A Clearing Agreement is a fundamental document in the Indian financial markets infrastructure that establishes the legal and operational framework for clearing services. This agreement is essential when a financial institution seeks to become a clearing member of a recognized clearing corporation in India. It outlines comprehensive terms for trade settlement, risk management, default procedures, and regulatory compliance under Indian law, particularly adhering to SEBI and RBI guidelines. The agreement becomes necessary when financial institutions need direct access to clearing and settlement systems, whether for their proprietary trading or client transactions. It includes detailed provisions for margin requirements, collateral management, technical connectivity, and reporting obligations, ensuring alignment with Indian regulatory requirements and international best practices.
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1. Parties: Identification of the clearing member and the clearing corporation/house
2. Background: Context of the agreement and the clearing relationship
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. Scope of Services: Details of clearing services provided and market segments covered
5. Membership Requirements: Ongoing requirements for maintaining clearing membership
6. Rights and Obligations: Core responsibilities and rights of both parties
7. Risk Management: Margin requirements, collateral management, and risk monitoring procedures
8. Default Procedures: Steps to be taken in case of default by the clearing member or its clients
9. Settlement Procedures: Process for settlement of trades and payment obligations
10. Fees and Charges: Fee structure and payment terms for clearing services
11. Representations and Warranties: Standard legal representations by both parties
12. Compliance Requirements: Regulatory compliance obligations and reporting requirements
13. Term and Termination: Duration of agreement and termination provisions
14. Confidentiality: Protection of confidential information
15. Dispute Resolution: Procedures for resolving disputes between parties
16. Governing Law: Applicable law and jurisdiction
1. Sub-clearing Members: Include when the clearing member plans to offer services to sub-clearing members
2. Cross-Border Services: Include for clearing members dealing with international trades or settlements
3. Technology Requirements: Include detailed IT specifications when specific systems are mandatory
4. Business Continuity: Include specific disaster recovery requirements for larger clearing members
5. Insurance Requirements: Include when specific insurance coverage is mandatory
6. Additional Markets: Include when clearing services extend to multiple market segments
7. Client Clearing: Include specific provisions for client clearing services if offered
1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Schedule 2 - Eligible Collateral: List of acceptable collateral types and haircuts
3. Schedule 3 - Technical Requirements: Detailed technical specifications for connectivity
4. Schedule 4 - Risk Management Parameters: Specific margin requirements and risk limits
5. Schedule 5 - Reporting Requirements: Templates and timeframes for required reports
6. Appendix A - Default Fund Contribution: Calculation methodology for default fund contributions
7. Appendix B - Contact Details: Key contacts and escalation matrix
8. Appendix C - Operation Manual: Detailed operational procedures and guidelines
9. Appendix D - Compliance Checklist: Regulatory and operational compliance requirements
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