Applicants for ICE Clear Netherlands membership are required under ICE Clear Netherland’s Clearing Rules to meet certain membership criteria (detailed in Rule 201(a)) at the time of application and thereafter whilst a clearing member. Membership requirements include, amongst other things:
Each clearing member will be obliged to sign a Clearing Member Agreement with the clearing house which will include provisions pursuant to which the clearing house's rules become contractually binding to both the clearing member and clearing house.
In addition, specific obligations to comply with relevant membership criteria and other membership obligations, to meet margin and Guaranty Fund requirements and to post collateral, will be included in the agreement.
Applications for clearing membership must be made in writing using ICE Clear Netherland’s standard documentation. Upon receipt of an application, ICE Clear Netherlands will liaise with the applicant to ensure that the application is complete and will undertake a due diligence exercise. Each application will be considered by the Risk Committee, which will have delegated authority from the Board to approve or reject such application with a right of appeal due to the applicant in the event of a rejection.