Applicants for membership of ICE Clear Singapore (the “Clearing House”) are required to meet certain membership criteria under the Clearing Rules (detailed in Rule 201(a) and the Membership Procedures) at the time of application and thereafter whilst a clearing member. Membership requirements include, amongst other things:
Upon admission the applicant will be obliged to sign a Clearing Member Agreement with the clearing house that includes provisions pursuant to which the Clearing Rules become contractually binding to both the applicant and clearing house. In addition, specific obligations to comply with relevant membership criteria and other membership obligations, such as to meet margin and Guaranty Fund requirements and to post collateral, are included in the agreement. As clearing member, the applicant will also be required to enter into appropriate "give-up" agreements with its customers pursuant to which it becomes party to, and solely liable to the clearing house in respect of, contracts that it will clear and guarantee on behalf of its customers.
Applications for clearing membership must be made in writing using the Clearing House's standard documentation. Upon receipt of an application, the Clearing House will liaise with the applicant to ensure that the application is complete and will undertake a due diligence exercise.
During the application process the applicant must respond to enquiries and requests for information by the Clearing House in a timely manner. Applicants must provide suitable contact details for all communications. The Board of the Clearing House will ultimately decide to approve or reject the application. Any rights of appeal due to the applicant in the event of a rejection are set out in the Clearing Rules.
If you have any queries or require any further information, please e-mail: ICE Clear Singapore Membership