3.1.2 Eligibility Criteria for General Clearing Member

Unless otherwise prescribed by CDP, to be eligible for Clearing Membership as a General Clearing Member, an applicant must satisfy CDP that:—

(1) it is a corporation with the requisite financial and business standing and repute and is or will upon admission be carrying on the business in Singapore;
(a) it has a base capital of not less than S$5,000,000; or
(b) in the case of an applicant admitted as a clearing member of CDP and SGX-DC, it has a base capital of not less than S$8,000,000;
or such other amount as may be prescribed by CDP hereafter and from time to time;
(2) upon admission, it shall register one (1) person as a Chief Executive Officer pursuant to Rule 4;
(3) unless exempt under the SFA, it holds a Capital Markets Services Licence to engage in the relevant regulated activities;
(4) it has, and upon admission, will maintain, minimum capital and financial requirements pursuant to Rules 5.1.1 or 5.1D.1 (whichever is applicable) and 5.4;
(4A) it has, and upon admission will maintain, a special reserve fund pursuant to Rule 5.5;
(5) its managerial or executive staff have a high standard of integrity and a level of knowledge (as may be deemed acceptable by CDP) on the nature, risks and obligations in respect of the organised market or trades that it wishes to clear;
(6) it must have in place sufficient resources and establish and maintain adequate systems for preserving a sound liquidity and financial position at all times including the maintaining of adequate staff and facilities for monitoring its cashflow and funding requirements and maintaining sufficient liquidity for its day to day operations;
(7) it must maintain segregated and adequate back-office functions; and
(8) it satisfies any and all other requirements and criteria for such Clearing Membership, which CDP may from time to time hereafter prescribe.

Amended on 3 April 20083 April 2008, 1 July 20081 July 2008, 8 October 20188 October 2018, 10 December 201810 December 2018 and 3 June 20193 June 2019.