Exchange Rules

EXCHANGE RULES
v3.0
(3) Clearing Members shall be obliged to financially settle their Clearing Transactions
to the Settlement Account at the appropriate Settlement Bank.
(4) Clearing Members shall be obliged to physically settle their Final Transactions via
the Settlement Account at the appropriate Physical Settlement Domain.
4.5 Financial Guarantees
(1) BSP shall request that a Clearing Member deposits and maintains Financial
Guarantees in stipulated amounts as insurance for the fulfilment of its liabilities
towards BSP in accordance with the Rules.
(2) Financial Guarantees deposited by Clearing Member shall constitute the required
Financial Guarantees and may be cashed in by BSP for the purposes of fulfilment
of Clearing Members financial obligations towards BSP.
(3) Clearing Member shall deposit Financial Guarantees in the form in accordance
with the provisions set out in the Clearing Rules.
(4) According to its own judgment and without citing reasons, BSP shall be entitled,
with respect to a Clearing Member, to either change the level of required Financial
Guarantees or require additional Financial Guarantees or stipulate a lower amount
of Financial Guarantees or return a part of Financial Guarantees already deposited.
Financial Guarantees required in accordance with provision of this paragraph (4)
shall be deposited upon request and in the form prescribed by BSP in accordance
with the detailed provisions set out in the Clearing Rules.
(5) According to its own judgment and without citing reasons, BSP may, for each case
separately and under a special agreement, accept Financial Guarantees in an
amount and in a form different to those stipulated in the Rules.
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