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; 2.02.2.3 it has obtained a guarantee in a form acceptable to the Clearing House from a bank that: a. is licensed and/or regulated as such by a financial authority; and b. has obtained a long term credit rating that indicates, at a strong overall creditworthiness supporting the fulfilment of its financial obligations, and 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; and 2.02.2.4 it has in place the appropriate procedures and capabilities to participate in the default management activities contemplated under Rule 7A.02.1.5. New Rule 2.02.2A 2.02.2A Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a General Clearing Member that clears only Customer OTCF Contracts, an applicant must, in addition to the eligibility criteria prescribed under Rule 2.02.1, satisfy the Clearing House that: 2.02.2A.1 it has a base capital of not less than S$50,000,000 or such capital and financial requirements as may be prescribed by the Clearing House from time to time; 2.02.2A.2 it has in place the appropriate procedures and capabilities to participate in the default management activities contemplated under Rule 7A.02.1.5; 2.02.2A.3 it or its holding company: a. is licensed and/or regulated by a financial authority; and b. has obtained a long term rating from any rating agency registered with an appropriate authority 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; 2.02.2.3 it has obtained a guarantee in a form acceptable to the Clearing House from a bank that: a. is licensed and/or regulated as such by a financial authority; and b. has obtained a long term credit rating that indicates, at a strong overall creditworthiness supporting the fulfilment of its financial obligations, and 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; and 2.02.2.4 it has in place the appropriate procedures and capabilities to participate in the default management activities contemplated under Rule 7A.02.1.5. New Rule 2.02.2A 2.02.2A Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a General Clearing Member that clears only Customer OTCF Contracts, an applicant must, in addition to the eligibility criteria prescribed under Rule 2.02.1, satisfy the Clearing House that: 2.02.2A.1 it has a base capital of not less than S$50,000,000 or such capital and financial requirements as may be prescribed by the Clearing House from time to time; 2.02.2A.2 it has in place the appropriate procedures and capabilities to participate in the default management activities contemplated under Rule 7A.02.1.5; 2.02.2A.3 it or its holding company: a. is licensed and/or regulated by a financial authority; and b. has obtained a long term rating from any rating agency registered with an appropriate authority that indicates, at least, a strong overall creditworthiness supporting the fulfilment of its financial obligations; and
SGX_DC_Clearing_31_Dec_2013.docx