ASX has established an account structure and set of governing rules that enables its Participants to offer to their futures and OTC Derivative customers the choice of clearing through an Individual Client Account or the traditional Client Omnibus account.The Individual Client Account (ICA) is opened in the name of the individual client at ASX, under the Client clearing account of the Clearing Participant (who continues to clear transactions as agent of the Client). The segregated account allows for the separate identification and protection of individual customers’ gross positions and Collateral Value. Collateral Value is the higher of the initial margin value of positions in the ICA, or the total collateral (cash and non-cash) which has been attributed (via the CP) to the ICA account including excess collateral.
The ICA significantly increases the likelihood of ASX being able to port an individual client’s positions and Collateral Value, to a nominated Alternate Clearer, in the event of Clearing Participant default. Where porting is not available, ASX will close-out the positions in the ICA, with margin value and/or actual attributed assets being returned directly to the client (less the costs of close-out).
Documentation for Clients
ASX client fact sheets provide an overview of the ASX Client Clearing Service and the Client Protection model that governs it.
• The Client Fact Sheet describes the key features of the Omnibus and ICA account structures, and must be provided by Clearing Participants to their direct or indirect Clients in accordance with the amended Operating Rules. The Client Fact Sheet as at 22 January 2016 can be found here.
• The ASX Client Protection Model establishes the framework which governs ASX client clearing, and the protection of client assets under the ASX Operating Rules. The CPM Client Fact Sheet can be found here.
• ASX also offers the Client Protection Model service to Nominated Persons of an entity that is itself a direct client of a Clearing Participant. For further information on the Nominated Person structure, please see the Nominated Person Fact Sheet that can be found here.
In addition to the Fact Sheets, prospective Clients and Clearing Participants can access a comprehensive list of information below.
• The ASX Operating Rules, including the Client Protection Model under Part10, can be found here.
• The list of ASX Clear (Futures) acceptable collateral can be found here.
• The list of past ASX market consultations, including those pertaining to ASX Client Clearing and account structures, can be found here.
• The ASX Clearing Corporation Investment Policy Fact Sheet can be found here.
To provide prospective users of ASX Client Clearing Service with additional information, ASX has produced a Frequently Asked Questions documents for clients.
Clients frequently asked questions (updated 7 April 2014)
Further information regarding the service may be requested from your Clearer, or by contacting the ASX representatives listed below. Note, all client requests to open an ICA need to be made to ASX via your Clearer.
Documentation for Clearing Participants
The following Documentation provides further details to Clearing Participants who wish to test their readiness to offer the ASX Client Clearing Service to their Clients.
ASX 24 ETDs Client Clearing Service – Clearing Participant Briefing Document
Client Static Data Forms - User Guide
External Reporting Specification Document
SFTP User Guide
Static Data Portal External User Guide
ASX Clear (Futures) Margin Control – User Guide
To provide prospective users of ASX Client Clearing Service with additional information, ASX has produced a Frequently Asked Questions documents for Clearing Participants.
Clearing Participants frequently asked questions (updated 7 April 2014)
Forms for submission
CP Readiness Attestation form – ASX 24 Futures Client Clearing
CP Readiness Attestation form – ASX OTC Client Clearing
Client Entity Form
Client Entity Nominated Person form
SFTP Administrator User Request form – Test
SFTP Administrator User Request form – Production
Static Data Portal Request form
Please see the ‘ASX 24 ETDs Client Clearing Service – Clearing Participant Briefing Document’ listed above for full details on the technical and operational requirements for testing the ASX Client Clearing Service.
|Senior Manager, Cross Product Platform||
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