Clearing Cycles


For each given Trading Day, there are 3 routine clearing cycles and ad-hoc clearing cycle.


Type of Clearing Cycle

Timeline

Margin Call Settlement Time

1st intra-day Clearing Cycle

From 23:00hr on T-1

Before 10:00hr on T

2nd intra-day Clearing Cycle

From 12:30hr on T

Within one hour of issuance on T

End-of-day Clearing Cycle

From 19:00hr on T

Before 10:00hr on T+1

Ad-hoc Clearing Cycle

Anytime between 09:00hr

and 18:00hr on T

Within one hour of issuance on T


“T” means a given Trading Day. 

 

At each clearing cycle, trades and positions are marked-to-market and margin requirements are re-calculated. Where required, margin calls are issued to the relevant Clearing Member by APEX CLEAR at the end of each clearing cycle.