臺灣期貨交易所股份有限公司店頭衍生性金融商品集中結算業務規則(草案)總說明 I

自 2008 年金融海嘯後，全球開始正視店頭衍生性金融商品市場監理之重要性，各國（歐、美及亞洲日、韓、港、新、澳、中）陸續推動店頭衍生性金融商品集中結算機制（以下簡稱店頭集中結算機制），並立法規範店頭衍生性金融商品交易之申報與集中結算，並就特定商品實施強制集中結算，以強化金融市場穩定。我國主管機關為接軌國際店頭衍生性金融商品市場之監理趨勢，降低系統性風險，促進金融穩定，提供我國店頭衍生性商品交易可在國內集中結算之環境，以降低國際清算銀行巴塞爾銀行監理委員會(Basel Committee on

Banking Supervision)所規範之資本計提及保證金負擔，爰推動期貨交易法部分

條文修正案，增訂我國店頭衍生性金融商品集中結算法源。

前揭期貨交易法部分條文修正案於 108 年 1 月 16 日經總統令公布施行，

其中第 3 條之修正重點，係明定非在期貨交易所進行之期貨交易（即店頭衍生性金融商品）符合主管機關規定應集中結算之期貨交易範圍者，應於其指定之集中結算機構依期貨交易法規定進行集中結算；第 49 條之修正重點，係明定在期貨交易所與非在期貨交易所進行之期貨交易相關財務安全防衛資金應分別繳存或提列支應。主管機關於 108 年 6 月 24 日發布金管證期字第 10803195266 號令，指定本公司為其規定應集中結算之非在期貨交易所進行期貨交易（即店頭衍生性金融商品）之結算機構，並自該令發布日起生效。

為降低我國金融機構成本並健全整體金融市場發展，本公司依主管機關指示規劃建置我國店頭集中結算機制，配合市場監理，以維護集中結算秩序，爰依期貨交易法第四十七條之規定，訂定「臺灣期貨交易所股份有限公司店頭衍生性金融商品集中結算業務規則(草案)」。本公司除參酌國際主要結算機構如

倫敦結算所(LCH)、日本證券結算公司(JSCC)、韓國交易所(KRX)、香港場外

結算所(HK OTC Clear)及澳洲交易所(ASX)相關業務規則及本公司期貨集中交易市場業務規則架構及內容，並考量我國店頭衍生性金融商品市場運作實務，參照期貨交易法第四十七條規定事項之合理規範，以期符合國際發展趨勢、監

理規範與實務作法，俾利市場參與者參與，使店頭集中結算機制得以穩健且順利推動上線。

本業務規則草案分為十四章，計八十四條，第一章為總則，第二章為結算會員，第三章為帳戶與客戶集中結算業務，第四章為結算契約，第五章為保證金，第六章為結算與交割，第七章為部位監視，第八章為交割結算基金，第九章為違約處理，第十章為緊急處理措施，第十一章為結算服務費，第十二章為仲裁，第十三章為違約罰則，第十四章為附則，其規範之要點摘xxx：

第一章總則（第一條至第四條）

訂定本公司店頭衍生性金融商品集中結算業務規則之法源依據及主管機關，並就本業務規則重要名詞予以敘明解釋。

第二章結算會員（第五條至第十三條）

訂定辦理本公司店頭衍生性金融商品集中結算業務之資格暨結算會員資格條件、類別、申請程序、權利、義務、資格之喪失、執行業務應遵守之規範、各種應行申報事項、財務業務之管理等。

第三章帳戶與客戶集中結算業務（第十四條至第二十二條）

訂定本公司與結算會員辦理店頭衍生性金融商品集中結算業務之部位及保證金等事項之帳戶登載事宜，本公司應將結算會員繳存之保證金與本公司自有資產分離存放。結算會員從事客戶集中結算業務時，應與客戶簽訂客戶結算交割契約，區隔不同客戶之部位及保證金，並應將客戶繳存之保證金應與結算會員自有資產分離存放，且個別客戶保證金不足應以自有資金墊補等事項。

第四章結算契約（第二十三條至第二十九條）

訂定店頭衍生性金融商品交易提交至本公司集中結算之認可交易契約提交平臺、契約規格與提交時間、契約內容變更及提前終止等事項。

第五章保證金（第三十條至第四十條）

為規範本公司店頭衍生性金融商品集中結算業務參與者應履行結算交割之義務，爰訂定預繳保證金、應繳保證金、額外保證金、變動保證金及價格校正利息、洗價損益及價格校正金額、擔保型與損益型結算契約權利義務之行使、評價曲線、保證金追繳與提領、保證金專戶及利息等相關規範。

第六章結算與交割（第四十一條至第四十三條）

訂定本公司每日結算作業方式、本公司與結算會員間之款項撥轉方式、本公司與結算會員對帳作業及其他結算交割之相關事項。

第七章部位監視（第四十四條至第四十五條）

基於對結算會員風險管理考量，訂定結算會員部位風險管理措施。

第八章交割結算基金（第四十六條至第五十一條）

為維繫店頭衍生性金融商品集中結算之安全性，規範結算會員提存店頭交割結算基金及其管理、運用、計算相關事項。

第九章違約處理（第五十二條至第六十五條）

為確保店頭衍生性金融商品集中結算之運作安全，避免違約事件之影響，規範設置店頭違約處理小組、違約處理相關程序、店頭財務安全防衛資源支應與受償順序及淨額結算相關事項。

第十章緊急處理措施（第六十六條至第六十七條）

為維繫店頭衍生性金融商品集中結算安全性，訂定市場交易緊急處理措施。

第十一章結算服務費（第六十八條至第六十九條）

訂定本公司得向結算會員收取之各項費用及繳納期限。

第十二章仲裁（第七十條至第七十五條）

配合市場自律機能之建立與發揮，規範仲裁相關事項，俾據遵循。

第十三章違約罰則（第七十六條至第八十三條）

明定結算會員及其受雇人違反本業務規則之處分方式，以維護店頭衍生性金融商品集中結算秩序。

第十四章附則（第八十四條）訂定施行日期。

臺灣期貨交易所股份有限公司

店頭衍生性金融商品集中結算業務規則(草案)條文對照表

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說明

第一章總則

（法源依據）

本規則依期貨交易法第四十七條規定訂定之。

本公司業務規則第一章總則

第一條 x規則依期貨交易法第十五條及第四十七條規定訂定之。

明定本業務規則(草案)制定之法源依據。

（法規遵循）本公司經營店頭衍

生性金融商品集中結算業務，除遵照有關法令及本公司章程規定外，依本規則之規定辦理。

本公司業務規則

第二條 x公司經營業務，除遵照有關法令及本公司章程規定外，依本規則之規定辦理。

明定集中結算業務遵照之辦理依據。

（主管機關）

本規則所稱主管機關，為金融監督管理委員會。

本公司業務規則

第三條 x規則所稱主管機關，為金融監督管理委員會。

本規則所稱華僑及外國人，包括境內華僑及外國人、境外華僑及外國人。

本規則所稱境內華僑及外國人，指居住於中華民國境內領有華僑身分證明書、持有僑居身分加簽之中華民國護照、外僑居留證之自然人或外國機構投資人。

本規則所稱境外華僑及外國人，指在中華民國境外之華僑及外國自然人或外國機構投資人。

本規則所稱外國機

構投資人，指在中華民國境外，依當地政府法

明定本業務規則(草案)之主管機關。

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說明

令設立登記者，或外國法人在中華民國境內設立之分公司。

本規則所稱大陸地區投資人，指依大陸地區投資人來臺從事證券投資及期貨交易管理辦法規定得來臺從事期貨

交易之人。

（名詞定義）

本規則用詞，定義如下：

店頭衍生性金融商品：指非在期貨交易所進行期貨交易法第三條第一項所定之期貨交易。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §2 : The term “OTC derivatives trades” in this Regulation means the trading of interest rate swap among the contracts noted in [§5(1)3] of the Act (hereinafter referred to as the “swap trading”), which was carried out outside the market (hereinafter referred to as the “OTC”) established by the entity who obtained the permission for exchange pursuant to [§373-2] of the Act.

一、明定本業務規則(草案) 之名詞定義。

二、鑑於國際主要結算機構對店頭衍生性金融商品提交集中結算之名詞定義皆有規範，爰參考訂定之。

交易契約：指符合本公司之規定，得提交至本公司進行

Hong Kong Exchange OTC Clear Rates and FX Derivatives Clearing Rules

101. Original Transaction

條文	現行集中交易市場條文	國外參考條文	說明
集中結算之店頭衍生性金融商品。		means a transaction in relation to Rates Derivatives or FX Derivatives originally entered into between two Clearing Members, a Clearing Member and a Client, or two Clients, and that is submitted for registration with OTC Clear in accordance with these Clearing Rules;
結算契約:指結算會員自有或其客戶之交易契約經提交至本公司進行集中結算，於本公司接受後新成立之契約。		Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §2.(1).9 The term “cleared transaction” in this Regulation means the OTC derivatives trades executed between the Exchange and a clearing member through the assumption of obligations by the Exchange, which is classified as follows:
		(a) Proprietary cleared transactions: Cleared transactions that a clearing member conducts on its own account; and (b) Client cleared transactions: Cleared

條文	現行集中交易市場條文	國外參考條文	說明
		transactions that a clearing member conducts on the account of its client.
		Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 2. Definitions (34) “Cleared Contract” means an IRS Transaction between JSCC and a Clearing Participant that comes into effect as a result of Clearing;
部位：指結算會員各結算帳戶之結算契約。
結算會員:與本公司簽訂結算交割契約，辦理本公司集中結算業務之金融機構。		Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §2 (1) 3. The term “clearing member” means an entity who obtained the authorization to participate in the clearing operation of OTC derivatives trades from the Exchange, from among the persons who were licensed for the investment trading business in relation to the OTC derivatives trades.

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說明

客戶：指與結算會員簽訂客戶結算交割契約，將其交易契約委託結算會員於本公司進行集中結算者。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §2 (1) 4.

The term “client” in this Regulation means an entity who entrusted the clearing participation tasks of the clearing eligible transactions that were executed under his/her own name to a clearing member.

集中結算業務：指本公司辦理與結算會員間之店頭衍生性金融商品集中結算事宜，包含交易契約提交集中結算、結算契約之部位互抵、部位壓縮、結算款項收付、洗價損益收付、保證金計算與收付及違約處理等事宜。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §2 (1) 6.

The term “clearing operation” in this Regulation means the operations such as the verification of clearing eligible transactions for clearing, assumption of obligations, netting, determination of settlement amount, notification of settlement amount determined to the clearing member, receipt of determined settlement amount from the clearing member, settlement

instruction, delivering

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說明

determined settlement amount to the clearing member and handling settlement default, which

the Exchange fulfills.

營業日：本規則所稱營業日係指國內銀行業營業日。

結算交割契約:結算會員為辦理本公司集中結算業務，與本公司簽訂之契約。

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 2. Definitions (30)

“ Clearing Participant Agreement” means an agreement between JSCC and a Clearing Participant in the form prescribed by JSCC8, which incorporates the terms of the Rules;

客戶結算交割契約：指結算會員為處理客戶交易契約集中結算事務，與客戶簽訂之契約。

Hong Kong Exchange OTC Clear Rates and FX Derivatives Clearing Rules

101. “Client Clearing Agreement” means the client clearing agreement between a Clearing Member and a Client which governs the terms on which Client

Clearing Services are

條文	現行集中交易市場條文	國外參考條文	說明
		provided and which
		contains the terms set out in
		Clearing Rule 817(3);
店頭交割結算基		Korea Exchange OTC
金：指結算會員		Derivatives Clearing and
辦理本公司集中		Settlement Business
結算業務，為擔		Regulation §2 (1) 10.
負其結算交割履		The term “OTC derivatives
約之責任繳存於		joint compensation fund” in
本公司之基金。		this Regulation means the
		joint compensation fund that
		the clearing members
		accumulate with the
		Exchange to compensate the
		damage caused by the
		settlement default of cleared
		transaction by the clearing
		member.
自有結算帳戶：
為登載結算會員
自有之部位及保
證金等相關帳務
之帳戶。
個別客戶結算帳戶:為登載結算會
員客戶之部位及
保證金等相關帳
務之帳戶。

條文	現行集中交易市場條文	國外參考條文	說明
每日結算類型：本公司就結算契約逐日評價，計算淨現值變化，區分結算契約類型如下: (一) 擔保型 (Collateralized- To-Market, CTM) :本類契約每一營業日評價產生之淨現值變化，逐日收付相同金額之變動保證金，以擔保契約履約義務。 (二) 損益型 (Settled- To-Market, STM)：本類契約每一營業日評價產生之淨現值變化為洗價損益，逐日收付相對應金額以結算其曝險，且每日應收付之淨現值重置為零。		Japan Securities Clearing
		Corporation Interest Rate
		Swap Clearing Business
		Rules Article ： 2.
		Definitions (36)-2 Cleared
		Contract (Collateral Type)”
		means a Cleared Contract
		for which Variation Margin
		shall be paid or received
		pursuant to these Business
		Rules
		General Regulations of
		London Clearing House
		Limited Regulation 57
		Collateralisation of
		SWAPCLEAR CTM
		Contracts
		(b) The Clearing House
		shall, at least daily:
		(i) where the net present
		value of an outstanding
		SwapClear CTM Contract
		has moved in favour of the
		Clearing House since the
		last valuation, call on the
		SwapClear Clearing
		Member to transfer to the
		Clearing House cash in an
		amount equal to (A) the net
		present value to the Clearing
		House of the relevant
		SwapClear Contract minus
		(B) the current balance of

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cash Collateral provided to the Clearing House by such SwapClear Clearing Member in respect of its variation margin obligations in respect of that SwapClear CTM Contract; and

(ii) where the net present value of an outstanding SwapClear CTM Contract has moved in favour of the SwapClear Clearing Member since the last valuation, transfer to the SwapClear Clearing Member cash in an amount equal to (A) the net present value to the SwapClear Clearing Member of the relevant SwapClear CTM Contract minus (B) the current balance of cash Collateral provided to such SwapClear Clearing Member by the Clearing House in respect of its variation margin obligations in respect of that SwapClear CTM Contract

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business

Rules Article ： 2.

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說明

Definitions (35)-2 “Cleared Contract (Settlement Type)” means a Cleared Contract for which Variation Margin shall not be paid or received, but Mark-to-Market Difference shall be paid or received pursuant to these Business Rules;

General Regulations of London Clearing House Limited Regulation 57 A Settlement of

SWAPCLEAR STM

Contracts and conversion to SWAPCLEAR STM

Contracts

(c) The Clearing House shall, at least once per Business Day, determine (i) the change in the net present value of each SwapClear STM Contract, and (ii) the Price Alignment Amount payable on such Business Day, in each case in such manner and at such times as may be provided in the Procedures. Immediately upon the Clearing House making each such determination of the net

present value of a

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說明

認可交易契約提交平臺:指經本公司認可，可將交易契約相關資訊傳送至本公司進行集中結算之資訊系統。

ISDA：指International Swaps and

Derivatives

SwapClear STM Contract, an NPV Reset shall occur with respect to that SwapClear STM Contract.

(d) (vi) the net present value of the SwapClear STM Contract shall for all purposes be equal to zero.

General Regulations of London Clearing House Limited Regulation 1 Definitions

Approved Trade Source System" means a system or facility, such as an exchange, a clearing house, a swap execution facility, a designated contract market, trade or affirmation system or other similar venue or system, approved by the Clearing House for submitting SwapClear Transactions to the Clearing House (and excludes, for the avoidance of doubt, the ClearLink API)

Korea Exchange OTC Derivatives Clearing and Settlement Business

Regulation §2 (1) 14.

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說明

Association, Inc.。

ISDA 主契約：指

1992 ISDA

Master Agreement (包含Schedule) 、2002 ISDA Master Agreement (包含Schedule) 、1987 ISDA Interest

Rate Swap Agreement (包含Schedule)或 1987 ISDA Interest

Rate and

Currency Exchange Agreement (包含Schedule) 及其他經本公司公告適

用之版本。

The term “ISDA” in this Regulation refers to the International Swaps and Derivatives Association, Inc.

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §2 (1) 16.

The term “ISDA Master Agreement” in this Regulation refers to the ISDA Mater Agreement relating to OTC derivatives trades noted in each of the following items:

a. 2002 ISDA Master Agreement, including Schedule;

b. 1992 ISDA Master Agreement, including Schedule;

c. 1987 ISDA Interest Rate Swap Agreement, including Schedule; and

d. 1987 ISDA Interest Rate and Currency Exchange Agreement, including Schedules.

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ISDA 相關定義：於利率類交易契約指 2000 ISDA

Definitions、

2006 ISDA

Definitions 或

ISDA 0000

Xxxxxxxxx Xxxxxxxxxxx；x匯率類交易契約指 1998 FX and Currency Option Definitions 及其他經本公司公告

適用之版本。

EMTA 範本：指由 Emerging Markets Trading and Investment community 發布

之外匯交易範本。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §2 (1) 15. The term “ISDA Definitions” refers to the 2000 ISDA Definitions published in 2000, including the changes, amendments or additions based on the documents published by ISDA (excluding those that the Exchange defined through its announcement) and 2006 ISDA Definitions published in 2007, including those that the Exchange defined among the changes, amendments or additions according to the documents published by ISDA.

Hong Kong Exchange OTC Clear Rates and FX Derivatives Clearing Rules 2404. Any template terms of a Non Deliverable FX Derivatives Contract outstanding as at 30 April 2018 recommended by EMTA or a recognized successor (the “EMTA Template”) are incorporated

by reference into the

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說明

回溯結算(Backloading)之交易契約：指本公司受理提交集中結算之交易契約，其提交日逾交易日一個營業日者。

提前終止(Early Termination): 指結算契約於

契約到期前終止。

relevant Non Deliverable FX Derivatives Contract Terms.

Japan Securities Clearing Corporation Handling Procedures of Interest Rate Swap Business Rules Article 2. Definitions (4) “Backload Transaction” means an Eligible IRS Transaction applied for Clearing by a Clearing Participant to JSCC during a period from 4:00 p.m. through 8:00 p.m. on a JSCC Business Day whose trade date is 10 JSCC Business Days preceding the date of such application or earlier.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 2. Definitions (6)

“ Early Termination” means a termination of a Cleared Contract before the Termination Date for any reason other than Compression;

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說明

部位互抵(Netting):指現金流量收付方向相反，但其他交易條件相同之多個結算契約，進行相互沖抵，以減少契約數量或契約名目本金金額。

部位壓縮

(Compression)

：指將部分或全部結算契約提前終止，並同時產生相同未來淨現金流量之結算契約取代之，減少契約數量或名目本金。

Korea Exchange OTC Derivatives Clearing and Settlement Business

Regulation §50-2. Offsetting of Cleared Transactions

In the case where two cleared transactions in a same account of a clearing member satisfy the requirements specified in the Enforcement Rules including the case where the two cleared transactions have opposite directions in payment and receipt of fixed interest amount, the Exchange may offset the two cleared transactions concerned if the clearing member requests.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 2. Definitions (18)-2

“ Compression” means a process to have Cleared Contract(s) terminated before its scheduled Termination Date and have new Cleared

Contract(s)simultaneously

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established;

Portfolio compression is a risk reduction technique in which two or more counter- parties terminate some or all of their derivative contracts and replace them with another derivative whose market risk is the same as the combined notional value of all of the terminated derivatives. Under EMIR, firms must use a portfolio compression technique to reduce the number of transactions in a portfolio that need to be managed in the trade life cycle. This reduces the overall operational risk of the portfolios by reducing the gross nationals outstanding.

LCH REGULATION 56 COMPRESSION

(c) The Clearing House will effect the compression of Eligible SwapClear Compression Contracts by terminating the relevant Eligible SwapClear Compression Contracts and, in some instances,

compressing them into one

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說明

結算保證金：結算會員為履行結算交割義務繳存至本公司之保證金。

客戶保證金：結算會員之客戶為履行結算交割義務繳存至結算會員之保證金。

or more new SwapClear Contracts having a net future cash flow equal to the net future cash flow of such original Eligible SwapClear Compression Contracts (including, for the purposes of determining the net future cash flow of a SwapClear STM Contract, the payment obligations of the

SwapClear Clearing Member and the Clearing House under the SwapClear STM Terms applicable to such SwapClear STM Contract).

Korea Exchange OTC Derivatives Clearing and Settlement Business

Regulation §80.

Classification and Calculation of Margins Margins shall be classified into member margin that the clearing member deposits with the Exchange to guarantee the fulfillment of its obligation to the Exchange, and client margin that the client deposits with the general clearing member

to guarantee the fulfillment

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說明

應繳結算保證金：本公司規定結算會員應繳存之保證金，包含原始保證金及額外保證金。

of its obligation to general clearing member with whom it has entered into the Client Clearing Agreement.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 64. Required Initial Margin for Clearing Participant

JSCC shall calculate the Required Initial Margin for a Clearing Participant in relation to Proprietary Cleared Contracts and Customer’s Cleared Contracts respectively on each JSCC Business Day in the manner separately prescribed by JSCC.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 65. Required Initial Margin for Customer The Required Initial Margin for a Customer shall be the amount calculated by JSCC in the manner separately prescribed by JSCC for the Customer Account.

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原始保證金：本公司為涵蓋結算會員自有帳戶或個別客戶帳戶部位未來潛在曝險所計收之保證金。

額外保證金：本公司得視市場狀況或結算會員部位或信用狀況及其他本公司認為之必要狀況向結算會員收取之保證金，或結算會員得依客戶之信用狀況及交易性質收取之保證金。

Hong Kong Exchange OTC Clear Rates and FX Derivatives Clearing Rules “ Initial Margin ” ： means, with respect to each Clearing Member and a Position Account, an amount required to cover OTC Clear ’ s potential future exposure in respect of such Position Account, as calculated in accordance with section 4.2 of the Clearing Procedures;

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 74. Ad Hoc Deposit of Initial Margin Notwithstanding the provisions of Article 64 through Article 66 and Article 68 through Article 70, in the event of sudden change in market condition or otherwise JSCC deems it necessary to secure appropriate operation of the IRS Clearing Business, JSCC may require Clearing Participants to make an ad hoc deposit of Initial Margin

in such amount and such

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manner as prescribed by JSCC on a case-by-case basis.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 82. Ad Hoc Deposit of Variation Margin Notwithstanding the provisions of Article 78 and Article 81, where there is a sudden change in market conditions or event for which JSCC deems it necessary to protect the continued operation of IRS Clearing Business, JSCC may require that Clearing Participants make an ad-hoc deposit of Variation Margin in an amount and manner prescribed by JSCC for that event.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 82-2. Ad Hoc Payment of Mark-to-Market Difference

Provisions of Article 82

shall apply mutatis mutandis for ad-hoc

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說明

變動保證金：指本公司與結算會員間或結算會員與客戶間，就擔保型結算契約每日

評價所產生淨

payment of Mark-to-Market Difference. When applying Article 82, “Article 78 and Article 81” shall be replaced with “Article 78-2 and Article 81-2,” and “ad-hoc deposit of Variation Margin” shall be replaced with “ad-hoc payment of Mark-to-Market Difference” respectively.

Hong Kong Exchange OTC Clear Rates and FX Derivatives Clearing Rules 1208. OTC Clear may impose Additional Margin requirements on any Clearing Member in the circumstances described in section 4.5 of the Clearing Procedures, and may, at its discretion amend or withdraw any such Additional Margin requirements on any Clearing Member.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules

(63) “Variation Margin”

shall collectively refer to the

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現值變化金額，收付相同金額之保證金，以擔保契約之履約義務。

洗價損益：指本公司與結算會員間或結算會員與客戶間，就損益型結算契約，為結算其每日淨現值變化，應收付之金額。

Cash listed in the following items:

a. The Cash received and paid between a Clearing Participant and JSCC on each JSCC Business Day for the purpose of securing the obligations listed in Article 61 .1.(3);

b. The Cash received and paid between a Clearing Broker and JSCC on each JSCC Business Day for the purpose of securing the obligations listed in Article 61 .1.( 4); and

c. The Cash received and paid between a Clearing Broker and a Customer on each JSCC Business Day for the purpose of securing the obligations listed in Article 61 .1.(5)

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 2

Denifinitions

(36)-3 “Mark-to-Market Difference” shall collectively refer to the Cash listed in the following

items:

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說明

價格校正利息(Price Alignment Interest, PAI)：指

x公司依擔保型結算契約之累積日終變動保證金，按日計算之利息調整金額。

a. Cash paid or received between JSCC and a Clearing Participant on each JSCC Business Day to settle exposure related to the change in present value prescribed in Article 61-2.1. (1);

b. Cash paid or received between JSCC and a Clearing Broker on each JSCC Business Day to settle exposure related to the change in present value prescribed in Article 61-2.1. (2); and

c. Cash paid or received between a Clearing Broker and its Customer on each JSCC Business Day to settle exposure related to the change in present value prescribed in Article 61-2.1. (3);

LCH Procedures Section 2C

1.7.4 Price Alignment Interest

The transfer of Collateral in respect of variation margin on a daily basis without adjustment would distort the

pricing for SwapClear

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說明

Transactions cleared through the Clearing House. In order to minimise the impact of variation margin, the Clearing House will for each SCM either charge interest on cumulative amounts received by the SCM in respect of variation margin obligations, or pay interest on cumulative amounts paid by the SCM in respect of variation margin obligations. In a negative interest rate environment where the applicable PAI Rate is negative, the Clearing House will for each SCM either pay interest on cumulative amounts received by the SCM in respect of variation margin obligations, or charge interest on cumulative amounts paid by the SCM in respect of variation margin obligations.

Clearing Conditions of Eurex Clearing AG Chapter VIII Part 2

2.1.7 Margin Requirements

(4) In addition to Variation

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說明

價格校正金額(Price Alignment Amount, PAA)：

指本公司依損益

型結算契約之累積日終洗價損

Margin, Eurex Clearing AG shall charge to the Clearing Member or the Basic Clearing Member, as the case may be, interest (the so-called price alignment interest (“PAI”)) on the cumulative Variation Margin, or the cumulative Basic Clearing Member Variation Margin respectively, at the applicable overnight interest rate. PAI corresponds to the overnight interest paid or received on the cumulative Variation Margin, or the cumulative Basic Clearing Member Variation Margin over the lifetime of the portfolio. The cumulative Variation Margin or Basic Clearing Member Variation Margin, respectively, of the previous Business Day corresponds to the value of the IRS portfolio on the previous Business Day.

LCH Procedures Section 2C

1.7.5 Price Alignment Amount

The payment of NPV

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益，按日計算之利息調整金額。

Payments by the applicable party on a daily basis would, without adjustment, distort the pricing for certain SwapClear Transactions cleared through the Clearing House. In order to minimise the impact of such NPV Payments, the Clearing House will, for a SCM, either (i) charge a Price Alignment Amount if that SCM has, on a cumulative net basis, received NPV Payments from the Clearing House, or (ii) pay a Price Alignment Amount if that SCM has, on a cumulative net basis, paid NPV Payments to the Clearing House. In a negative interest rate environment where the applicable Price Alignment Amount Rate is negative, the Clearing House will, for a SCM, either (i) pay a Price Alignment Amount if that SCM has, on a cumulative net basis, received NPV Payments from the Clearing House, or (ii) charge a Price Alignment Amount if that SCM has, on a cumulative

net basis, paid NPV

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說明

評價曲線：指本公司為計算結算契約之淨現值所

建構之遠期利率

Payments to the Clearing House.

Clearing Conditions of Eurex Clearing AG Chapter VIII Part 2

2.2.1 Payment Obligations (5)(b) A price alignment amount (“IRS Price Alignment Amount” or “IRS PAA”) shall be payable by the Clearing Member or Eurex Clearing AG, as the case may be, together with the IRS STM Amount. The IRS PAA corresponds to the overnight interest paid or received on the cumulative IRS STM Amounts over the lifetime of the STM Interest Rate Derivative Transaction. The cumulative IRS STM Amounts of the previous Business Day correspond to the value of the STM Interest Rate Derivative Transaction on the previous Business Day.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business

Rules Article 79.

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說明

曲線、折現率曲線及遠期匯率曲線等。

日內:指本公司每一營業日受理店頭衍生性金融商品提交集中結算之時間。

日終:指本公司每一營業日受理店頭衍生性金融商品提交集中結算作業結束之時間。

結算款項：依結算契約約定及本公司規定，本公司與結算會員間之應收或應付之款項，如利率交換契約之固定及浮動利息、洗價損益、價格校正金額、變動保證

金、價格校正

Determination of Clearing Yield Curve

JSCC shall build forward curves and discount curves (collectively referred to as “Clearing Yield Curve”) for calculation of IRS NPVs using the data prescribed by JSCC in the manner prescribed by JSCC.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 2. Definitions (14)

“Settlement Amount” means, in respect of a Cleared Contract, the amount of Cash to be paid or received between JSCC and a Clearing Participant

(excluding those to be paid

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利息，及其他		or received as IRS
結算契約規定		Clearing Fund, Initial
之應收付款項。		Margin, Variation Margin and interests on Variation
		Margin) or, if such Cash
		are paid or received on a
		net basis pursuant to the
		provisions of Article 85.2
		or Article 85-4.2 hereof
		among such monies, the
		amount so netted.

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第二章結算會員

（結算會員簽約）

辦理本公司集中結算業務者，應與本公司簽訂結算交割契約，取得結算會員資格。

本公司業務規則第八章結算會員

第七十三條參加本公司市場期貨交易之結算交割業務者，應與本公司簽訂結算交割契約，取得結算會員資格。

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 11.

The Applicant shall enter into the Clearing Participant Agreement with JSCC in the form prescribed by JSCC on or before the Qualification Date.

一、明定從事本公司店頭衍生性金融商品集中結算業務者，應與本公司簽訂結算交割契約，並取得結算會員資格。

二、目前各國結算機構多訂有此條規定，例如本公司業務規則第七十三條、香港交易所OTC Clearing Hong

Kong Limited OTC

Rates and FX Derivatives Clearing Rules (以下簡稱香港OTC Clear 業務規則) 第 303 條、日本 Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules (以下簡稱日本 JSCC OTC 業務規則)第 11 條等，皆要求簽訂結算交割

契約。

（結算會員種類

x公司業務規則

第七十四條 x公司結算會員依其業務範圍，分為下列三種：

一、個別結算會員。二、一般結算會員。三、特別結算會員。

前項結算會員之資格條件及申請程序，由本公司訂定，其資格條件並應報請主管機關核定之。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §7. Types of Clearing Membership

(1)Clearing members shall be classified into the general clearing member and the proprietary clearing member.

一、明定店頭衍生性金融

與資格、申請、轉換與註銷

商品集中結算業務個

程序）

別與一般會員之種

x公司結算會員以

類、營業範圍。個別結

金融機構為限，依其業

算會員係為其自有交

務範圍，分為下列二種：一、個別結算會員：辦

理自有店頭衍生性

金融商品集中結算業務。

二、一般結算會員：辦理自有及其客戶店頭衍生性金融商品

集中結算業務。

易契約辦理集中結算業務之金融機構，以履行對集中結算機構的結算交割義務，一般結算會員則係除為其自有交易契約辦理集中結算外，尚可為

客戶交易契約辦理集

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前項結算會員之資格條件及申請、轉換與	x公司結算會員資格標準第三條 x公司結算會員	Korea Exchange OTC	中結算業務之金融機構，以履行對集中結算機構的結算交割義務。參考韓國交易所OTC Derivatives Clearing and Settlement Business Regulation (以下簡稱韓國 KRX OTC 業務規則)第 7 條與第 7 條之 2 之相關規定。二、結算會員辦理結算交割業務，其財務標準、資格條件等，於國際間期貨結算機構如LCH、KRX、JSCC、 HKEx 等皆有一定標準要求與規範，且我國期貨交易法第四十六條第二項、期貨結算機構管理規則第五條第一項明文規定我國期貨結算機構應依結算會員種類擬定資格規範報請金管會核定，爰於本條第 2 項敘明有關結算會員之資格條件及申請、轉換與註銷程序，由本公司訂定，其資格條件並應報請主管機關核定之。
註銷程序，由本公司訂定，其資格條件並應報請主管機關核定之。	依其業務範圍分為：一、個別結算會員：為其期貨經紀及自營業務之交易，辦理結算交割之期貨商。二、一般結算會員：除為其期貨經紀及自營業務之交易辦理結算交割外，尚可受託為其他期貨商辦理結算交割之期貨商。三、特別結算會員：僅受託為期貨商辦理結算交割之金融機構。	Derivatives Clearing and Settlement Business Regulation §7-2. Scope of Clearing Participation A general clearing member carries out the clearing participation for the clearing eligible transactions executed under its own name or client’s name to fulfill the settlement with the Exchange. A proprietary clearing
		member carries out the
		clearing participation for the
		clearing eligible
		transactions executed under
		its own name to fulfill the
		settlement with the
		Exchange.
		(3)~(6) (略)
（結算會員辦理集中結算業務前應繳存店頭交割結算基金）結算會員應於結算會員資格生效日前繳存店頭交割結算基金，並	x公司業務規則第七十五條結算會員應繳存交割結算基金，並俟本公司簽還結算交割契約後，始得參加本公	Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §12.	一、我國期貨交易法第四十七條第一項第五款明定期貨結算機構應於其業務規則中，規定交割結算基金之繳存、保管及運用，並於

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俟本公司簽還結算交割契約後，始得取得結算會員資格。

司市場期貨交易之結算交割業務。

期貨交易法

第四十七條期貨結算機構應於其業務規則中，規定下列事項：

（一、至四、略)

五、交割結算基金之繳存、保管及運用。

（以下略）

期貨交易法

第四十九條期貨結算機構於其結算會員不履行結算交割義務時，應先以違約期貨結算會員繳存之結算保證金支應；如有不足，再由違約期貨結算會員之交割結算基金、期貨結算機構之賠償準備金、其他期貨結算會員之交割結算基金及其依期貨結算機構所定比例分擔金額支應。

前項違約期貨結算會員繳存之結算保證金不足時之支應順序及其他期貨結算會員分擔之比例，由期貨結算機構擬訂，報主管機關核定。第一項金額應按期貨交易係在期貨交易所或非在期貨交易所進行，分別繳存或提列支應。

(1)The applicant that has obtained the admission approval as clearing member shall pay the admission fee to the Exchange and contribution to the OTC derivatives joint compensation fund by the day before the day of clearing participation.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 10.

Completion of IRS Clearing Qualification Application

1. When JSCC has approved an Applicant’s IRS Clearing Qualification pursuant to the provisions of Article 8.2, the Applicant shall deposit IRS Clearing Funds and follow the other procedures as required by JSCC on or before the JSCC Business Day immediately preceding the Qualification Date.

Korea Exchange OTC Derivatives Clearing and Settlement Business

Regulation §13.

第四十九條第一項明定期貨結算機構於其結算會員不履行結算交割義務時，應先以違約期貨結算會員繳存之結算保證金支應；如有不足，再由違約期貨結算會員之交割結算基金、期貨結算機構之賠償準備金、其他期貨結算會員之交割結算基金及其依期貨結算機構所定比例分擔金額支應，且第一項金額應按期貨交易係在期貨交易所或非在期貨交易所進行，分別繳存或提列支應，爰明定結算會員應繳納店頭交割結算基金，並與本公司簽立結算交割契約，始可辦理結算交割業務。

二、目前各國結算機構皆有向其結算會員收取店頭交割結算基金，作為市場履約之擔保，例如韓國 KRX

OTC 業務規則第 12

至 13 條、日本 JSCC OTC 業務規則第 10

至 12 條等皆規定應先繳存店頭交割結算基金，始得辦理結算交割業務。

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說明

(1) The applicant that has obtained the approval for admission into clearing membership shall be eligible to clearing participation from the day after it has completed the procedures noted in each of the following

subparagraphs:

1.Payment of admission fees and contribution to the OTC derivatives joint compensation fund pursuant to [§12]

0.Xx cases where condition has been imposed on the admission approval pursuant to the latter part of [§10(5)], the fulfillment of that condition; and

0.Xx addition, the procedures that the Exchange deems

necessary.

（結算會員應遵循之義務）

結算會員應遵守下列規定：

一、遵守本規則、結算交割契約、其他章則及公告之規定，修正時亦同。

本公司業務規則

第七十六條結算會員應遵守下列規定：

遵守本規則、結算交割契約、其他章則及公告之規定，修正時亦同。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §26.

(1) Each clearing member shall set aside the OTC derivatives joint

一、結算會員乃結算業務運作之核心，強化其自律與效率之發揮，端視有無嚴謹且明確之規範，準以此條規範結算會員應遵守之事項。

二、目前各國結算機構皆

有對會員之責任、義

條文	現行集中交易市場條文	國外參考條文	說明
二、對本公司負有履	對本公司負有履行	compensation fund in the Exchange. (2)~(5) (略) (6) When calculating the total contribution amount of the OTC derivatives JCF and the required OTC derivatives JCF contribution amount of a clearing member, the Exchange shall notify the amounts to the clearing member without delay. Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §30. Each clearing member shall maintain the clearing member admission requirements noted in [§10(1)] Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §31. Maintenance of Minimum Risk-Based Equity Capital (1)~(3) (略) Korea Exchange OTC Derivatives Clearing and	務訂有明文規定，例如本公司業務規則第七十六條、香港 OTC Clear 業務規則第 303 條、401 及 402 條、韓國 KRX OTC 業務規則第 26 條、30 至34 條、以及日本 JSCC OTC 業務規則第 16 至 21 條等，對結算會員應遵守之事項，包括持續符合義務等皆有相當明確之規範。三、原法源皆有相關規範固本公司不建立制式內部控制範本。且應隨時檢討，俾確保該制度之設計及執行持續有效。四、考量銀行業等金融機構經營業務多元，不若期貨商僅以期貨業務為主，且證券、期貨、金融及保險等事業原業管法規業有訂立詳實規範，例如金融控股公司及銀行業內部控制及稽核制度實施辦法、保險業內部控制及稽核制度實施辦法等；考量結算會員業務範疇多樣，而內控制度應考量公司及其子公司整體之營運活動，爰本公司不另設制式內控制度範本，為適切規範其內控制度擬於本條第
行結算交割義務	結算交割義務及其
及其有關責任。	有關責任。
三、依本公司規定期	依本公司規定期限
限繳納結算交割	繳納結算交割手續
手續費、店頭交割	費、交割結算基金
結算基金及其他	及其他費用。
費用。	確實保存其自有及
四、確實保存其自有	客戶所有部位之每
及客戶所有部位	日結算交割紀錄，
之每日結算交割	並按本公司規定編
紀錄，並按本公司	製財務報告或其他
規定編製財務報	報表。
告或其他報表。	持續符合本公司規
五、持續符合本公司	定之結算會員資格
規定之結算會員	條件。
資格條件。	對所受託之事項，
六、對所受託之事項，	應予保密，除依法
應予保密，除依法	令或本公司依法所
令或本公司依法	為之查詢外，不得
所為之查詢外，不	對外洩露。
得對外洩露。	其他經本公司規定
七、依主管機關及本	應遵守之事項。
公司規範集中結
算業務之規定，訂	x公司業務規則
定內部控制制度，	第二十一條期貨商應設
並依其內部控制	置內部稽核，定期或不
制度執行。	定期稽核公司之財務及
八、其他經本公司規	業務，並作成稽核報告，
定應遵守之事項。	備供查核。
	本公司得派員檢查
	或查詢前項稽核報告及
	其相關憑證，期貨商不
	得規避或拒絕。
	期貨商應依主管機
	關訂定之證券暨期貨市
	場各服務事業建立內部
	控制制度處理準則及本

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說明

公司訂定之期貨商內部控制制度標準規範，訂定內部控制制度，並依其內部控制制度執行。

公開發行公司建立內部控制制度處理準則

第五條公開發行公司之內部控制制度，應訂定明確之內部組織結構、呈報體系，及適當權限與責任，並載明經理人之設置、職稱、委任與解任、職權範圍及薪資報酬政策與制度等事項。

公開發行公司應考量公司及其子公司整體之營運活動，設計並確實執行其內部控制制度，且應隨時檢討，以因應公司內外在環境之變遷，俾確保該制度之設計及執行持續有效。

前項所稱子公司，應依證券發行人財務報告編製準則之規定認定

之。

Settlement Business Regulation §32.

Clearing members shall comply with the disciplinary actions and other measures taken according to the laws and this Regulation.

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §33.

Clearing members in clearing participation shall observe due care and diligence, and shall not engage in any actions that violate the principle of good faith.

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §34.

七款規定結算會員應將主管機關及本公司就集中結算業務之規範內容訂於其內控制度，且應隨時檢討，俾確保該制度之設計及執行持續有效。

With regard to clearing, clearing members shall pay the clearing fee that is determined by a resolution

of the Board.

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說明

（終止結算交割契約條件）

結算會員有下列情事之一者，本公司得終止其結算交割契約，並依期貨交易法第五十四條規定辦理：

經相關主管機關撤銷公司登記或予以解散者。

經主管機關撤銷營業許可之處分者。經法院裁定宣告破產確定者。

不履行結算交割義務者。

違反法令或經主管機關本於法令為行政處分仍不遵行者。

違反本公司章程、本業務規則或其他章則、辦法，而情節重大者。

結算、交割行為違背誠實信用，足致他人受損者。

未能持續符合本公司結算會員資格條件，經本公司查明限期改善而未辦理或辦理後仍未達標準者。

本公司業務規則

第七十七條結算會員有下列情事之一者，本公司得終止其結算交割契約，並依期貨交易法第五十四條規定辦理：一、經相關主管機關撤

銷公司登記或予以解散者。

二、經主管機關撤銷營業許可之處分。

三、經法院裁定宣告破產確定者。

四、不履行結算交割義務者。

五、違反法令或經主管機關本於法令為行政處分仍不遵行者。

六、違反本公司章程、業務規則、受託契約準則或其他章則、辦法，而情節重大者。

七、結算、交割行為違背誠實信用，足致他人受損者。

八、未能持續符合本公司結算會員資格條件，經本公司查明限期改善而未辦理或辦理後仍未達標準者。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §39. Cause of Measures

In cases where a clearing member or its officers or employees falls under any of the following subparagraphs, the Exchange may take the measures pursuant to [§40]:

0.Xxxx where it has obtained clearing membership or has been admitted as a clearing member pursuant to [§8] using the illegal means;

2. Case where it has failed to fulfill the settlement obligation or deposit, deliver or pay the cash or securities obliged to deposit, deliver or pay as specified by the Exchange;

0.Xxxx of failing to maintain the admission requirements of clearing member pursuant to [§10];

0.Xxxx of defying the measures taken pursuant to this Regulation;

一、明定本公司終止結算交割契約之事由。

二、目前各國結算機構皆有亦有相關之規範，例如本公司業務規則第七十七條、香港OTC Clear 業務規則

第 607 條、日本 JSCC

OTC 業務規則第 33

條、第 39 條，及韓國KRX OTC 業務規則第 39 至 40(1)條等得終止結算會員資格之處置情事措施皆有相當明確之規範。

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說明

5. Case of non-fulfillment of settlement obligations relating to the transactions carried out in the equity and derivatives markets operated by the Exchange and in other markets (including the foreign markets);

6. Case where pursuant to [§420] and [§421] of the Act and other financial laws and decrees, the measures were imposed to suspend the whole or a part of investment brokering, investment dealing or collective investment business (in case of a branch office, etc. of foreign financial investment company, etc., it shall include the case where the concerned foreign financial investment company, etc. has been imposed of the measures equivalent to the suspension of the whole or a part of business corresponding to the investment brokering,

investment dealing or

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說明

collective investment business);

7. Case of defying the laws and decrees and the measures taken by the administrative agencies pursuant to the laws and decrees (in case of foreign investment brokering company or foreign investment dealing company, it shall include the foreign laws) and violating this Regulation;

8. Case of making a false statement in the reports, materials, etc. submitted to the Exchange pursuant to the Act or this Regulation or omitting to state the fact in the reports, materials, etc. or neglecting to submit the reports, materials, etc.; and

9. Case of interfering with or rejecting the investigation carried out by the Exchange pursuant to [§37] or not cooperating by refusing to submit materials, etc.

Korea Exchange OTC

Derivatives Clearing and Settlement Business

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說明

Regulation §40. Measures Taken Against the Clearing Member

(1) In cases where the conduct of clearing member corresponds to case noted in any subparagraphs of [§39], the Exchange may take the measures noted in each of following subparagraphs against the concerned clearing member:

1.Expulsion from the membership;

2. Suspension of the whole or a part of membership for a period of up to six (6) months;

3.Suspension of full or a part of clearing participation for a period of up to six (6) months;

4. Imposition of a fine less than KRW 1 billion;

5. Notice of warning; and

6. Notice of caution.

（客戶違約會員仍應履行義務並申報及相關處置措施）

結算會員之客戶違

背其與結算會員間之結

x公司業務規則

第八十一條結算會員之委託期貨商違背結算交割義務者，結算會員仍

應對本公司履行結算交

Hong Kong Exchange OTC Clear Rates and FX Derivatives Clearing Rules 817

一、明定結算會員對其客戶違約之申報義務。

二、結算會員對結算機構

所負結算交割義務，不因其客戶違約而免

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說明

算交割義務者，結算會員仍應對本公司履行結算交割義務。

客戶未能履行結算交割義務時，結算會員應立即向本公司申報客戶違約，本公司得於必要時要求結算會員檢附相關資料。

客戶有前項違約情事時，結算會員得對該客戶採行下列措施：

一、暫停該客戶提交集中結算。

二、暫停該客戶提領現金保證金或有價證券。

三、向本公司申請移轉該客戶之結算契約至其自有結算帳戶。

四、其他客戶結算交割契約約定之措施。

割義務，並應即檢附相關資料，向本公司申報，其申報作業要點，由本公司另訂之。

結算會員受託從事期貨結算交割業務，不得違背受託辦理結算交割契約。

A Clearing Member providing Client Clearing Services to its Clients shall be liable to OTC Clear and be responsible for all its obligations as principal in respect of the Contracts and Client Accounts registered in its name.(後略)

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 27-3.

When a Clearing Participant requests cancellation of its authorization to handle Client Clearing, it must close all outstanding Customer’s Cleared Contracts by Position Transfer of Customer’s Cleared Contracts pursuant to the provisions of Chapter 4, Section 4, or otherwise, and terminate all Clearing Brokerage Agreements, in advance.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business

Rules Article 27-5.

其責任，目前各國結算機構例如本公司業務規則第八十一條、香港 OTC Clear 業務

規則第 817 規範情事

以及日本 JSCC OTC

業務規則第 27-2 至

27-5 條規定未能持續辦理客戶結算相關情事等皆有相關規定。

三、參酌國際間主要結算機構，如： LCH SwapClear Service Clearing House Procedure 第 1.13 條及 Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation 第 105 條皆訂定結算會員遇客

戶違約時處置措施，爰參考其規範明定本條款。

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說明

When JSCC approves the cancellation of the authorization to handle Client Clearing, it will promptly notify other Clearing Participants and make a public announcement to that effect.

Korea Exchange OTC Derivatives Clearing and Settlement Business

Regulation § 105.

Measures, etc. in Case of Settlement Default of Clients

(1) In cases where a client has failed to fulfill its settlement obligation or to deposit the client margin, or there is a concern that the client may fail to fulfill its settlement obligations, the clearing member may take the measures noted in any of the following

subparagraphs: (Amended on November 30, 2016)

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說明

1. To suspend the payment of the whole or a part of the client’s net cash settlement amount or client margin that the client is to receive from the clearing member;

2. To restrict the new transaction taking place pursuant to the former part of [§52(3)];

3. To close-out the client clearing transactions according to the change of contract noted in [§98] (when the measures are finished, transactions taking place pursuant to the forepart of [§52(3)] that fall under such transactions shall be deemed to have been closed out); or

4. In addition, to take the actions specified in the Client Clearing Agreement.

(2) Clearing member shall undertake the measures

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說明

noted in subparagraphs 2 through 4 of paragraph (1) with due care and diligence.

(3) In cases where the client has defaulted on a settlement obligation, the clearing member shall notify the Exchange the relevant fact and other facts considered necessary and requested by the Exchange without delay.

LCH 1.13 SwapClear Service Clearing House Procedures Transfer of SwapClear Contracts between Client Accounts and Proprietary Accounts

If at any time an early termination date

(howsoever described) occurs in respect of one or more of the transactions between a SwapClear Clearing Member and a SwapClear Clearing Client in respect of which such

SwapClear Clearing

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說明

Member (i) is a party to Related SwapClear Contracts and (ii) at the time of such early termination date, is not a Defaulting SCM, that SwapClear Clearing Member may instruct the Clearing House to transfer the relevant Related SwapClear Contracts from its Client Account to its Proprietary

Account.

（結算會員應申報事項）

結算會員有下列情事之一者，應向本公司申報：

停業、復業或終止營業。

集中結算業務之開辦、新增、異動或終止。

客戶結算保證金專戶之開設、變更或終止。

結算會員或其董事、監察人、經理人、業務員、其他從業人員，因集中結算業務上關係發生訴訟、仲裁或為強制執行之債務人，或結算會員為破產人、有銀行退票或

拒絕往來之情事。

本公司業務規則

第十四條期貨商有下列情事之一者，應向本公司申報，由本公司轉報主管機關：

一、開業、停業、復業或終止營業。

二、變更其委託辦理交割結算之結算會員。

三、客戶保證金專戶之開設、變更或終止。

四、期貨商或其董事、監察人、經理人、業務員、其他從業人員，因業務上關係發生訴訟、仲裁或為強制執行之債務人，或期貨商為破產人、有銀行退票或拒絕往來之情事。

五、董事、監察人、經理

人或業務員有期貨

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §36. Matters to be Reported to the Exchange

(1) In the event of any of the following subparagraphs, the clearing member shall report the concerned facts or decisions (referring to the resolutions made at the general meeting of shareholders, the board of directors, or the decision of the executive officer of a clearing member) to the Exchange without delay.

一、為掌握結算會員之經營動態及從業人員違反相關法令之情事，爰明定結算會員應為申報之事項及申報期限。

二、目前各國結算機構例如本公司業務規則第八十二條準用第十四條、韓國 KRX OTC 業

務規則第 36 條規範

應向交易所申報情事、香港 OTC Clear 業務規則第 501 條(結算會員通知義務)、以及日本 JSCC OTC 業務規則第 19 條(應告

知事項)及第 20 條(申報義務) 等皆有相關規定。

三、本公司業務規則第一條第二款於店頭衍生

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說明

董事、監察人、經理人或業務員有期貨交易法第二十八條所定之情事。

董事、監察、經理人或業務員有事實證明曾經從事或涉及其他不誠信或不正當活動，顯示其不適合從事集中結算業務。

董事、監察人、經理人、業務員或其他從業人員，有違反期貨交易法或主管機關依照期貨交易法所發布之命令之行為。

董事、監察人、經理人及持有公司股份超過百分之十之股東，持有股份變動。

依外國法令之規定，應向當地主管機關或其他權責機構申報之財務比率變動或其他影響財務結構之重大情事。

其他經本公司規定應申報事項。

前項第一及二款事項，結算會員應事先申報；第三款至第七款之事項，結算會員應於知悉或事實發生之日起五個營業日內申報；第八

款之事項，結算會員應

交易法第二十八條所定之情事。

六、董事、監察、經理人或業務員有事實證明曾經從事或涉及其他不誠信或不正當活動，顯示其不適合從事期貨業。

七、董事、監察人、經理人、業務員或其他從業人員，有違反期貨交易法或主管機關依照期貨交易法所發布之命令之行為。

八、董事、監察人、經理人及持有公司股份超過百分之十之股東，持有股份變動。

九、依外國期貨交易法令之規定，應向當地期貨主管機關或其他權責機構申報之財務比率變動或其他影響財務結構之重大情事。

十、為自己或客戶從事之期貨交易量，達本國或外國期貨交易法令應申報之數額者。

十一、其他經主管機關規定應申報事項。

前項第一款、第二款之事項，期貨商應事先申報；第三款至第七

款之事項，期貨商應於

0.Xxxx of becoming insolvent or possibly becoming insolvent;

2. Case where a bill or check issued is dishonored or the transaction with the banks has been suspended or prohibited;

3. Case where the request for commencement of rehabilitation procedures was made, the decision on the request for

commencement of rehabilitation procedures has been made or the decision was made to cancel the commencement of rehabilitation procedures

4. Case where there is an application for bankruptcy;

5. Case where the cause of dissolution has occurred;

6. Case where the measures such as the cancellation of authorization for investment brokering, investment dealing or collective investment business or measures such as the suspension of investment

性金融商品集中結算業務不適用。

條文	現行集中交易市場條文	國外參考條文	說明
於次月十五日前彙總申報；第九款事項，結算會員應於向外國期貨結算機構或其他權責機構申報時，同時向本公司申報。	知悉或事實發生之日起五個營業日內申報；第八款之事項，期貨商應於次月十五日前彙總申報；第九款、第十款事項，期貨商應於向外國期貨交易所或其他權責機構申報時，同時向本公司申報。本規則所稱營業日係指國內期貨市場交易日。	brokering, investment dealing or collective investment business have been imposed; 7. Case of suspending, resuming or closing down the business of headquarters or branch offices;
		8. Case where there has been a merger, discontinuation of business, or transfer or acquisition of the whole or a main part of business;
		9. Case where a significant loss has occurred or it became difficult to carry out the normal business operation due to a natural disaster or electronic system failure;
		10. Case where there has been a change in the business objectives or equity capital (in case of branch office of foreign investment brokerage or foreign investment dealing company located in Korea, the operating fund of branch office in Korea);

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11. Case where the trade name has been changed;

12. Case where the registered director (in case of branch office of foreign investment brokerage or foreign investment dealing company located in Korea, it refers to the representative of that office: the same hereinafter) has been appointed or dismissed;

13. Case of becoming part of a lawsuit that has a significant impact on the business operation;

14. Case of being imposed of disciplinary action because of tax delinquency or being imposed of disciplinary action because of infringing the laws and decrees related to the taxation;

15. Case where the clearing member and its officers have been disciplined as a result of violating the measures taken by the administrative agencies pursuant to the laws and

decrees;

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16. In relation to the clearing of OTC derivatives trades, case of having acquired or withdrawn the clearing membership of foreign CCP, or case where the foreign CCP has imposed such measures as the discontinuation of request for assumption of obligation;

00.Xxxx where the board of directors of a clearing member has made the decision to enter into the business other than the investment dealing of OTC derivatives (in case where the clearing member is a branch of foreign financial investment company, it shall include the board of directors of concerned foreign financial investment company); and

18. In addition, case where an incident that has considerable influence on the fulfillment of obligations of concerned clearing member has

occurred.

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(2) The Exchange may administer the clearing member corresponding to any subparagraph (excluding subparagraphs

10 through 12 and subparagraph 17) of paragraph (1) by designating the concerned member as a closely monitored member.

(3) In cases where the matter to be reported pursuant to paragraph (1) is the matter to be disclosed pursuant to the KOSPI Market Disclosure Regulation or KOSDAQ Market Disclosure Regulation, the reporting of concerned matter pursuant to paragraph (1) may be replaced by the disclosure of concerned matter.

(4)In cases where the Exchange requests the clearing member to report the transaction details of OTC derivatives trades because it deems that the transaction details is necessary for the purpose of

managing the risks

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		associated with clearing operation, the clearing member shall submit the report to the Exchange without delay.
（結算會員帳冊備置、保存與受查）結算會員應將所有有關集中結算業務之憑證、單據、帳簿、表冊、紀錄、契約及相關證明文件，置於營業處所。本公司得派員檢查或查詢前項憑證、單據、帳簿、表冊、紀錄、契約及相關證明文件，結算會員不得規避或拒絕。前項憑證、單據、帳簿、表冊、紀錄、契約及相關證明文件之保存年限，除商業會計法規定者，依本公司訂定之。結算會員辦理本公司集中結算業務之財務、業務資料，本公司必要時得通知其提供，並予以公開報導。	本公司業務規則第二十條期貨商應將所有有關交易及結算交割之憑證、單據、帳簿、表冊、紀錄、契約及相關證明文件，置於營業處所。本公司得派員檢查或查詢前項憑證、單據、帳簿、表冊、紀錄、契約及相關證明文件，期貨商不得規避或拒絕。前項憑證、單據、帳簿、表冊、紀錄、契約及相關證明文件之保存年限，除商業會計法規定者外，依本公司訂定之「期貨商帳表憑證保存年限表」規定。期貨商之財務、業務資料，本公司必要時得通知其提供，並予以公開報導。	Korea Exchange OTC	一、結算會員相關帳冊之備置、保存及接受檢查。二、目前各國結算機構例如本公司業務規則第八十二條準用第二十條、韓國 KRX OTC 業務規則第 37 條(索取資料等)、香港香港OTC Clear 業務規則第 502-505 條(結算會員資訊義務)、以及日本 JSCC OTC 業務規則第 21 條(結算會員之檢查) 等皆有相關規定。
		Derivatives Clearing and
		Settlement Business
		Regulation §37. Request for
		Information, etc.
		(1) The Exchange may
		request a clearing member
		to submit a report or
		information on the clearing
		operations or the status of
		assets of a clearing member,
		and in case where the
		settlement default pursuant
		to [§101(1)] has occurred,
		the Exchange may carry out
		an investigation into the
		clearing operations or status
		of asset through
		correspondence, on-site
		investigation or other
		methods in case of any of
		the following
		subparagraphs:
		1. Case where there is a need
		to verify the compliance
		with this Regulation and the
		actions taken pursuant to

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this Regulation, and clearing member’s obligations pursuant to this Regulation;

2. Case where there is a need to verify the financial conditions of the clearing member; and

3. In addition, case where it deems necessary for a reliable clearing operation.

(2) In the case of receiving the request for information pursuant to paragraph (1), the clearing member shall comply with the request

without delay.

（不得虛偽不實）

結算會員對本公司所報事項不得有虛偽不實情事。

本公司業務規則

第二十六條期貨商對本公司所報事項不得有虛偽不實情事。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §33.

Clearing members in clearing participation shall observe due care and diligence, and shall not engage in any actions that violate the principle of good

faith.

一、結算會員所報事項不得有虛偽不實。

二、目前各國結算機構例如本公司業務規則第八十二條準用第二十六條、韓國 KRX OTC

業務規則第 33 條(盡

責誠信原則) 等皆有相關規定。

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第三章帳戶與客戶集中結算業務

（本公司設置結算會員自有及客戶帳戶）

本公司為載明結算會員之部位及保證金等帳務資料，應按各結算會員之自有及個別客戶設置結算帳戶，逐日登載下列事項:

結算契約之數量

及規格。

結算帳戶之每日結算類型。

結算契約約定應收付之固定利率利息金額與浮動利率利息金額計算與收付。

應繳結算保證金計算與收付。

結算契約變動保證金、洗價損益、價格校正利息及價格校正金額之計算與收付。

結算保證金餘額。保證金之追繳或提領。

其他結算契約約定或本公司規定之款項收付。

前項個別客戶結算帳戶應依不同客戶分別設帳。各結算帳戶間之

保證金及各款項，除本

本公司業務規則

第九十三條 x公司向結算會員收取之結算保證金，其結算保證金得以現金或經主管機關核定之有價證券抵繳。

結算會員辦理有價證券抵繳保證金相關作業，由本公司另訂之。第一項結算保證金

之收取方式、標準及有價證券抵繳之折扣比率，由本公司訂定，報請主管機關核定之。

結算會員應按自有及客戶所有分別設置帳戶，逐日登載下列事項：一、期貨交易之部位結

構及數額。

二、保證金之計算與收付。

三、市價變動所生權益差額之計算與收付。

四、保證金餘額。

五、保證金之追繳或提領。

六、其他應記載事項。前項結算會員對於

委託其辦理結算交割之期貨商帳簿管理，應按該期貨商自行買賣及受託買賣別登載之。

EMIR Article 39

1. A CCP shall keep separate records and accounts that shall enable it, at any time and without delay, to distinguish in accounts with the CCP the assets and positions held for the account of one clearing member from the assets and positions held for the account of any other clearing member and from its own assets.

2. A CCP shall offer to keep separate records and accounts enabling each clearing member to distinguish in accounts with the CCP the assets and positions of that clearing member from those held for the accounts of its clients (‘omnibus client segregation’).

3. A CCP shall offer to keep separate records and accounts enabling each clearing member to distinguish in accounts with the CCP the assets and

positions held for the

一、參考 EMIR Article 39 (Segregation and portability) 1~4. :本公

司之帳戶架構區分除自有結算帳戶外，針對客戶集中結算業務提供個別客戶結算帳戶。個別客戶結算帳戶內之部位和保證金將與其他客戶和結算會員的自有部位及保證金區分。

二、個別客戶結算帳戶之客戶所持有的任何超額保證金都不會用於其他客戶帳戶或結算會員自有帳的損失。遇有結算會員違約時，未違約之個別客戶得將其部位移轉至其他非違約結算會員。

三、參考本公司業務規則第九十三條第四項，明定本公司應按各結算會員之自有帳及客戶帳設置帳戶，以區隔結算會員之自有與個別客戶之保證金及部位。

四、參考韓國 KRX OTC 業

務規則第 45 條

Clearing Account (1)

(2) 之開戶規定及其

Enforcement Rules 第

22. 之作法，結算應於提交結算之前一營業

條文	現行集中交易市場條文	國外參考條文	說明
公司另有規定，不得相互流用。本公司於帳戶設置完成後之次一營業日，始得受理結算會員以該帳戶提交交易契約至本公司進行集中結算。		account of a client from those held for the account of other clients (‘individual client segregation’). Upon request, the CCP shall offer clearing members the possibility to open more accounts in their own name or for the account of their clients.	日前完成結算帳戶之開立。
		4.A clearing member shall keep separate records and accounts that enable it to distinguish both in accounts held with the CCP and in its own accounts its assets and positions from the assets and positions held for the account of its clients at the CCP.
		Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §45. Clearing Account
		(1) With respect to the cleared transactions, the Exchange shall open an account with each clearing member for the record and management of the member margin, settlement amount,

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說明

etc. that are received from or delivered to the clearing member (hereinafter referred to as the “clearing account”).

(2) The clearing account noted in paragraph (1) shall be classified into the account for recording of the member margin and settlement amount in clearing member’s name and account (hereinafter referred to as the “proprietary clearing account”) and the account for recording and managing the settlement amount under clearing member’s name (separately for each client) and accountable to each client (hereinafter referred to as the “client clearing account”).

Korean Exchange Enforcement Rules of OTC Derivatives Clearing and Settlement Business Regulation §22(4) The Exchange shall record and manage the cleared transactions of the clearing account from the next

business day of the day on

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說明

which the clearing account is opened.

（結算會員設置客戶帳戶）

結算會員應按自有及個別客戶所有分別設置帳戶，逐日登載前條規定之部位及保證金等事項。

結算會員設置自有或客戶帳戶應依本公司規定申報帳戶資料；變更時亦同。

結算會員變更結算帳戶之每日結算類型，除本公司另有規定，僅限由擔保型變更為損益型，其作業方式由本公司另訂之。

本公司業務規則

第九十三條 x公司向結算會員收取之結算保證金，其結算保證金得以現金或經主管機關核定之有價證券抵繳。

結算會員辦理有價證券抵繳保證金相關作業，由本公司另訂之。第一項結算保證金

之收取方式、標準及有價證券抵繳之折扣比率，由本公司訂定，報請主管機關核定之。

結算會員應按自有及客戶所有分別設置帳戶，逐日登載下列事項：一、期貨交易之部位結

構及數額。

二、保證金之計算與收付。

三、市價變動所生權益差額之計算與收付。

四、保證金餘額。

五、保證金之追繳或提領。

六、其他應記載事項。前項結算會員對於

委託其辦理結算交割之期貨商帳簿管理，應按該期貨商自行買賣及受託買賣別登載之。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §46 Member’s Account for clients

(1) With respect to the cleared transactions, a clearing member shall open an account for each client (hereinafter referred to as the “member’s account for client”) for the record and management of the client margins, settlement amounts, etc. that are received from or delivered to the client (in cases where the clearing member is the branch office, etc. of a foreign financial investment business entity, etc., the head office, etc. of the relevant clearing member shall be included; the same hereinafter in this Article).

(2) The member’s account for client can be opened in multiple numbers.

(3) The methods of opening

a member’s account for client and other necessary

一、參考韓國 KRX OTC 業務規則第 46 條，明定結算會員應按自

有及不同個別客戶所有，分別設置，用以區隔自有及不同個別客戶之部位及保證金帳務資料。

二、參考本公司業務規則第九十三條第四項，明定結算會員設置自有及個別客戶帳戶之應登載事項。

三、參考 JSCC OTC 業務

規則第 51-2 條，結算會員得申請將結算帳戶之每日結算類型，由擔保型變更為損益型。

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matters shall be stipulated in the Enforcement Rules.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 51-2.

Application for Exchanging Mark-to-Market Difference and Adjustment Amount

1.When a Clearing Participant intends to exchange Mark-to-Market Difference and Adjustment Amount for Cleared Contracts (Collateral Type), it must notify such effect to JSCC in the manner prescribed by JSCC92 (“Application for

Exchanging Mark-to- Market Difference and Adjustment Amount).

2.When JSCC has received an Application for Exchanging Mark-to- Market Difference And Adjustment Amount from a Clearing Participant for multiple Cleared Contracts (Collateral Type) recorded in the Proprietary account or the same Customer account

pursuant to the provisions in

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說明

Paragraph 1, JSCC will confirm that such Cleared Contracts (Collateral Type) satisfy the conditions separately prescribed by JSCC93 (“VM-as-

Settlement Requirements”) in the manner prescribed by JSCC If the Cleared Contracts (Collateral Type) satisfy the VM-as- Settlement Requirements, such Cleared Contracts shall be treated as Cleared Contracts (Settlement Type) as of the time of the confirmation by JSCC. Then, Variation Margin will be not paid or received for such Cleared Contracts.

3. Upon JSCC’s confirmation of satisfaction of VM-as-Settlement Requirements pursuant to the provisions in Paragraph 2, the Variation Margin, obligations to return Variation Margin and payment obligations for Mark-to-Market Difference shall be netted automatically as prescribed by JSCC, without any notice from

JSCC or such Clearing

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說明

Participant.

4. A Clearing Participant may withdraw an Application for Exchanging Mark-to-Market Difference and Adjustment Amount made pursuant to the provisions in Paragraph 1through a method separately prescribed by JSCC, during the period before JSCC makes confirmation prescribed in Paragraph 2.69

5. In addition to the matters set forth in Paragraphs 1 through 4, matters necessary for the exchanging of Mark- to-Market Difference and Adjustment Amount shall be separately prescribed by

JSCC.

（本公司自有資產與結算會員保證金分離存放）

為辦理與結算會員間款項與有價證券之存放、收付及處分，本公司得於結算銀行或其他機構開設保證金專戶，將結算會員保證金與本公司自有資產分離存放。前項保證金專戶，

本公司按結算會員自有

期貨交易法

第五十一條期貨結算機構收取之結算保證金，應與其自有資產分離存放。

期貨結算機構、結算保證金存放機構或期貨結算會員之債權人，非依本法之規定，不得對結算保證金請求扣押或行使其他權利。

一、參考期貨交易法第五十一條第一項，明定本公司應將結算會員所繳交之結算保證金，依自營與經紀分離處理。

二、參考本公司業務規則第九十五條，明定本公司應於結算銀行、證券集中保管事業或其他保管機構開設結

算保證金專戶、有價

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說明

及個別客戶所有別，逐日登載結算會員保證金金額或種類、數量，供結算會員查詢其餘額。

期貨結算機構應將結算會員所繳交之結算保證金，依自營與經紀分離處理。

證券保管專戶及有價證券處分專戶，將結算會員保證金與本公司自有資產分離存

放。

本公司業務規則

第九十五條為辦理保證金之收付，本公司得於結算銀行、證券集中保管事業或其他機構開設保證金專戶。

前項保證金專戶，本公司按結算會員自有及客戶所有別，逐日登載結算會員保證金金額或種類、數量，並經由電腦連線供結算會員查詢

其餘額。

（結算會員自有與客戶結算保證金分離存放）

為辦理與本公司間款項與有價證券之收付，結算會員應於本公司指定之結算銀行或其他機構分別開設「店頭自有結算保證金專戶」及「店頭客戶結算保證金專戶」，將自有保證金與客戶保證金分離存放及辦理收付。

結算會員對存放於店頭客戶結算保證金專戶內之存款或有價證券，不得進行透支、設定擔保或他項權利，且不得挪用為其他客戶保證

金、結算交割費用、佣

期貨交易法

第七十條期貨商應於主管機關指定之機構開設客戶保證金專戶，存放期貨交易人之交易保證金或權利金，並與自有資產分離存放。

前項期貨商或指定機構之債權人，非依本法規定，不得對客戶保證金專戶之款項請求扣押或行使其他權利。

期貨商管理規則

第四十五條期貨商對客戶在客戶保證金專戶內之存款或有價證券，不得進行透支、設定擔保或他項權利，且不得挪

用為其他客戶保證金、

Hong Kong Exchange OTC Clear Rates and FX Derivatives Clearing Rules 823 :

823. A Clearing Member shall ensure due segregation of Contracts and their related Collateral between its House Account and its Client Account(s). A Clearing Member shall clearly identify the exact type(s) and amount of Collateral provided to OTC Clear in respect of each of its House Collateral Account and Client

一、明定結算會員應於本公司指定之結算銀行開設保證金帳戶之義務。

二、參考期貨交易法第七十條規定，期貨商應於主管機關指定之金融機構，開設「客戶保證金專戶」，存放期貨交易人之交易保證金或權利金，並與自有資產分離存放。

三、參考期貨商管理規則第四十五條及本公司業務規則第五十六條第五項規定，明定結算會員之店頭客戶結算保證金專戶內之存款或有價證券，不得

進行透支、設定擔保

條文	現行集中交易市場條文	國外參考條文	說明
x、手續費或不足款項	權利金、結算交割用、佣	Collateral Account(s), and	或他項權利，亦不得挪用為其他客戶保證金、權利金、結算交割費用、佣金、手續費或不足款項之代墊。四、參考本公司業務規則九十四條及本公司結算會員申請程序第三條第二項規定，結算會員應與本公司約定往來結算銀行帳戶，憑以辦理與本公司之各種款項撥轉作業。五、參考香港 OTC Clear 業務規則第 823 條，明定不同客戶之保證金與各款項不得互相流用。
之代墊。	金、手續費或不足款項	retain the same information
	之代墊。	in its file for record. In
	本公司業務規則第五十六條第五項期貨	particular: (1) Collateral held in respect of a Clearing
	商對委託人在客戶保證	Member’s Client Position
	金專戶內之存款或有價	Account shall never be
	證券，不得進行透支、設	applied to meet any
	定擔保或他項權利，亦	payment or delivery
	不得挪用為其他客戶保	demands in respect of any
	證金、權利金、結算交割	other Client Position
	費用、佣金、手續費或不足款項之代墊。第九十四條結算會員應於結算銀行分別開設	Account(s) or House Position Account of such Clearing Member; and (2)
	「自有結算保證金專	Excess Margin held in
	戶」與「客戶結算保證金	respect of a Clearing
	專戶」，憑以辦理其自有	Member’s House Position
	及客戶所有部位之保證	Account may be applied to
	金款項與本公司間之撥	meet any payment or
	轉作業。	delivery demands in respect
		of one or more Client
		Position Accounts of such
		Clearing Member, provided
		that this Clearing Rule 823
		shall not prejudice the
		operation of Clearing Rules
		1308A and 1309 in the event
		of the occurrence of a DMP
		Event.
（結算會員開立客戶保證金專戶與自有資產分離存放）為辦理與客戶間款項與有價證券之存放、收付及處分，結算會員	期貨交易法第七十條期貨商應於主管機關指定之機構開設客戶保證金專戶，存放期貨交易人之交易保證		一、參考期貨交易法第七十條、期貨商管理規則第四十五條、及本公司業務規則第五十六條第一項規定，明定結算會員應於主管

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說明

應於主管機關指定之機構開設「店頭客戶保證金專戶」，存放客戶保證金，並與自有資產分離存放。

結算會員對客戶存放於店頭客戶保證金專戶內之存款或有價證券，應依前條第二項規定辦理。

金或權利金，並與自有資產分離存放。

前項期貨商或指定機構之債權人，非依本法規定，不得對客戶保證金專戶之款項請求扣押或行使其他權利。

期貨商管理規則

第四十五條期貨商對客戶在客戶保證金專戶內之存款或有價證券，不得進行透支、設定擔保或他項權利，且不得挪用為其他客戶保證金、權利金、結算交割用、佣金、手續費或不足款項之代墊。

機關指定之機構開立客戶保證金專戶，將客戶保證金與自有資產分離存放。

二、參考期貨商管理規則第四十五條及本公司業務規則第五十六條第五項規定，結算會員對客戶保證金專戶內之存款或有價證券，不得進行透支、設定擔保或他項權利，亦不得挪用為其他客戶保證金、權利金、結算交割費用、佣金、手續費或不足款項之代墊。

本公司業務規則

第五十六條第一項期貨商應於主管機關指定之機構，開設「客戶保證金專戶」憑以辦理其與委託人間保證金及權利金之存放，並逐日向本公司申報客戶保證金專戶存款餘額及中央登錄公債概況，其申報作業，應依本公司「期貨商媒體申報作業辦法」辦理。

第五十六條第五項

期貨商對委託人在客戶保證金專戶內之存款或有價證券，不得進行透支、設定擔保或他項權利，亦不得挪用為其他

客戶保證金、權利金、

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結算交割費用、佣金、手續費或不足款項之代

墊。

（個別客戶保證金不足，結算會員以自有資金墊繳）

結算會員各個別客戶帳戶保證金低於本公司規定金額且無法於規定時限內繳存者，結算會員應將不足之差額以自有資金繳存至本公司。

前項繳存時限由本公司另訂之。

本公司業務規則

第五十七條之一委託人之保證金專戶權益數或權益總值為負數時，期貨商應向本公司申報，並應於權益數為負數時，以自有資金存入客戶保證金專戶內。

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 72. Deposit of Initial Margin by Customer

4 When the sum of the amount of Cash and the appraisal value of the Eligible Securities Collateral delivered to a Clearing Broker by a Customer as Initial Margin is less than the Required Initial Margin or the Required Intraday Margin, as the case may be, to be deposited with JSCC by such Customer, such Clearing Broker shall deposit with JSCC the Cash or Eligible Securities Collateral in an amount not less than the amount equal to such shortfall from its own fund by the date and time prescribed in Article

66.1or Article 70.1.

一、參考本公司業務規則五十七條之一，日本JSCC OTC 業務規則第 72.4 條，明定結算

會員客戶結算帳戶經本公司追繳，若客戶無法於時限內繳存者，結算會員應於本公司規定時限內以自有資金繳存之，以履行結算會員對本公司之結算交割義務。

二、前項繳存時限由本公司另訂於本公司店頭衍生性金融商品集中結算作業辦法。

（結算會員受託客戶結算應簽約、申報及契約應記載事項）

本公司業務規則

第四十四條期貨商受託從事期貨交易，除另有

Korea Exchange OTC

Derivatives Clearing and Settlement Business

一、明定結算會員從事客戶結算業務應與其客戶簽訂客戶結算交割

條文	現行集中交易市場條文	國外參考條文	說明
結算會員從事客戶	規定外，應依下列規定辦理之：期貨商於受理開戶時，應先與委託人訂立受託契約，載明開戶日期、委託人之姓名、性別、年齡、職業、住址、電話號碼、身分證統一編號；其為法人者應載明名稱、地址、統一編號及期貨商與委託人之權利義務關係，並認定以本規則、有關公告及期貨商受託契約準則為其契約之一部分。（以下略）	Regulation §54. Client	契約並於契約內載明
集中結算業務，應依下		Clearing Agreement	本公司規定之事項。
列規定辦理：			二、明定客戶應出具書面
與客戶簽訂客戶結		(1) In the case of intending	聲明表明遵守本公司
算交割契約。取得客戶書面聲明已充分瞭解集中結算相關事宜，並遵守客戶結算交割契約及本公司相關規定。結算會員受託從事		to accept the clearing submission from a client, general clearing member shall enter into a written Client Clearing Agreement that states the matters noted in each of the following	相關規定。參考韓國KRX OTC 業務規則第 54 條 Client Clearing Agreement 、香港 OTC Clear 業務規則第 816 條及日本JSCC OTC 業務規則第 43 條。
集中結算業務，不得違		subparagraphs. In this case,
背客戶結算交割契約。		the details of the Client
第一項第一款客戶		Clearing Agreement shall
結算交割契約應載明下		not contradict the Act, the
列事項：		Enforcement Decree of the
結算會員及客戶名稱。		Act and this Regulation.
提交集中結算之交		1. Names of the general
xxx。		clearing member and the
結算契約結算交割		client;
事宜。
客戶保證金繳存、		2. Matters about the
提領及追繳相關事		transaction that takes place
宜。		pursuant to the former part
客戶違反客戶結算		of [§52(3)] between a
交割契約時，提交		general clearing member
集中結算之限制措		and a client and the matters
施與客戶保證金及結算契約之處置事宜。		about the claim and liability resulting thereafter;
結算會員破產、清		3. Terms of the Client
算、經本公司暫停		Clearing Agreement;
集中結算業務或停
止終止結算交割契		4. Range of clearing eligible
約時，本公司結算		transactions, for which the
帳戶內客戶保證金		clearing is submitted;

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說明

及結算契約之處置事宜。

客戶結算交割契約終止及相關客戶保證金及結算契約處置事宜。

結算相關費用。其他本公司規定應

記載事項。

第一項第二款書面聲明，結算會員應於與客戶簽訂客戶結算交割契約後三個營業日內送達本公司。

5. Method and deadline of settlement;

6. Matters about the margin that the client is required to deposit with general clearing member;

7. Matters about the use of substitute securities and foreign securities;

8. In the event that the client fails to fulfill the settlement obligation to the general clearing member, matters about restriction on request for assumption of obligation and matters about the action to be taken by general clearing member, including the disposal of Korean won, foreign currency, securities and others that the client paid or deposited with general clearing member;

9. Matters about the protection of Korean won, securities and others that the client has paid or deposited with the general clearing member, in the event that the rehabilitation procedures or bankruptcy

procedures of general

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說明

clearing member have been commenced pursuant to the Debtor Rehabilitation and Bankruptcy Act;

10. Matters about the responsibilities related to the expenses, including the clearing service fees; and

11. Additional matters that are necessary for the clearing submission.

(2) When intending to enter into a Client Clearing Agreement or to change the details thereof, general clearing member shall notify such details to the Exchange at least ten (10) business days in advance.

(3) In the case of entering into a Client Clearing Agreement pursuant to paragraph (1), general clearing member shall obtain the written pledge in accordance with the form specified in the Enforcement Rules from the client and submit it to the Exchange without delay.

(4) In the case of intending to enter into a Client

條文	現行集中交易市場條文	國外參考條文	說明
		Clearing Agreement noted in paragraph (1), general clearing member shall verify the fact if the person intending to become the client meets the prerequisites noted in [§55]. (5) When entering into the Client Clearing Agreement with the client, general clearing member shall obtain the written confirmation of matters stipulated in the Enforcement Rules from the client and preserve it.
（結算會員與本公司結算交割契約終止前應辦事項）一般結算會員與本公司之結算交割契約終止前，該結算會員應先依客戶結算交割契約及本公司相關規定，辦理客戶保證金及結算契約處置事宜，並終止其與客戶簽訂之客戶結算交割契約。	期貨交易法	Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §56. Termination of Client Clearing Agreement (1) In cases where the general clearing member voluntarily withdrew its membership pursuant to [§14] or is deemed withdrawn from its membership pursuant to [§15], it shall be deemed that the Client Clearing Agreement has been mandatorily terminated.	一、明定結算會員與本公司結算交割契約終止時，該結算會員與其客戶簽訂之客戶結算交割契約效力亦應終止，並應依客戶結算交割契約及本公司相關規定，辦理客戶保證金及結算契約處置事宜。二、參考韓國KRX OTC 業務規則第 56 條及日本 JSCC OTC 業務規則第 27-3 條，明定結算會員終止客戶結算業務時，應先按其與該客戶之客戶結算交割契約及本公司相關規定，辦理保證金及結算契約處置事宜。
	第七十五條第一項
	期貨商有破產、解
	散、停業或依法令應停
	止收受期貨交易人訂單
	時，除期貨商為結算會
	員，依第五十四條規定
	處理者外，主管機關得
	命其將所屬期貨交易人
	之相關帳戶，移轉於與
	該期貨商訂有承受契約
	之其他期貨商。
	期貨商管理規則
	五十六條第一項
	期貨商遇有破產、
	解散、停業或依法令應
	停止收受期貨交易人訂
	單時，除期貨商為結算
	會員，依本法第五十四

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說明

條規定處理者外，本會得命令其將所屬期貨交易人之相關帳戶，移轉於與該期貨商訂有承受契約之其他期貨商。

本公司業務規則第六十六條第一項

期貨商遇有破產、解散、停業或依法令應停止收受委託人訂單時，除期貨商為結算會員，依期貨交易法第五十四條規定處理者外，應依主管機關之命令，將所屬委託人之相關帳戶，移轉於與該期貨商訂有承受契約之其他期貨商。

本公司期貨商、結算會員停業、終止營業處理程序四、期貨商停業之處理

（一）停業期貨商辦理事項

1.期貨經紀商停業(1)自行申請停業者A.(略)

B.期貨商函送停業申請同時，應於營業處所公告停業事項並即通知期貨交易人相關處理事宜。期貨商委任證券商經營期貨交易輔助業務者（以下簡稱受任期貨交易輔助人），應同時

通知受任期貨交易輔助

(2) When intending to terminate the Client Clearing Agreement with the agreement of the client, general clearing member shall notify such fact to the Exchange at least ten (10) business days in advance.

(3) The termination of Client Clearing Agreement shall become effective at the time noted in each of the following subparagraphs:

1. In the case of mandatory termination, at the time when the cause of termination has occurred;

2. In the case of termination by agreement, on the date when the concerned parties have agreed. However, in case where the date agreed by the concerned parties is within ten (10) business days from the day when the Exchange has received the notification of termination by agreement, the termination shall become effective on the day when ten (10) business days has elapsed from the receipt

三、參考期貨交易法第七十五條第一項、期貨商管理規則第五十六條一項、本公司業務規則第六十六條第一項及本公司期貨商、結算會員停業、終止營業處理程序四、(期

貨商停業之處理)，期

貨商停業或終止時，期貨商應辦理客戶部位及保證金處理之相關規定。

條文	現行集中交易市場條文	國外參考條文	說明
	人，該受任期貨交易輔	date of the notification of
	助人應即於營業處所公	agreement.
	告委任期貨商停業事項
	及協助通知相關期貨交	Japan Securities Clearing
	易人。公告及通知內容	Corporation Interest Rate
	應包括下列事項： a.停業日期。 b.交易限制、剩餘保證	Swap Clearing Business Rules Article 27-3. Handling of Outstanding
	金申請領回之規定及辦理期限。 c.部位及保證金、權利	Contracts of Clearing Participant Requesting
	金移轉處理之相關事	Cancellation of Client
	項。	Clearing Authorization
	d.與期貨商訂有承受契	When a Clearing Participant
	約之其他期貨商（以下	requests cancellation of its
	簡稱承受期貨商）名稱	authorization to handle
	及基本資料。 e.帳戶移轉後，保證金追繳及部位沖銷之規定。	Client Clearing, it must close all outstanding Customer’s Cleared Contracts by Position
	f.指定聯絡人員及聯絡	Transfer of Customer’s
	電話。	Cleared Contracts pursuant
	g.其他必要事項。(以下略)	to the provisions of Chapter 4, Section 4, or otherwise,
		and terminate all Clearing
		Brokerage Agreements, in
		advance.
（客戶契約終止之申報）結算會員與客戶約定終止客戶結算交割契約時，除本公司另有規定，應於終止日前十個營業日以書面通知本公司。		Korea Exchange OTC	一、參考韓國 KRX OTC 業務規則第 56 條Termination of Client Clearing Agreement 及日本 JSCC OTC 業務規則第 45 條Notification of Termination of Clearing Brokerage
		Derivatives Clearing and
		Settlement Business
		Regulation §56.
		Termination of Client
		Clearing Agreement
		(1) In cases where the
		general clearing member

條文	現行集中交易市場條文	國外參考條文	說明
		voluntarily withdrew its membership pursuant to [§14] or is deemed withdrawn from its membership pursuant to [§15], it shall be deemed that the Client Clearing Agreement has been mandatorily terminated.	Agreement，明定結算會員與客戶終止客戶結算交割契約之情形，及通知本公司之義務與時點。二、本公司於收到結算會員書面通知後，本公司將依客戶結算交割契約及本公司相關規定，辦理客戶保證金及結算契約處置。
		(2) When intending to terminate the Client Clearing Agreement with the agreement of the client, general clearing member shall notify such fact to the Exchange at least ten (10) business days in advance.
		(3) The termination of Client Clearing Agreement shall become effective at the time noted in each of the following subparagraphs:
		1. In the case of mandatory termination, at the time when the cause of termination has occurred;
		2. In the case of termination by agreement, on the date when the concerned parties have agreed. However, in case where the date agreed by the concerned parties is

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國外參考條文

說明

within ten (10) business days from the day when the Exchange has received the notification of termination by agreement, the termination shall become effective on the day when ten (10) business days has elapsed from the receipt date of the notification of

agreement.

條文

現行集中交易市場條文

國外參考條文

說明

第四章結算契約

（自有與客戶契約提交結算，應透過認可平台）

本公司接受提交集中結算之交易契約，分為下列二種:

結算會員之自有交

易契約。

結算會員之客戶交易契約。

前項交易契約，除本公司另有規定，應於成交後一定時限內透過本公司認可交易契約提交平臺，提交集中結算。本公司認可交易契

約提交平臺、提交集中結算作業流程及提交時限，由本公司另訂之。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §47. Trade Confirmation and Request for Assumption of Obligations

(1) Clearing member may request the Exchange to assume the obligations for its eligible proprietary clearing transactions or eligible client clearing transactions (hereinafter referred to as the “request for assumption of obligation”).

(2) The request for assumption of obligation shall be made by the both sell-side and buy-side clearing members of the clearing eligible transaction.

(3) In the case of intending to request the assumption of obligation, both parties to the clearing eligible transactions shall confirm the effectual execution of concerned transaction in advance (hereinafter referred to as the “trade

一、明定提交集中結算之交易契約類別、認可交易契約提交平臺及作業流程。

二、鑑於國際主要結算機構對店頭衍生性金融商品提交集中結算之交易類別、提交結算指定之認可交易契約提交平臺及作業流程訂定原則，如韓國KRX OTC 業務規則

第 47 條，爰參考訂定

之。

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現行集中交易市場條文

國外參考條文

說明

confirmation by trading parties”).

(4) The trade confirmation by trading parties shall be made using the trade confirmation system specified in the Enforcement Rules (hereinafter referred to as the “trade confirmation system”).

(5) The request for assumption of obligation shall be made by inputting the request using the trade confirmation system into the Exchange OTC derivatives settlement system pursuant to the stipulation in the

Enforcement Rules.

（交易契約應符合 ISDA 之 IRS 及NDF）

本公司受理集中結算之交易契約，除本公司另有規定，應為：

符合 ISDA 相關定

義 (ISDA

Definitions) 及本公司所定交易契約規格之利率交換契約。

符合 ISDA 相關定義 (ISDA

Definitions)、EMTA

範本及本公司所定

Japan Securities Clearing Corporation Handling Procedures of Interest Rate Swap Business Rules Article 9. Requirements of Eligible IRS Transaction

The requirements prescribed under Article 2.1.(47) of the Business Rules shall be all of the following, or, in respect of the IRS Transactions between Clearing Brokers

一、明定提交本公司進行集中結算之交易契約，應符合 ISDA 相關定義或 EMTA 範本。

二、現行金融機構辦理衍生性金融商品業務所簽訂之契約有 ISDA 主契約、總約定書等，參考日本 JSCC 相關規定，本公司受理集中結算之交易契約需符合 ISDA 相關定義

或 EMTA 範本，爰參

酌該作法訂定相關規範。

條文	現行集中交易市場條文	國外參考條文	說明
交易契約規格之無		executed for Clearing
本金交割遠期外匯		Brokerage and the Hedge
契約。前項 ISDA 相關定義或EMTA 範本有變更時，經本公司公告後適		Transactions, all of the following requirements except for Items (1):
用之。		(1) It shall be an IRS
第一項交易契約規		Transaction governed
格由本公司另訂之。		by the ISDA
		Definitions or the 2000
		ISDA Definitions;
		Korea Exchange OTC
		Derivatives Clearing and
		Settlement Business
		Regulation §6
		(1) The KRW interest rate
		swap transactions shall
		satisfy all of the
		requirements noted in the
		following subparagraphs:
		1. It shall be a transaction
		executed in accordance with
		an ISDA Mater Agreement
		and ISDA Definitions;
		2. It shall be a transaction
		where the fixed interests are
		exchanged for the floating
		interests for the contract
		amount;
		3. The floating interest rate
		shall be the annual yield of
		the 91-day certificate of
		deposit as at the time
		specified in the

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現行集中交易市場條文

國外參考條文

說明

Enforcement Rules which is published by the Korea Financial Investment Association on the business day immediately preceding the first day of the interest calculation period;

4. The settlement amount shall be denominated in the currencies specified in the Enforcement Rules; and

5. In addition, the requirements specified in the Enforcement Rules shall

be satisfied.

（提交結算時間以及於本公司接受前可取消）

本公司受理交易契約提交集中結算之時間，除另有規定，為本公司營業日上午九時至下午五時。

提交集中結算之交易契約，得於本公司接受集中結算前，向本公司申請取消或變更。

第一項提交時間，本公司認為必要時，得變更之。

Japan Securities Clearing Corporation Handling Procedures of Interest Rate Swap Business Rules 27-2 Request for Clearing

JSCC will receive notifications set forth in Article 48.1 of the Business Rules during the periods from 9:00 a.m. to noon, from 1:00 p.m. to 4:00 p.m. and from 5:30 p.m. to 7:00p.m. on a JSCC Business Day.

Korea Exchange OTC Derivatives Clearing and Settlement Business

Regulation §49. Hours for

一、明定提交集中結算之時間、期限及提交方式。

二、鑑於國際主要結算機構對店頭衍生性金融商品提交集中結算之相關時間、期限及提交方式訂定原則，如日本 JSCC OTC 作業

辦法第 27-2 條、韓國

KRX OTC 業務規則第 49 條，爰參考訂定之。

條文

現行集中交易市場條文

國外參考條文

說明

Requesting Assumption of Obligations, etc.

(1) The hours for requesting the assumption of obligation shall be from 09:00 to 17:00.

(2) In cases where a clearing member intends to cancel the request for assumption of obligation, both parties of the clearing eligible transaction shall request the Exchange to cancel the request for assumption of obligation before the registration of the assumption of obligation pursuant to [§50(2)].

(3) In cases where it deems necessary for a reliable and efficient clearing operation, the Exchange may change the hours noted in paragraph

(1).

（接受提交應符合契約規格）

提交集中結算之交易契約，應符合下列規定，本公司始得接受集中結算:

一、提交之交易契約符

合第二十四條規定。

Korea Exchange OTC Derivatives Clearing and Settlement Business

Regulation §50. Registration of Assumption of Obligations

(1) In cases where the both clearing members of the

一、明定提交集中結算本公司檢核之標準及權利義務。

二、鑑於國際主要結算機構對店頭衍生性金融商品提交集中結算之檢核標準及約務更替程序前後之權利義務訂定原則，如韓國

KRX OTC 業務規則

條文	現行集中交易市場條文	國外參考條文	說明
二、結算會員確認接受該筆交易契約提交		clearing eligible transaction that is subject to the request	第 50 條及日本 JSCC OTC 作業辦法第 28
集中結算，並依第三十一條規定，繳存保證金。三、結算會員保證金不		for assumption of obligation satisfy each requirement of the following	條，爰參考訂定之。
足經本公司追繳		subparagraphs, the
者，已於本公司規		Exchange shall assume the
定期限內補足。		obligation for the clearing
四、提交日或提交日之		eligible transaction
次一營業日不得為		concerned.
交易契約付款日或
預付款費用結算		1. The transaction
日。		concerned shall satisfy the
本公司認為必要		requirements noted in
時，得就符合前項規定		[§5(1)];
之交易契約，暫緩或拒
絕接受集中結算。		2. The member margin
提交集中結算之交		pursuant to [§81(3)] shall be
易契約，經本公司依第		deposited;
一項規定檢核後，本公司通知結算會員接受或		3. [Deleted on October 21,
拒絕該交易契約之集中		2015]
結算。		4. In cases where the
		assumption of obligation is
		requested after the deadline
		stated in [§66(2)], the net
		cash settlement amount
		shall be delivered.
		(2) The Exchange shall
		register the clearing eligible
		transactions for which the
		requirements noted in
		paragraph (1) have been
		satisfied, in the OTC
		derivative clearing system

條文

現行集中交易市場條文

國外參考條文

說明

of the Exchange (hereinafter referred to as “registration of the assumption of obligation”) and notify this to the clearing members.

(3) The assumption of obligation becomes effective at the time of the registration of the assumption of obligation.

(4) In cases where the clearing eligible transaction that is subject to the request for the assumption of obligation does not meet any of the requirements noted in paragraph (1), the Exchange shall refuse the request for the assumption of obligation and notify this to the clearing member concerned.

(5) Notwithstanding paragraph (1), the Exchange may postpone or refuse the registration of the assumption of obligation if it deems necessary for a reliable clearing operation.

(6) The notification method

and detailed matters for the registration of the

條文

現行集中交易市場條文

國外參考條文

說明

assumption of obligation or the refusal of the registration and other necessary matters shall be stipulated in the Enforcement Rules.

Japan Securities Clearing Corporation Handling Procedures of Interest Rate Swap Business Rules

Article 28. Requirements for Clearing Process for Obligation Bearing on the Day

(2) In respect of a request for Clearing set forth in Paragraph 2 below, no date during the period from the day on which JSCC confirms the satisfaction of the Clearing Requirements in accordance with Article

49.1 of the Business Rules to the next JSCC Business Day falls on a Payment Date or the settlement date of the

Upfront Fee.

（交易契約之約務更替程序）

本公司接受交易契約集中結算後，該交易契約之任一方結算會員

即與本公司各成立一結

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §52. Methods of Assumption of Obligations

一、明定交易契約經本公司接受集中結算後，本公司與結算會員間之權利義務關係。

二、鑑於國際主要結算機

構對店頭衍生性金融

條文	現行集中交易市場條文	國外參考條文	說明
算契約，其交易條件與該交易契約相同。		(1) To assume the obligation	商品提交集中結算之約務更替程序(novation)及相關權利義務關係訂定原則，如韓國 KRX OTC 業務規則第52 條及日本 JSCC 業務規則第 51 條，爰參考訂定之。三、ISDA 主契約、ISDA相關定義或EMTA 範本與本公司業務規則及相關規章牴觸，交易契約經本公司接受集中結算後，本公司與結算會員成立之結算契約應以本公司規定為主。
交易契約為結算會		pursuant to [§50(1)], the
員之客戶交易契約者，		Exchange shall deem that
於本公司接受該交易契		the new cleared transaction
約集中結算後，結算會		noted in each of the
員即與該客戶依客戶結		following subparagraphs
算交割契約之約定成立		has taken place. In this case,
一筆結算契約，其交易條件與該交易契約相同。		the request for assumption of obligation shall be
前二項結算契約成		deemed that the intention to
立時，原交易契約終止。		terminate the clearing
結算契約內容適用本規		eligible transaction by
則、其他章則、公告、通函、ISDA 主契約、ISDA 相關定義及 EMTA 範		agreement on the condition that the cleared transaction takes place was expressed to
本。第三項 ISDA 主契約、ISDA 相關定義或EMTA 範本有變更時，		the counterparty clearing member, and notwithstanding the details
經本公司公告後適用		of the agreement between
之。		the concerned parties, the
第三項本規則、其		concerned parties shall not
他章則、公告及通函與 ISDA 主契約、ISDA 相關定義或EMTA 範本牴		be obligated to pay any fees, damages or other money in connection with the
觸時，應依本規則、其他章則、公告及通函。		termination by agreement.
		1. Cleared transaction
		where, between the clearing
		member that is one party to
		the clearing eligible
		transaction and the
		Exchange, the position of
		Exchange is the same as the
		position of the clearing

條文

現行集中交易市場條文

國外參考條文

說明

member that is counterparty to such clearing eligible transaction; and

2. Cleared transaction where, between the clearing members who are counterparties to the clearing eligible transaction and the Exchange, the position of Exchange is the same as the position of clearing member that is one party to such clearing eligible transaction.

(2) In cases where a cleared transaction takes place pursuant to paragraph (1), the clearing eligible transaction and the obligation (excluding those noted in each of the following subparagraphs) arising from such transaction shall cease to exist at the same time as the cleared transaction takes place.

1. Payment obligations for fixed rate and floating rate interest amounts that are due and payable when the cleared transaction took

place; and

條文

現行集中交易市場條文

國外參考條文

說明

2. In addition to subparagraph 1, the obligations outstanding when the cleared transaction takes place.

(3) In cases where a client clearing transaction takes place pursuant to paragraphs (1), it shall be deemed that a new transaction having the same details as the concerned client clearing transaction takes place between general clearing member and its client. In this case, it shall be deemed that the general clearing member has concluded a transaction having the same details as the concerned client clearing transaction with the client as an opposite party to the client clearing transaction with the Exchange.

(4) In cases where the cleared transaction noted in paragraph (1) takes place, the parties to clearing eligible transaction, even if one party to clearing eligible transaction has the reason

(including existence of the

條文

現行集中交易市場條文

國外參考條文

說明

transaction, any defect or flaw in expression of intention or other grounds) to take action against the counterparty in relation to the clearing eligible transaction or liability or claims related thereto, shall be prohibited to take any action against the Exchange.

(5) In cases where the rehabilitation procedures have commenced against the Exchange and the parties to the clearing eligible transaction that accomplish the assumption of obligation pursuant to [§323-10(1)2] of the Act, the determination of clearing eligible transactions, receipt of settlement amount and other matters about the clearing and settlement shall not be subject to invalidation, termination, cancellation and denial in compliance with the procedures noted in [§120(2)] of the Debtor Rehabilitation and Bankruptcy Act.

Japan Securities Clearing Corporation Interest Rate

條文

現行集中交易市場條文

國外參考條文

說明

Swap Clearing Business Rules Article 51. Details of Cleared Contracts

1 Cleared Contracts shall be governed by the Rules, the ISDA Master Agreement and the ISDA Definitions Any individual 2002 ISDA Master Agreement with its Schedule or any other form of master agreement, separately prescribed by JSCC which stipulates basic matters concerning over the counter derivative

transactions existing

between Clearing Participants or any other agreement between Clearing Participants which is not prescribed in the Rules including but not limited to any Confirmation entered into between Clearing Participants which were the parties to the relevant Eligible IRS Transaction shall have no force or effect on Cleared Contracts.

2 Details of the Cleared Contract s shall be subject to

the provisions set forth in

條文

現行集中交易市場條文

國外參考條文

說明

Article 49.1 and Paragraph 1 above and the rules separately prescribed by JSCC.

3 Any replacement of terms and other matters which would become necessary for applying the ISDA Master Agreement and the ISDA Definitions to Cleared Contracts pursuant to the provisions of Paragraph 1 shall be separately prescribed by JSCC.

4 In the event of inconsistency or conflict between the provisions of the ISDA Master Agreement or the ISDA Definitions and the provisions of the Rules, the provisions of the Rules shall

prevail.

（回溯結算）本公司受理提交集

中結算之交易契約，其提交日逾交易日一個營業日，為回溯結算之交易契約。

前項回溯結算之交易契約應於第二十五條第一項規定之提交時段內，透過本公司認可交

易契約提交平臺提交本

Australian Securities Exchange OTC Handbook

4.5 Acceptance for registration

The following are applicable to acceptance of an OTC Transaction for registration:

一、明定回溯結算之交易契約之條件。

二、鑑於國際主要結算機構對店頭衍生性金融商品提交集中結算之回溯結算之交易契約訂定原則，如澳洲交易所 ASX OTC

RULEBOOK( 以下簡

稱澳洲 ASX OTC 業務規則)第 4.11 條、作

條文	現行集中交易市場條文	國外參考條文	說明
公司集中結算，其作業流程由本公司另行公告之。		If the trade date of the OTC Transaction is more than	業辦法第4.5 條、 4.11 條及日本 JSCC OTC 作業辦法第 28-2 條，
		four Business Days prior to	爰參考訂定之。
		the date of initial
		submission for registration
		of the OTC Transaction in a
		form that satisfies the OTC
		Eligibility Criteria then the
		OTC Transaction must be
		submitted for backloading
		in accordance with OTC
		Rule.
		Australian Securities
		Exchange OTC Rulebook
		4.11 Backloading
		An OTC Transaction with a
		trade date that is more than
		the number of Business
		Days prescribed in the OTC
		Handbook prior to the date
		of initial submission for
		registration of the OTC
		Transaction in a form that
		satisfies the OTC Eligibility
		Criteria set out in the OTC
		Handbook, must be
		submitted for registration in
		accordance with the OTC
		Handbook.
		The submission for
		registration of such OTC
		Transactions requires

條文

現行集中交易市場條文

國外參考條文

說明

bilateral agreement between the OTC Participants which are, or are taken to be, parties to the OTC Transactions of the full particulars required by ASX Clear (Futures) for each OTC Transaction.

Australian Securities Exchange OTC Handbook

4.11 Backloading

Following the agreement of particulars as required by OTC Rule 4.11

(Backloading) and submission of the OTC Transaction to be backloaded, the backloaded transactions are taken to have been submitted for registration by ASX Clear (Futures).

However, registration of any backloaded transaction is subject to:

(a) the absolute discretion of ASX Clear (Futures); and

(b) the provision of any Margin that is required to be provided by the

relevant OTC Participants in

條文

現行集中交易市場條文

國外參考條文

說明

respect of the relevant backloaded transaction. The prescribed number of Business Days is four.

Japan Securities Clearing Corporation Handling Procedures of Interest Rate Swap Business Rules:

Notwithstanding the provisions of Paragraph 2, when a request for Clearing of Backload Transaction is made, JSCC will receive a notice of such request by 8:00 a.m. on the JSCC Business Day immediately following the date of such request.

(1) Request for Clearing of Backload Transaction:

By 8:00 a.m. on the date of receipt of the request for Clearing;

(2) Request for Clearing of Transaction other than Backload Transaction:

Promptly after its receipt of the request for Clearing, or, for a Package Trade, its

條文

現行集中交易市場條文

國外參考條文

說明

receipt of the request for Clearing of all Eligible IRS Transactions comprising the

Package Trade.

（除本公司規定外，結算契約不得變更內容或提前終止）

結算契約有下列情事之一者，始得變更契約內容或提前終止：

部位移轉。部位互抵。部位壓縮。違約處理。

其他符合本公司規定者。

前項部位移轉，除本公司另有規定，以下列為限：

同一客戶於同一結算會員不同個別客戶結算帳戶間之移轉。

同一客戶於不同結算會員之個別客戶結算帳戶間之移轉。

結算會員自有結算帳戶或其開立於其他結算會員之個別客戶結算帳戶間之移轉。

客戶違約時，自該個別客戶結算帳戶部位移轉至結算會員自有結算帳戶。

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation Chapter VIII. Early Termination, Change of Parties and Transfer of Cleared Transactions

Section 1. Early Termination and Change of Parties of Cleared Transactions §98. Request for Early Termination and Change of Parties

LCH REGULATION 56 COMPRESSION

(b) A SwapClear Clearing Member may submit a request to the Clearing House, in accoardance with the Procedures, to compress and combine all such SwapClear Contracts are registered (a) on the SwapClear Clearing Member’s own behalf to its Proprietary Account, (b) on behalf of the same SwapClear Clearing Client

and to the same Client

一、明定結算契約得變更或提前終止之情形，包括部位移轉、部位互抵、部位壓縮及違約部位之處理等，相關作業由本公司另訂之。

二、參考韓國 KRX OTC

業務規則第98 條及澳洲 ASX OTC 作業辦法第 4.13、4.14 及 4.15

條。

條文

現行集中交易市場條文

國外參考條文

說明

其他經本公司同意者。

第一項部位互抵，除本公司另有規定，限同一結算會員自有結算帳戶或同一結算會員之同一個別客戶結算帳戶為之。

第一項第一款至第四款之作業方式，由本公司另訂之。

Account (which is not an Indirect Gross Account), or

(c)…For the avoidance of doubt, in no circumstances can a SwapClear Contract registered in the Proprietary Account of a SwapClear Clearing Member be compressed pursuant to this Regulation 56 with a SwapClear Contract registered in the Client Account of that SwapClear

Clearing Member.

條文

現行集中交易市場條文

國外參考條文

說明

第五章保證金

（保證金分類及繳存方式）

結算會員為辦理集中結算業務繳存本公司之保證金為結算保證金；客戶為辦理集中結算繳存結算會員之保證金為客戶保證金。

前項結算保證金及客戶保證金得以現金或經主管機關核定之有價證券抵繳。

第二項現金或有價證券抵繳保證金相關作業，由本公司另訂之。

本公司業務規則

第九十三條 x公司向結算會員收取之結算保證金，其結算保證金得以現金或經主管機關核定之有價證券抵繳。

結算會員辦理有價證券抵繳保證金相關作業，由本公司另訂之。

第一項結算保證金之收取方式、標準及有價證券抵繳之折扣比率，由本公司訂定，報請主管機關核定之。

結算會員應按自有及客戶所有分別設置帳戶，逐日登載下列事項：一、期貨交易之部位結

構及數額。

二、保證金之計算與收付。

三、市價變動所生權益差額之計算與收付。

四、保證金餘額。

五、保證金之追繳或提領。

六、其他應記載事項。前項結算會員對於

委託其辦理結算交割之期貨商帳簿管理，應按該期貨商自行買賣及受託買賣別登載之。

第五十四條期貨商非俟委託人於其指定之金融機構開立存款帳戶後，不得接受委託從事交

易。

Korea Exchange OTC Derivatives Clearing and Settlement Business

Regulation §80.

Classification and Calculation of Margins Margins shall be classified

into member margin that the

clearing member deposits with the Exchange to guarantee the fulfillment of its obligation to the Exchange, and client margin that the client deposits with the general clearing member to guarantee the fulfillment of its obligation to general clearing member with whom it has entered into the Client Clearing Agreement.

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §85. Deposit and Withdrawal Method of Member Margins.

The deposit and withdrawal method of member margin shall be as follows:

In the case of Korean won or foreign currencies:

The deposit shall be made by depositing the amount in

一、本條第一項係明定為辦理店頭衍生性金融商品集中結算業務，結算會員繳存本公司之保證金為結算保證金，該保證金為結算會員之現存有保證金；客戶繳存結算會員之保證金為客戶保證金，該保證金為客戶之現存有保證金。參考韓國 KRX OTC

業務規則第80 條亦有

類似之保證金分類規定。

二、本條第二項係參酌本公司業規則第九十三條第一項及第五十四條第二項，明定結算保證金及客戶保證金得以現金或經主管機關核定之有價證券抵繳。參考韓國 KRX

OTC 業務規則第 85

條亦有類似之繳存方式規定。

三、本條第三項係參酌本公司業務規則第九十三條第二項及第五十四條第三項，對於有價證券抵繳保證金相關作業，另訂於本公司市場規章。

期貨商向委託人收取之交易保證金，得以現金或經主管機關核定之有價證券為之。

期貨商辦理有價證券抵繳保證金方式如下，其相關作業，由本公司另訂之：

一、期貨商辦理期貨交易人有價證券抵繳保證金，應與期貨交易人約定僅作為抵繳自身未沖銷部位及新增委託所需保證金，或取得期貨交易人同意書由期貨商、結算會員運用，得抵繳結算會員部位所需保證金。

二、期貨商將期貨經紀業務之客戶保證金專戶新臺幣款項以中央登錄公債方式存放者，應將中央登錄公債全數繳存本公司抵繳其期貨經紀業務之未沖銷部位及新增委託所需之新臺幣保證金。

期貨商依委託人指示交付其剩餘現金保證金、權利金時，應以轉帳方式撥至第一項委託人存款帳戶內。

the Exchange’s account with the settlement bank and the withdrawal shall be made by transferring the amount from the concerned Exchange’s account with the settlement bank to the settlement account under the name of the clearing

member.

In the case of substitute

securities:

a. In the case of securities registered in the deposit account of a clearing member at the Korea Securities Depository, the deposit shall be made by way of the Exchange obtaining the right of pledge according to the stipulations in the Act and the withdrawal shall be made by terminating the concerned

right of pledge.

b. In cases where the securities that the clearing member has obtained the right of pledge of the deposited securities registered in the depositor account that the client has at the Korea Securities Depository, the deposit shall

be made by way of the

條文

現行集中交易市場條文

國外參考條文

說明

Exchange obtaining the right of sub-pledge and the withdrawal shall be made by terminating the concerned right of sub-pledge.

In the case of foreign securities:

The deposit shall be made by way of making the account transfer to the Exchange’s account at the Korea Securities Depository for the deposit of foreign securities and the withdrawal shall be made by way of transferring from the concerned Exchange’s account to the account under the name of the clearing member at the Korea Securities Depository for the purpose of receiving the foreign securities.

Deposit or withdrawal method of member margin pursuant to paragraph (1) shall be stipulated in the

Enforcement Rules.

（預繳保證金）

結算會員之自有交易契約或客戶交易契約提交本公司集中結算

前，結算會員繳存之結

期貨交易法

第五十條期貨結算機構應向期貨結算會員收取結算保證金，其結算

保證金得以現金或經

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §81. Deposit of Member Xxxxxxx

一、明定結算會員之自有交易契約或客戶交易契約提交本公司集中結算前，結算會員應預繳保證金，且該保

證金金額係由本公司

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臺灣期貨交易所股份有限公司店頭衍生性金融商品集中結算業務規則(草案)總說明 I

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