFTC Regulation 1.17, of not less than US$50,000,000.
Added on 31 December 201331 December 2013.
2.08.2 [Rule has been deleted.]
Amended on 27 March 200627 March 2006 and 10 August 200710 August 2007 and deleted on 10 May 201010 May 2010.
2.08.3
The Clearing House may from time to time prescribe other minimum capital and financial requirements and conditions for exemptions or exceptions therefrom.
2.08.4
The Clearing House reserves the right to use or call on any cash and/or acceptable government securities deposited with the Clearing House or CDP pursuant to Rule 2.08.1B.1, 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 27 March 200627 March 2006, 10 August 200710 August 2007 and 7 August 20127 August 2012.
2.08.5
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.
Amended on 10 August 200710 August 2007.
2.08.6
If the Clearing House is notified by a Clearing Member under Rule 2.08.5 or becomes aware (whether or not there has been any notification by the Clearing Member under Rule 2.08.5) that such Clearing Member has failed to comply with the minimum capital and financial requirements prescribed in the preceding paragraphs, the Clearing House may direct such 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.
2.08.7
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 or positions carried, margin policies, nature of business conducted or to be conducted or its membership in any other exchange or market and such other criteria as deemed necessary by the Clearing House.
Amended on 27 March 200627 March 2006.