TAIWAN FUTURES EXCHANGE-Clearing-Exchange Traded Derivatives Clearing-Clearing Mechanism-Clearing Margin Accounts

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Clearing

Exchange Traded Derivatives Clearing

OTC Derivatives Clearing

Qualifying Central Counterparty (QCCP) Disclosure

Quantitative Disclosure

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Clearing

Exchange Traded Derivatives Clearing

OTC Derivatives Clearing

Qualifying Central Counterparty (QCCP) Disclosure

Quantitative Disclosure

Clearing Margin Accounts

Margin accounts	Futures commission merchants are required to open customer margin accounts at financial institutions designated by the competent authority or by clearing members to facilitate margin payments and receipts between clients and clearing members. Clearing members shall open customer margin accounts at the settlement bank to facilitate margin payments and receipts between themselves and TAIFEX. Futures commission merchants or clearing members who engage in proprietary business are required to set up separate proprietary margin accounts.
Account reporting	When opening, changing or closing customer margin accounts with a bank, futures commission merchants and clearing members are required to report to TAIFEX within five days pursuant to Article 4 of the Regulations Governing Futures Commission Merchants.
Settlement banks	There are currently a total of eight settlement banks: Bank of Taiwan First Commercial Bank Hua Nan Commercial Bank Chang Hwa Commercial Bank Cathay United Bank Mega International Commercial Bank Chinatrust Commercial Bank JP Morgan Chase Bank, N.A. A clearing member may conduct margining and fund deposit operations via any settlement bank. However, a single settlement bank must be designated by the clearing member for conducting margin withdrawals and payments of clearing service charges.
Automatic deposit of funds	Pursuant to Articles 56, 80 and 87 of the Operating Rules of the Taiwan Futures Exchange Corporation, and Article 2 of the Futures Clearing Operations Fund Deposit Contract, the settlement bank may directly deduct from the margin accounts designated by the clearing members upon receiving notification by TAIFEX.
Legal basis	Articles 56, 80 and 94 of the Operating Rules of the Taiwan Futures Exchange Corporation Taiwan Futures Exchange Corporation Futures Clearing Operations Fund Deposit Contract Article 4, Regulations Governing Futures Commission Merchants

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