5.1D.2

Past version: Effective up to 21 Apr 2019

Each Bank Clearing Member incorporated outside Singapore shall at all times:—

(1) where it has satisfied Rule 3.1.3(10)(A) or (b),

Cash and/or Acceptable Government Securities Requirement
(a) deposit, as security for its obligations to CDP, cash and/or acceptable government securities of not less than S$5,000,000 with CDP; or
(b) in the case of a Bank Clearing Member who is also a clearing member of SGX-DC, deposit, as security for its obligations to CDP, cash and/or acceptable government securities of not less than S$8,000,000 with CDP;
PROVIDED ALWAYS THAT:
(i) if the Bank Clearing Member has deposited S$8,000,000 with SGX-DC or such other amount as prescribed, pursuant to the corresponding provision in the SGX-DC Clearing Rules, it need not deposit a further S$8,000,000 with CDP or such other amount as may be prescribed by CDP; and
(ii) CDP shall have the discretion to utilize or apportion in any manner, the S$8,000,000 or such other amount as may be prescribed by CDP and/or SGX-DC, to satisfy the Bank Clearing Member's obligations to CDP and/or SGX-DC under this Clearing Rules and the SGX-DC Clearing Rules respectively. In deciding on the apportionment, CDP may, in consultation with SGX-DC, take into account factors, including but not limited to, the amount owed by the Bank Clearing Member to CDP and SGX-DC respectively.; and
(c) not cause or permit its cash and/or acceptable government securities deposited with CDP or SGX-DC to fall below its total risk requirement; or
(2) where it has satisfied Rule 3.1.3(10)(C),

Net Head Office Funds Requirement
(a) maintain net head office funds of not less than S$5,000,000 or in the case of a Bank Clearing Member who is also a clearing member of SGX-DC, maintain net head office funds of not less than S$8,000,000; and
Adjusted Net Head Office Funds Requirement
(b) not cause or permit its adjusted net head office funds to fall below its total risk requirement; and
(3) Other Requirements

comply with the accounting, reporting, book-keeping and any other financial and operational requirements prescribed by CDP in relation to the Bank Clearing Member's business governed by this Clearing Rules.

Added on 1 July 20081 July 2008 and amended on 25 August 200925 August 2009.