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OTC clearing procedures
General
The OTC clearing procedures apply to all account holders and brokers when involved in OTC clearing. The OTC clearing procedures are non-exhaustive and are in addition to applicable rules set out elsewhere in the clearing rules.
OTC clearing is available to account holders having entered into an OTC transaction which is available for OTC clearing in accordance with the product specifications, and who are eligible as counterparties.
In case of clearing clients, their client representative shall act on behalf of its clearing clients, as further set out in the clearing rules. Clearing clients will only have access to OTC clearing through their client representative.
Use of brokers
Brokers may represent clearing members, but not clearing clients, in OTC clearing.
Clearing members may appoint one or more brokers to act on their behalf using a standard broker appointment form.
Download
Please note that the actually availability of brokers, even though listed in this document, is conditional upon the applicable broker signing a broker agreement with the clearinghouse. Please check with your broker whether or not it has signed up as broker; no OTC clearing can be performed through the broker until has obtained status as broker with the clearing house.
Is your broker not listed. Please contact your broker and ask them to contact the clearinghouse in order to sign up as broker.
Registration and processing of clearing requests
Clearing requests may be registered by a broker or the account holders involved in the OTC transaction as follows:
Joint registration: a broker may register an OTC transaction for clearing if both account holders involved have appointed the broker as their broker with the clearing house. The registration by the broker represents matching clearing requests on behalf of both account holders involved in the OTC transaction.
Two-sided registration: account holders may register an OTC transaction for clearing, in which case both account holders must register opposite and matching clearing requests with the clearinghouse, nominating the other account holder as counterparty to the OTC transaction.
Registration errors
Account holders must in respect of claims for registration errors in OTC transactions make a complaint to the clearinghouse as soon as possible, and no later than five (5) minutes following the registration of each clearing transaction. Complaints shall be made by telephone call to the clearing house at its designated point of contact. To the extent the applicable clearing request was submitted by a broker, communication in accordance with this section 5 shall take place exclusively through the broker acting on behalf of the account holder(s) involved.
For further information, please see the OTC clearing procedures.