Membership-SA: Legal & Regulatory Requirements

• Applicants to Securities, Derivatives and Fixed Income, please refer to the Rule Book (Title II, Chapter 1, Section 2.1.1.1).
• Applicants to Bluenext, please refer to the Operating rules for transactions on Bluenext Derivatives (Title II, Chapter 1, Section 2.1.1.).
• Applicants to CDS, Please refer to the CDS rulebook (Title II, Chapter 2, Section 2.2.2).

Membership-SA: Market Capital Requirements

For more detailed information please refer to the Clearing Rules:

• Minimum levels of net capital: Title II, Chapter 3, Section 2.3.2 of the Rule Book;
• Minimum rating requirements demanded by the markets, Title II, Chapter 3, Section 2.3.3 of the Rule Book;
• Appropriate Central Bank arrangements, Title II, Chapter 2, Section 2.2.3 of the Rule Book;
• Staff of sufficient experience and knowledge of the products being cleared, Title II, Chapter 2, Section 2.2.2.B of the Rule Book;
• Appropriate systems to manage their clearing activities, Title II, Chapter 2, Article 2.2.1.1 of the Rule Book.

Definitions

Individual Clearing Member (ICM): A Clearing Member authorised to clear Transactions which have been dealt for its own account, or allocated to it or have been concluded for the account of its Clients.

General Cleared Member (GCM): A Clearing Member authorised to clear Transactions which have been dealt for its own account, or allocated to it, or have been concluded for the account of Clients, Trading Members or Associated Trading Member.