TAIWAN FUTURES EXCHANGE-Clearing-Exchange Traded Derivatives Clearing-Clearing Members-Criteria Of Clearing Membership

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Clearing

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Clearing

Criteria Of Clearing Membership

Individual Clearing Member

the scope of their operations： A futures commission merchant that handles clearing and settlement for its brokerage and proprietary futures trading business.
Financial Structure
- (1) Futures commission merchants shall have minimum paid-in capital of NT$200 million; other businesses operating concurrently as futures commission merchants shall allocate at least NT$80 million in designated operating funds
- (2) Financial ratios:
  - Owner's equity / paid-in capital≧ 80%.
  - - futures commission merchant are NT$200 million or more: ANC / required for outstanding positions≧20%
    - futures commission merchant are over NT$100 million but less than NT$200 million: ANC / required for outstanding positions≧25%; or
    - futures commission merchant are less than NT$100 million: ANC / required for outstanding positions ≧30%. An agreement establishing an irrevocable line of credit of at least NT$60 million dedicated for margin clearing purposes shall be entered into with a settlement bank.
  - Current asset / current liabilities ≧100%.Current asset / current liabilities ≧100%,if current ratio is less than 120%,TAIFEX may collect additional clearing margin.
  - (Total liabilities - futures trader's equity ) / owner's equity ≦ 80%.
  - Obtained the credit rating report within two years after obtaining a clearing membership.

General Clearing Member

the scope of their operations：A futures commission merchant that, in addition to handling clearing and settlement for its brokerage and proprietary futures trading business, may also handle clearing and settlement on consignment for other futures commission merchants.
Financial Structure
- (1) The minimum paid-in capital of a futures commission merchant or the designated operating funds allocated by another business operating concurrently as a futures commission merchant shall be at least NT$400 million.
- (2) Financial ratios:
  - Owner's equity / paid-in capital ≧ 80%.
  - ANC / required for outstanding positions ≧20%
  - Current asset / current liabilities≧100%
  - (Total liabilities - futures trader's equity ) / owner's equity ≦ 100%.

Special Clearing Members

the scope of their operations：A financial institution that handles clearing and settlement only on consignment for futures commission merchants.
Financial Structure
- (1) The minimum paid-in capital of a futures commission merchant or the designated operating funds allocated by another business operating concurrently as a futures commission merchant shall be at least NT$400 million.
- (2) Financial ratios:
  - Owner's equity / paid-in capital ≧ 100%.
  - ANC / required for outstanding positions ≧20%
  - Current asset / current liabilities ≧100%
  - (Total liabilities - futures trader's equity) ≦ owner's equity.