Clearing House acting as a CCP must have systems and procedures to enable segregation and portability of positions of the customers of its Members and other participants on its facilities, and any collateral provided to it with respect to those positions.
(2) For the purposes of (1), a
CCP's systems and controls must, at a minimum, provide for the following:
(a) the segregation and portability arrangements that effectively protect the positions and related collateral of the customers of the
Members or other participants on its facilities from the default or insolvency of the relevant Member or other participants;
(b) if the
CCP offers additional protection of the customer positions and related collateral against the concurrent default of both the relevant Member or other participants or other customers, the adoption of necessary measures to ensure that the additional protection offered is effective; and
(c) the use of account structures that enable the
CCP to readily identify positions of the customers of the relevant Member or other participant, and to segregate their related collateral.
CCP must make available to its Members and other participants using its facilities, its rules, policies and procedures relating to the segregation and portability of the positions and related collateral of the customers of its Members and other participants using its facilities.
Derived from RM118/2013 [VER15/07-13]