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

• 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.

• Paperless direct credits and direct debits addressed to participating Members may be accepted for clearing when presented by OTC Clear for this purpose.

• Any Original Transaction submitted to OTC Clear through an Approved Trade Registration System shall be deemed to be submitted for or by the relevant Clearing Member.

• As described in section 3.2, each Approved Trade Registration System is a system provided by a third-party vendor and as such, OTC Clear will not be responsible or liable for any such trade matching performed by any such Approved Trade Registration System.After an Original Transaction is matched by an Approved Trade Registration System, Clearing Members can submit an Original Transaction to OTC Clear for registration via an Approved Trade Registration System.

• Please refer to the ATRS Guide which sets out each data field on an Approved Trade Registration System accepted by OTC Clear for the purpose of submission of an Original Transaction for registration as Contracts.

• OTC Clear does not discriminate or distinguish between Original Transactions based upon execution method or venue.

• OASIS stands for “OTC Account Services Information System” which is a Web Portal provided by OTC Clear to its Clearing Members to manage the collateral holdings and obligations with OTC Clear.

• ContentsThe Report Usage Guide covers all OTC Clear reports available on OASIS.

• Upon execution of an Original Transaction, Clearing Members or Clients who are parties to such Original Transaction and who wish to submit such Original Transaction for registration with OTC Clear shall submit or, in the case of a Client, request the relevant Clearing Member to submit such instructions to the same Approved Trade Registration System.

More Definitions of OTC Clear

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

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