Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a Remote Clearing Member that clears (i) Non-Relevant Market Contracts, and/or (ii) Customer OTCF Contracts, an applicant must, in addition to the eligibility criteria prescribed under Rule 2.02C.1, satisfy the Clearing House that:
2.02C.2.1 it or its holding company:
a. is licensed and regulated by a financial authority; and
b. has a long term rating that indicates, at least, a strong overall creditworthiness supporting the fulfilment of its financial obligations from any rating agency registered with an appropriate authority;
2.02C.2.2 it has obtained a guarantee in a form acceptable to the Clearing House from a bank or its holding company, provided that such bank or holding company:
a. is licensed and/or regulated as such by a financial authority; and
b. has obtained:
i. a long term rating from any registered rating agency that indicates, at least, a strong overall creditworthiness supporting the fulfilment of its financial obligations; and
ii. in the case of a bank, a 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.
Added on 31 December 201331 December 2013.