Examples of FCM Clearing Member in a sentence
Each FCM Clearing Member shall require its FCM Clients to satisfy such requirements as applicable.
The Clearing House accepts no liability for any error within or corruption of any data sent by an FCM Approved Trade Source System to the Clearing House or to an FCM Clearing Member or any delay in or failure of the transmission of such data to the Clearing House.
The terms and conditions binding on each FCM Clearing Member are set out in the FCM Rulebook (which includes these FCM Procedures), the FCM Clearing Membership Agreement, the FCM Default Management Process Agreement and the FCM Default Fund Agreement, each as amended from time to time.
This fee must accompany the application for FCM Clearing Member status and is non-refundable.
If an Approved Applicant does not fulfill all such conditions within these three months, the Clearing House may, at its sole discretion, consider the grant of approval to have lapsed and may notify the prospective FCM Clearing Member accordingly that they will be required to provide further information following which the application will be submitted for re-approval.
In the event that the Clearing House registers any FCM SwapClear Contract on the basis of incorrect or corrupted data sent to it by an FCM Approved Trade Source System and accepted by an FCM Clearing Member, the FCM Clearing Member concerned shall be bound by the terms of such FCM SwapClear Contract.
Applicants approved by the Clearing House for FCM Clearing Member status (“Approved Applicants”) must, within three months of notification of their approval, fulfill all conditions attached to their approval.
An application for FCM Clearing Member status of the Clearing House must be made on the appropriate form which can be obtained from the Clearing House's Membership Department.
If granted, FCM Clearing Member status is subject to the making of Contributions to the default fund(s) of the Clearing House related to FCM Clearing Services cleared by the relevant FCM Clearing Member, as determined by the Clearing House under the Default Rules.
The Clearing House will process any FCM SwapClear Transaction reported to it by an FCM Approved Trade Source System on an “as is” basis and, subject to the FCM Rulebook, will register any such FCM SwapClear Transaction on the basis of the data provided to it by the FCM Approved Trade Source System and approved by the relevant FCM Clearing Member.