APEX Clearing Rulebook
All APEX clearing members and participants are bound by the Asia Pacific Clear Pte. Ltd. Clearing Rulebook (the Clearing Rules) and must ensure compliance with Rules.
APEX Clearing Rulebook.pdf (with effect from 16 October 2018)
Chapter 1 sets out the definitions and rules of construction that are applicable to the entire Clearing Rules. In particular, Rule 103 dictates, inter alia, that the Clearing Rules should be interpreted and given effect in the manner which is most conducive to the status of the Clearing House as an approved clearing house under the Securities and Futures Act (Cap. 289) of Singapore.
Chapter 2 sets out the general overarching provisions to the Clearing Rules such as the power of the Clearing House to issue procedures, directives and regulatory notices and to delegate its powers under the Clearing Rules, jurisdiction and governing law, confidentiality and data usage, etc. The Clearing House has issued a set of Clearing Procedures, which can be viewed here.
Chapter 3 sets out matters relating to clearing membership such as the membership requirements of the Clearing House and the obligations of the members of the Clearing House.
Chapter 4 sets out the rights and obligations of the Clearing House and the clearing members in relation to clearing and settlement, including but not limited to the obligation of the Clearing House to act as a central counterparty in the prescribed situations and the obligation of clearing members to comply with margin requirements.
Chapter 5 sets out the provisions in respect of delivery of any contract under the Clearing Rules, including rules relating to the delivery process, physical delivery, and the clearing members' delivery obligations.
Chapters 6 and 7 set out the enforcement powers and disciplinary powers of the Clearing House. The procedure for disciplinary actions by the Clearing House is set out in Chapter 7.
Chapter 8 sets out what events constitute an event of breach under the Rules and the rights of the Clearing House in an event of breach, while Chapter 9 sets out the rights of clearing members in an event of default by the Clearing House.
Chapter 10 sets out the provisions in relation to the obligation of the Clearing House to set up a Guaranty Fund.
Chapter 11 sets out the powers of the Clearing House in the event of an emergency.
Chapter 12 sets out the dispute resolution clause for any dispute arising out of the Clearing Rules.