Clearing Cycles

At each clearing cycle, trades and positions are marked-to-market and margin requirements are re-calculated.

For each given Trading Day, there are 2 routine clearing cycles and ad-hoc clearing cycle.

Type of Clearing Cycle Timeline Margin Call Settlement Time
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.