EXCHANGE
Operations
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.