OTC Clear definition

OTC Clear means OTC Clearing Hong Kong Limited.

OTC Clear means OTC Clearing Hong Kong Limited, a central counterparty established by SEHK for the purpose of providing clearing and settlement services for over-the-counter derivative transaction;

OTC Clear means OTC Clearing Hong Kong Limited; “OTC Clear Clearing Documentation” means “Clearing Documentation” as defined in the Rules of OTC Clear; “OTC Clear Clearing Member” means any legal entity admitted as a clearing member of OTC Clear and in respect of which OTC Clear has not terminated its clearing membership; “OTC Clear Clearing Member Clients” means “Clients” as defined in the Rules of OTC Clear; “OTC Clear Membership Agreement” means a “Membership Agreement” as defined in the Rules of OTC Clear; “recognized clearing house” means a clearing house recognized by the Commission as such under section 37 of the Ordinance; “recognized exchange company” means an exchange company recognized by the Commission as such under section 19 of the Ordinance; “Rules of OTC Clear” means the rules and procedures applicable to the clearing services provided by OTC Clear as in force from time to time; “section 392 Notice” means the Securities and Futures (Futures Contracts) Notice 2012 made under section 392 of the Ordinance and effective as of 27 June 2012; and “structured product” has the meaning assigned to it by section 1 of Part 1 of Schedule 1 to the Ordinance.

Examples of OTC Clear in a sentence

• Time Available on OASIS:On each OTC Clear Clearing Day from the time when the report download function is available.

• Clearing Member can reconcile their registration / deregistration activities and follow-up any outstanding FX Derivatives Contract or Original FX Derivatives Transaction with OTC Clear.

• Clearing Member can reconcile their registration / deregistration activities and follow-up any outstanding Rates Derivatives Contract or Original Rates Derivatives Transaction with OTC Clear.

• Clearing Member can reconcile their registration / deregistration activities and follow-up any outstanding Deliverable FX Derivatives Contract or Original Deliverable FX Derivatives Transaction with OTC Clear.

• If OTC Clear is unable to consult with the Risk Management Committee sufficiently promptly in the circumstances, OTC Clear will consult with the chief executive of OTC Clear.

• Without a PAI, the pricing of a Contract registered with OTC Clear would be distorted from that of equivalent transactions which are not registered with OTC Clear.

• The report will remain available to the OASIS user for twelve OTC Clear Clearing Days from the date it is first made available on OASIS.

• If a Clearing Member is a member of RTGS system, it must settle directly with the settlement bank of OTC Clear via RTGS system.

• All information provided to or in the possession of OTC Clear regarding past or current positions carried by OTC Clear for a Clearing Member, Margin payments between OTC Clear and a Clearing Member or deliveries made by or to a Clearing Member and any financial statements submitted to OTC Clear by any Clearing Member shall be kept confidential by OTC Clear in accordance with such procedures or policies as OTC Clear may from time to time determine.

• OTC Clear will provide Clearing Members with regular updates of holidays affecting Currency Days and Business Days through the “OTC Clear Market Data Report (Report Number MKDR03)”.

More Definitions of OTC Clear

OTC Clear. “SHCH”, “BOC”, “BOCHK”, “ICBC”, “ICBCA”, “Hong Kong Custodian Bank”, “PRC Custodian Bank” or any “Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Documents; and

OTC Clear means OTC Clearing Hong Kong Limited, a subsidiary of HKEX;