第二十四條（結算契約應符合 ISDA 之 IRS 及 NDF，牴觸應依本公司規定） 66

條文	現行集中交易市場條文	國外參考條文	說明
第一章總則第一條（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。
第二條（法規遵循）本公司經營非在期貨交易所進行之期貨交易集中結算業務，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。
第三條（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		明定本業務規則(草案)之主管機關。

條文	現行集中交易市場條文	國外參考條文	說明
	國境外，依當地政府法令設立登記者，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。
第四條（名詞定義）		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. Hong Kong Exchange OTC Clear Rates and FX Derivatives Clearing Rules 101. Original Transaction	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期貨交易提交集中結算之名詞定義皆有規範，爰參考訂定之。
本規則用詞，定義
如下：
一、店頭期貨交易：指
依期貨交易法第三
條第二項非在期貨
交易所進行之期貨
交易。
二、交易契約：指符合
x公司之規定，得
提交至本公司進行
集中結算之店頭期

條文	現行集中交易市場條文	國外參考條文	說明
貨交易。		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; 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; 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
三、結算契約:指交易契
約經提交至本公司
進行集中結算，於
x公司接受後，由
本公司與結算會員
成立之契約。
四、部位：指結算會員
各結算帳戶之結算
契約。
五、結算會員:與本公司
簽訂結算交割契
約，參加本公司集
中結算業務之金融
機構。

條文	現行集中交易市場條文	國外參考條文	說明
六、客戶：指與結算會		from the Exchange, from among the persons who were licensed for the investment trading business in relation to the OTC derivatives trades. 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. 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
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。
七、集中結算業務:指本
公司辦理與結算會
員間之店頭期貨交
易集中結算事宜，
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。

條文	現行集中交易市場條文	國外參考條文	說明
八、營業日：本規則所		determined settlement amount from the clearing member, settlement instruction, delivering determined settlement amount to the clearing member and handling settlement default, which the Exchange fulfills. 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 incorporatesthe terms of the Rules; 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
稱營業日係指國內
銀行業營業日。
九、結算交割契約:結算
會員為參加本公司
集中結算業務，與
x公司簽訂之契
約。
十、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。

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十一、店頭交割結算基		provided and which contains the terms set out in Clearing Rule 817(3); Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §2 (1) 10. The term “OTC derivatives joint compensation fund” in 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. Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article ： 2. Definitions (36)-2 Cleared Contract (Collateral Type)” means a Cleared Contract
金：指結算會員
參加本公司集中
結算業務，為擔
負其結算交割履
約之責任繳存於
x公司之基金。
十二、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。
十三、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。
十四、每日結算類型：
結算契約按其每
日淨現值變化之
處理方式，區分
每日結算類型如下: ( 一 ) 保證金型

條文	現行集中交易市場條文	國外參考條文	說明
(Collateralized-To -Market, CTM) :		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 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
本公司於每日進
行日終結算，並計
算本類型結算契
約當日與前一營
業日淨現值相較
之變動金額，即變
動保證金，並辦理
收付。 ( 二 ) 損益型
(Settled-To-Marke t, STM)：本公司
於每日進行日終
結算，並計算本類
型結算契約當日
與前一營業日淨
現值相較之變動
金額，即洗價損
益，並辦理收付，
且每日應收付之
淨現值重置為零。

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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. 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

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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 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.

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十五、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。

十六、ISDA：指

International Swaps and Derivatives Association, Inc.。

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)

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.

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §2 (1) 14.

The term “ISDA” in this Regulation refers to the

International Swaps and

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說明

十七、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)。

十八、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

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.

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

條文	現行集中交易市場條文	國外參考條文	說明
1998 FX and Currency Option Definitions。		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 ExchangeOTC 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 relevant Non Deliverable FX Derivatives Contract Terms. Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 2. Definitions (4) “Backload Transaction” means an Eligible IRS Transaction applied for Clearing by a Clearing
十九、EMTA 範本：指由 Emerging
Markets Trading and Investment community 發布
之外匯交易範
本。
二十、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。

條文	現行集中交易市場條文	國外參考條文	說明
二十一、提前終止		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; 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
(Early Termination):
指結算契約，
於契約到期前
終止。
二十二、部位互抵 (Netting):指結
算會員依本公
司規定，就其
自有帳戶或同
一客戶帳戶內
之多個現金流
量收付相反之
結算契約申請
互抵，得減少
契約數量或名
目本金金額。

條文	現行集中交易市場條文	國外參考條文	說明
		fixed interest amount, the Exchange may offset the two cleared transactions concerned if the clearing member requests.
二十三、部位壓縮 (Compression) ：指結算會員依本公司規定，為其自有或客戶帳戶之		Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 2. Definitions (18)-2 “ Compression”means a
結算契約申請部位壓縮以減少契約數量或名目本金，壓縮後部分或全部之結算契約將提前終止，		process to have Cleared Contract(s) terminated before its scheduled Termination Date and have new Cleared Contract(s)simultaneously established;
並得產生相同		Portfolio compression is a
未來淨現金流量之結算契約取代之。		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

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說明

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 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).

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二十四、結算保證金：

結算會員繳存至本公司之現存有保證金。

二十五、客戶保證金：

結算會員之客戶繳存至結算會員之現存有保證金。

二十六、應繳結算保證

金：本公司向結算會員收取之應有保證金。

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.

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.

條文	現行集中交易市場條文	國外參考條文	說明
二十七、原始保證金：		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. Hong Kong ExchangeOTC 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
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。
二十八、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
x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

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及交易性質收取之保證金。

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 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

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說明

Payment of Mark-to-Market Difference

Provisions of Article 82 shall apply mutatis mutandis for ad-hoc 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 ExchangeOTC 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.

條文	現行集中交易市場條文	國外參考條文	說明
二十九、變動保證金：		Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules (63) “Variation Margin” shall collectively refer to the Cash listed in the following i tems: 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
指本公司與結
算會員間或結
算會員與客戶
間，就保證金
型結算契約之
每日淨現值變
動金額，所應
收付之保證金
款項。
三十、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
型結算契約之每
日淨現值變動金
額，所應收付之
損益款項。

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Cash listed in the following items:

x.Xxxx 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);

x.Xxxx 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

x.Xxxx 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);

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules

Article 83. Interest on Variation Margin

1 JSCC and a Clearing Participant shall pay or receive interest on Variation Margin in Cash

denominated in the

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三十一、變動保證金利息

(Price Alignment Interest, PAI)：指本公司依保證金型結算契約之日終變動保證金按日計算之利息金額。

currency of the relevant Cleared Contract (Collateral Type) on a daily basis, as specified below according to the type of Cleared Contract (Collateral Type), at the rate prescribed by JSCC167 and in the manner prescribed by JSCC

Clearing Conditions of Eurex Clearing AG Chapter VIII Part 2

2.1.7 Margin Requirements

(4) In addition to Variation 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

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三十二、洗價損益利息

(Price Alignment Amount, PAA)：指本公司依損益型結算契約日終洗價損益按日計算之利息金額。

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.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules

Article 83-2. Adjustment Amount related to Mark-to-Market Difference JSCC and each Clearing Participant shall pay or receive Adjustment Amount related to Mark-to-Market Difference in Cash denominated in the currency of the relevant Cleared Contracts (Settlement Type) on a daily basis, as specified below according to the type of Cleared Contract (Settlement Type) in the manner prescribed by JSCC

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

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三十三、評價曲線：指本

公司為計算結算契約之淨現值所建構之殖利率、折現及遠期匯率等曲線。

“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.

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.

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三十四、日內:指本公司

每一營業日受理期貨交易提交集中結算之時間。

三十五、日終:指本公司

每一營業日受理期貨交易提交集中結算作業結束之時間。

三十六、結算款項：依

結算契約約定，本公司與結算會員間之應收或應付之現金款項，如利率交換契約之固定及浮動利息、日終洗價損益、日終變動保證金及其利息金額，及其他結算契約規定之應收付款項。

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 or received as IRS Clearing Fund, Initial 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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第二章結算會員第五條（結算會員簽約）參加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期貨交易集中結算業務者，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) 二、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。
第六條（結算會員種類	x公司業務規則	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. Korea Exchange OTC	一、明定店頭期貨交易集
與資格、申請、轉換與註	第七十四條 x公司結算		中結算業務個別與一
銷程序）	會員依其業務範圍，分		般會員之種類、營業
x公司結算會員以	為下列三種：		範圍。個別結算會員
金融機構為限，依其業	一、個別結算會員。		係為其自有交易契約
務範圍，分為下列二種：一、個別結算會員：辦理自有店頭期貨交易集中結算業務。二、一般結算會員：辦理自有及其客戶店頭期貨交易集中結算業務。前項結算會員之資	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。		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中結算
格條件及申請、轉換與	x公司結算會員資格標準		業務之金融機構，以

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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。

第三條 x公司結算會員依其業務範圍分為：

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)

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。

第七條（結算會員辦理集中結算業務前應繳存店頭交割結算基金）

結算會員應繳存店頭交割結算基金，並俟本公司簽還結算交割契

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，始得參加本公司市場期貨交易之結算

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §12.

(1)The applicant that has

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

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約後，始得參加本公司集中結算業務。

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。

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.

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §13.

(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

於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，始得參加結算交割業務。

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[§10(5)], the fulfillment of that condition; and

0.Xx addition, the

procedures that the Exchange deems necessary.

第八條（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。

二、對本公司負有履行結算交割義務及其有關責任。

三、依本公司規定期限繳納結算交割手續費、店頭交割結算基金及其他費用。

四、確實保存其自有及客戶所有部位之每日結算交割紀錄，並按本公司規定編製財務報告或其他報表。

五、持續符合本公司規定之結算會員資格條件。

六、對所受託之事項，應予保密，除依法令或本公司依法所為之查詢，不得對外洩露。

七、其他經本公司規定應遵守之事項。

本公司業務規則

第七十六條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。

二、對本公司負有履行結算交割義務及其有關責任。

三、依本公司規定期限繳納結算交割手續費、交割結算基金及其他費用。

四、確實保存其自有及客戶所有部位之每日結算交割紀錄，並按本公司規定編製財務報告或其他報表。

五、持續符合本公司規定之結算會員資格條件。

六、對所受託之事項，應予保密，除依法令或本公司依法所為之查詢外，不得對外洩露。

七、其他經本公司規定應遵守之事項。

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

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

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。

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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 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.

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

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

of the Board.

第九條（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：

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者。

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、本業務規則或其他章則、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。

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。

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

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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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。

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;

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

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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 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

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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 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;

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

5. Notice of warning; and

6. Notice of caution.

第十條（客戶違約會員仍應履行義務並申報）

結算會員之客戶違背其與結算會員間之結算交割義務者，結算會員仍應對本公司履行結算交割義務，並應即檢附相關資料，向本公司申報。

本公司業務規則

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。

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

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

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。

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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.

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.

第十一條（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：

一、停業、復業或終止營業。

二、集中結算業務之開辦、新增、異動或終止。

三、客戶結算保證金專戶之開設、變更或終止。

四、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

x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

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

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

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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。

五、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。

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，顯示其不適合從事店頭結算業務。

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。

十、其他經本公司規定

應申報事項。

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

clearing member) to the Exchange without delay.

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

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期貨交易集中結算業務不適用。

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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。

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。

measures such as the suspension of investment 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

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branch office in Korea);

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

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pursuant to the laws and decrees;

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

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occurred.

(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

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		managing the risks associated with clearing operation, the clearing member shall submit the report to the Exchange without delay.
第十二條（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。結算會員參加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

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taken pursuant to 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.

第十三條（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

第十四條（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:

一、結算契約之數量及規格。

二、結算帳戶之每日結算類型。

三、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。

四、應繳結算保證金計算與收付。

五、結算契約洗價損益及其利息調整金額之計算與收付。

六、結算保證金餘額。七、保證金之追繳或提

領。

八、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，除本公司另有規定，不得相互流用。

本公司於帳戶設置

x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

account of a client from

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日前完成結算帳戶之

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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。

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.

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, etc. that are received from

or delivered to the clearing

開立。

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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 which the clearing account

is opened.

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第十五條（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，僅限由保證金型變更為損益型，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 lients

(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

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。結算會員對不同客戶帳戶內之保證金及各款項，不得相互流用。

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結算類別，由保證金型變更為清算型。

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說明

a member’s account for client and other necessary matters shall be

stipulated in the Enforcement Rules.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 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

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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 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.

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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 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

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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.

第十六條（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。

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。

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

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。

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電腦連線供結算會員查詢其餘額。

第十七條（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、佣金、手續費或不足款項之代墊。

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、權利金、結算交割用、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、結算

Hong Kong

ExchangeOTC 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 Collateral Account(s), and retain the same information in its file for record. In particular: (1) Collateral held in respect of a Clearing Member’s Client Position Account shall never be applied to meet any payment or delivery demands in respect of any other Client Position

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，

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交割費用、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

「自有結算保證金專戶」與「客戶結算保證金專戶」，憑以辦理其自有及客戶所有部位之保證金款項與本公司間之撥轉作業。

Account(s) or House Position Account of such Clearing Member; and (2) Excess Margin held in respect of a Clearing Member’s House Position Account may be applied to meet any payment or 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.

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。

第十八條（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。

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

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

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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。

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、結算交割費用、佣金、手續費或不足款項之代

墊。

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。

第十九條（個別客戶保證金全數上繳）

結算會員應將各個別客戶繳存之保證金全數繳存至本公司。

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

x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。

EMIR Article 39

6. When a client opts for individual client segregation, any margin in excess of the client’s requirement shall also be

posted to the CCP and

一、參考 EMIR 39.6 、日本 JSCC OTC 業務規則第 72-2 條，及韓國 KRX OTC 業務規則第 89(2)條，明定結算會員應將客戶繳存之保證金全數繳存至本公司，以強化對個

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定時限內繳存者，結算		distinguished from the	別客戶結算帳戶項下保證金之保障，避免客戶帳戶受結算會員違約事件之影響。二、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 條及香港OTC Clear 業務規則第 823 (2)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。三、前兩項繳存時限由本公司另訂於本公司店頭期貨交易集中結算作業辦法。
會員應將不足之差額以		margins of other clients or
自有資金繳存至本公司。前兩項繳存時限由本公司另訂之。		clearing members and shall not be exposed to losses connected to positions
		recorded in another
		account.
		Japan Securities Clearing
		Corporation Interest Rate
		Swap Clearing Business
		Rules Article 72. Deposit of
		Initial Margin by Customer
		2 The Clearing Brokershall
		deposit with JSCC all of
		Cash or Eligible Securities
		Collateral delivered as
		Initial Margin by the
		Customer pursuant to the
		provisions of Paragraph 1
		as anagent of such
		Customer.
		4 When the sum of the
		amount of Cash and the
		appraisal valueof the
		Eligible Securities
		Collateral delivered to a
		Clearing Brokerby a
		Customer as Initial Margin
		is less than the Required
		Initial Marginor the
		Required Intraday Margin,
		as the case may be, to be
		deposited with JSCC by

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說明

such Customer, such Clearing Broker shall deposit with JSCC the Cashor 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.

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §89. Deposit Means and Restricted Use of Client Margins (2) General clearing members shall deposit with the Exchange the entire amount of client margin collected from the client.

Hong Kong

ExchangeOTC Clear Rates and FX Derivatives Clearing Rules 823. (2) Excess Margin held in respect of a Clearing Member’s House Position Account may be applied to meet any payment or delivery demands in respect of one or more Client

Position Accounts of such

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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.

第二十條（結算會員受託客戶結算應簽約、申報及契約應記載事項）

結算會員從事客戶集中結算業務，應依下列規定辦理：

一、與客戶簽訂客戶結算交割契約。

二、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。

結算會員受託從事集中結算業務，不得違背客戶結算交割契約。

第一項第一款客戶結算交割契約應載明下列事項：

一、結算會員及客戶名稱。

二、提交集中結算之交易契約。

三、結算契約結算交割事宜。

四、客戶保證金繳存、提領及追繳相關事宜。

五、客戶違反客戶結算

x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）

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §54. Client Clearing Agreement

(1) In the case of intending 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 subparagraphs. In this case, the details of the Client Clearing Agreement shall not contradict the Act, the Enforcement Decree of the Act and this Regulation.

1. Names of the general clearing member and the client;

2. Matters about the transaction that takes place pursuant to the former part

of [§52(3)] between a

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契約並於契約內載明本公司規定之事項。

二、明定客戶應出具書面聲明表明遵守本公司相關規定。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。

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交割契約時，提交集中結算之限制措施與客戶保證金及結算契約之處置事宜。

六、結算會員破產、清算、經本公司暫停集中結算業務或停止終止結算交割契約時，本公司結算帳戶內客戶保證金及結算契約之處置事宜。

七、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。

八、結算相關費用。

九、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。

general clearing member and a client and the matters about the claim and liability resulting thereafter;

3. Terms of the Client Clearing Agreement;

4. Range of clearing eligible transactions, for which the clearing is submitted;

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

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說明

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 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

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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 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.

第二十一條（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

期貨交易法

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

Korea Exchange OTC Derivatives Clearing and Settlement Business

Regulation §56. Termination of Client Clearing Agreement

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

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x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。

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

(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.

(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

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。

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。

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	事項	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 date of the notification of agreement. Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 27-3. Handling of Outstanding Contracts of Clearing Participant Requesting Cancellation of Client Clearing Authorization 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
	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
	人，該受任期貨交易輔
	助人應即於營業處所公
	告委任期貨商停業事項
	及協助通知相關期貨交
	易人。公告及通知內容
	應包括下列事項： a.停業日期。 b.交易限制、剩餘保證金
	申請領回之規定及辦理期限。 c.
	部位及保證金、權利金
	移轉處理之相關事項。
	d.與期貨商訂有承受契
	約之其他期貨商（以下
	簡稱承受期貨商）名稱
	及基本資料。 e.帳戶移轉後，保證金追
	繳及部位沖銷之規定。
	f.指定聯絡人員及聯絡
	電話。
	g.其他必要事項。(以下略)

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4, Section 4, or otherwise, and terminate all Clearing Brokerage Agreements, in advance.

第二十二條（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 Derivatives Clearing and Settlement Business

Regulation §56. Termination of Client Clearing Agreement

(3) The termination of Client Clearing Agreement

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 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。

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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 date of the notification of

agreement.

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第四章結算契約

第二十三條（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:

一、結算會員之自有交易契約。

二、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及提交集中結算作業流程，由本公司另行公告之。

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

confirmation by trading

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期貨交易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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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.

第二十四條（結算契約應符合 ISDA 之 IRS 及NDF，牴觸應依本公司規定）

本公司受理集中結算之交易契約，除本公司另有規定，應為：

一、符合 ISDA 主契約(ISDA Master Agreement) 及 ISDA 相關定義 (ISDA Definitions) 之利率交換契約。

二、符合 ISDA 主契約

(ISDA Master

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §6 & Japan Securities Clearing Corporation Interest Rate 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

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

二、前述 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。

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Agreement) 、ISDA 相關定義 (ISDA Definitions)、EMTA 範本之無本金交割遠期外匯契約。前項 ISDA 主契約、ISDA 相關定義或 EMTA 範本有變更時，		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
經本公司公告後適用		counter derivative
之。如前項之 ISDA 主契約、ISDA 相關定義或EMTA 範本與本規則、本公司其他章則及公告牴觸時，應依本規則、本公司其他章則及公		transactions existing between Clearing Participants or any other agreement between Clearing Participants which is not prescribed in the
告。		Rules including but not
第一項交易契約規		limited to any Confirmation
格由本公司另訂之。		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
		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

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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.

第二十五條（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

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期貨交易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。

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Settlement Business Regulation §49. Hours for 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).

第二十六條（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:

Korea Exchange OTC Derivatives Clearing and Settlement Business

Regulation §50.

Registration of Assumption

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期貨交易提交集中結算之檢核標

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一、提交之交易契約符		of Obligations	準及約務更替程序前
合第二十四條規定。二、結算會員確認接受該筆交易契約提交集中結算，並依第		(1) In cases where the both clearing members of the clearing eligible transaction that is subject to the request	後之權利義務訂定原則，如韓國 KRX OTC 業務規則第 50 條及日本 JSCC OTC 作業辦法第 28 條，爰參考
三十一條規定，繳		for assumption of obligation	訂定之。
存保證金。		satisfy each requirement of
三、結算會員保證金不足經本公司追繳者，已於本公司規		the following subparagraphs, the
定期限內補足。		Exchange shall assume the
四、提交日或提交日之		obligation for the clearing
次一營業日不得為		eligible transaction
交易契約付款日或		concerned.
預付款費用結算日。		1. The transaction
本公司認為必要		concerned shall satisfy the
時，得就符合前項規定		requirements noted in
之交易契約，暫緩或拒		[§5(1)];
絕接受集中結算。提交集中結算之交		2. The member margin
易契約，經本公司依第		pursuant to [§81(3)] shall
一項規定檢核後，本公		be deposited;
司通知結算會員接受或拒絕該交易契約之集中結算。		3. [Deleted on October 21, 2015]
		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

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requirements noted in paragraph (1) have been satisfied, in the OTC derivative clearing system 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

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reliable clearing operation.

(6) The notification method and detailed matters for the registration of the 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.

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第二十七條（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算契約，其內容與該交易契約相同。但主管機關法令、本規則、其他章則、公告或通函等另有規定者，從其規定。

前項結算契約成立時，原交易契約終止。

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

(1) To assume the obligation pursuant to [§50(1)], the Exchange shall deem that the new cleared transaction noted in each of the following subparagraphs has taken place. In this case, the request for assumption of obligation shall be deemed that the intention to terminate the clearing eligible transaction by agreement on the condition that the cleared transaction takes place was expressed to the counterparty clearing member, and

notwithstanding the details of the agreement between the concerned parties, the concerned parties shall not be obligated to pay any fees, damages or other money in connection with the termination by agreement.

1. Cleared transaction

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期貨交易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，爰參考訂定之。

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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 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

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place.

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

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.

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(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 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

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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.

第二十八條（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公司集中結算，其作業流程由本公司另行公告之。

Australian Securities Exchange OTC Handbook

4.5 Acceptance for registration

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

If the trade date of the OTC Transaction is more than four Business Days prior to 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

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期貨交易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、作業辦法第 4.5 條、 4.11 條及日本 JSCC OTC 作業辦法第 28-2 條，爰參考訂定之。

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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 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

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說明

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 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

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

Package Trade.

第二十九條（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：

一、部位移轉。二、部位互抵。三、部位壓縮。四、違約處理。

五、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：

一、同一客戶於同一結

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

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。

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算會員不同個別客戶結算帳戶間之移轉。

二、同一客戶於不同結算會員之個別客戶結算帳戶間之移轉。

三、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。

四、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。

五、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。

第一項部位壓縮，除本公司另有規定，結算會員自有結算帳戶不得與其客戶結算帳戶辦理部位壓縮。

第一項第一款至第四款之作業方式，由本公司另訂之。

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 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.

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第五章保證金

第三十條（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:

一、本條第一項係明定為辦理店頭期貨交易集中結算業務，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。

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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 deposit shall be made by depositing the amount in 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

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說明

registered in the depositor account that the client has at the Korea Securities Depository, the deposit shall be made by way of the 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

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Enforcement Rules.

第三十一條（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，結算會員繳存之結算保證金不得低於本公司規定之金額，該金額計算方式由本公司另訂之。

結算會員於接受客戶交易契約集中結算前，應先向客戶收取不低於本公司對結算會員客戶帳戶前項規定金額之保證金。

本公司業務規則

第五十三條期貨商除另有規定者外，非先向委託人收足期貨交易保證金，不得接受期貨交易之委託。

期貨商受理綜合帳戶之交易委託，應依該帳戶下個別交易人之買賣合計數量，預先收足交易保證金。

期貨商辦理綜合帳戶之臺股期貨、小型臺指期貨部位互抵、期貨交易契約指定部位組合及指定部位沖銷作業，應以同一個別交易人之未沖銷部位辦理之。

期貨商受理境外華僑及外國人與大陸地區投資人從事本公司期貨交易，除本公司另有規定外，應以本公司公告之外幣辦理保證金收付。

期貨商應與委託人約定保證金之收取依本公司所定之標準或依整戶風險保證金計收方式所定之標準，且期貨商向委託人收取之保證金不得低於其約定方式所

計收之金額。

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

(3) Member margin, which the clearing member is required to deposit with the Exchange in advance when the Exchange registers the assumption of obligation, shall be stipulated in the Enforcement Rules.

Korea Exchange OTC Derivatives Clearing and Settlement Business Regulation §87. Deposit of Client Margins

(3) In cases where the Exchange registers the assumption of obligation of a cleared transaction for which a general clearing member accepted the request for the assumption of obligation from the client, the client margin that

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，及結算會員於接受客戶交易契約集中結算前，結算會員及客戶皆應預繳保證金，且該保證金金額係由本公司計算，其計算方式則另訂於本公司市場規章。

二、參考韓國 KRX OTC

業務規則第 81 條及第

87 條訂有交易契約提交集中結算前，結算會員及客戶應預繳保證金之規定。

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前項標準之訂定與調整，由本公司按期貨交易契約分別訂定。

the general clearing member is required to collect from the client in advance shall be stipulated

in the Enforcement Rules.

第三十二條（應繳結算保證金及客戶保證金）

本公司辦理集中結算業務向結算會員收取之保證金為應繳結算保證金。

本公司於每一營業日日內及日終，考量結算契約之市場風險、流動性風險、景氣循環及其他可能因素，計算其原始保證金，並向結算會員收取。

前項保證金之計收方式、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。

結算會員向客戶收取之應繳客戶保證金不得低於本公司對結算會員客戶帳戶收取之應繳結算保證金。

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

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

The Required Initial Margin in respect of Proprietary Cleared Contracts shall be the amount calculated for the Proprietary Account.

The Required Initial Margin in respect of Customer’s Cleared Contracts for each Customer Account shall be the amount calculated for the relevant Customer

Account.

一、本條第一項係明定本公司辦理集中結算業務向結算會員收取之保證金為應繳結算保證金。

二、本條第二項係明定本公司於每一營業日日內及日終，考量結算契約之市場風險、流動性風險、景氣循環及其他可能因素，計算其原始保證金，並向結算會員收取。參考日本 JSCC OTC 業務規則第 64 條亦有類似規定。

三、本條第三項係參酌本公司業務規則第九十三條第三項，明定第二項保證金之計收方式、標準及有價證券抵繳之折扣比率，由本公司另訂於市場規章，並報請主管機關核定。

四、本條第四項係明定結算會員向客戶收取之應繳客戶保證金不得低於本公司對結算會員客戶帳戶計收之應繳結算保證金。參考

日本 JSCC OTC 業務

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說明

託買賣別登載之。

第五十三條期貨商除另有規定者外，非先向委託人收足期貨交易保證金，不得接受期貨交易之委託。

期貨商受理綜合帳戶之交易委託，應依該帳戶下個別交易人之買賣合計數量，預先收足交易保證金。

期貨商受理境外華僑及外國人與大陸地區投資人從事本公司期貨交易，除本公司另有規定外，應以本公司公告之外幣辦理保證金收付。

期貨商應與委託人約定保證金之收取依本公司所定之標準或依整戶風險保證金計收方式所定之標準，且期貨商向委託人收取之保證金不得低於其約定方式所計收之金額。

前項標準之訂定與調整，由本公司按期貨交易契約分別訂定。

本公司結算保證金收取方

JSCC shall notify each Clearing Participant of the calculated Required Initial Margin 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.

A Clearing Broker shall promptly notify the Customer of the Required Initial Margin for such Customer calculated by JSCC pursuant to Paragraph 1.

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

A Customer shall deliver Cash or Eligible Securities Collateral in an amount not

less than the Required

規則第 72 條亦有類似規定。

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說明

式及標準

第四條股價指數類期貨契約結算保證金金額為各契約之期貨指數乘以指數每點價值乘以風險價格係數。

前項所稱風險價格係數，係參考一段期間內期貨契約之股價指數變動幅度、景氣循環及其他可能因素，估算至少可涵蓋二日股價指數變動幅度百分之九十九信賴區間之值。

Initial Margin or the Required Intraday Margin, as the case may be, to be deposited with JSCC to a Clearing Broker as Initial Margin in accordance with the Clearing Brokerage Agreement.

The Clearing Broker shall deposit with JSCC all of Cash or Eligible Securities Collateral delivered as Initial Margin by the Customer pursuant to the provisions of Paragraph 1 as an agent of such Customer.

Hong Kong ExchangeOTC Clear Rates and FX Derivatives Clearing Rules

1203. Margin (including Initial Margin, Additional Margin and Variation Margin) in respect of the House Position Account and each Client Position Account, if any, of a Clearing Member will be calculated by OTC Clear separately and shall be satisfied by a Clearing Member in the manner set

out in the Clearing

條文	現行集中交易市場條文	國外參考條文	說明
		Procedures. 1205. OTC Clear shall calculate and, where appropriate, demand Initial Margin on each OTC Clear Clearing Day. In addition, OTC Clear may, from time to time, in its absolute discretion and on any OTC Clear Clearing Day, make an intra-day call for Initial Margin.
第三十三條（額外保證金之收取）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額外保證金，其計收方式由本公司另訂之。結算會員得依客戶之信用狀況及交易性質收取額外保證金。	本公司業務規則	Japan Securities Clearing	一、本條第一項係明定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額外保證金，其計收方式由本公司另訂之。參考日本 JSCC OTC 業務規則第 74 條及第 82 條、香港 OTC Clear 業務規則第 1208 條亦有類似規定。二、本條第二項係明定結算會員得依客戶之信用狀況及交易性質加收保證金。參酌本公司業務規則第五十五條亦有類似規定。
	第八十九條 x公司得視	Corporation Interest Rate
	市場狀況或結算會員部位或財務狀況，對個別或全部結算會員調整結算保證金，或進行追繳	Swap Clearing Business Rules Article 74. Ad Hoc Deposit of Initial Margin
	保證金款項。	Notwithstanding the
		provisions of Article 64
	第五十五條期貨商除依第五十三條規定收取保證金外，得依委託人信	through Article 66 and Article 68 through Article
	用狀況及交易性質加收	70, in the event of sudden
	保證金。	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 manner as prescribed
		by JSCC on a case-by-case

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說明

basis.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 82. Ad Hoc Deposit of Variation Margin

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 payment of Mark-to-Market Difference. When applying

Article 82, “Article 78 and

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說明

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 ExchangeOTC 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.

第三十四條（變動保證金及變動保證金利息）

本公司於每一營業日就結算會員各保證金型結算契約之淨現值相較前一營業日日終淨現值之變化，計算日內及日終變動保證金，並於日終計算變動保證金利息。變動保證金及變動

x公司業務規則

第八十四條結算會員就自行或受託結算之期貨交易，除另有規定外，應按其成交價與成交當日結算價差額，或每日結算價與前一營業日結算價差額，逐日結算其權益。

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 78. Required Amount of Variation Margin

1.The required amount of Variation Margin shall be

calculated by JSCC for the

本條係明定本公司對於保證金型結算契約，依每一營業日相對前一營業日保之淨現值變化，計算其變動保證金，並按日計算變動保證金利息，向結算會員收取。參考日本 JSCC OTC 業務規則第 78 條及第 83 條亦有類似規定。

條文

現行集中交易市場條文

國外參考條文

說明

保證金利息之計算方式，由本公司另訂之。

前項日終變動保證金及變動保證金利息，結算會員應依結算契約計價幣別，以現金辦理收付；日內變動保證金，得以現金或經主管機關核定之有價證券抵繳。

結算會員對其客戶應按本公司計算保證金型結算契約之變動保證金及變動保證金利息，依客戶結算交割契約約定辦理收付。

第一項之日終變動保證金及變動保證金利息，結算會員應向其客戶依結算契約計價幣別，以現金辦理收付；日內變動保證金，得受理客戶以現金或經主管機關核定之有價證券抵繳。

Proprietary Account and each Customer Account of each Clearing Participant based on the change in Net Present Value of Cleared Contracts (Collateral Type) from the previous JSCC Business Day to the current JSCC Business Day by the method separately prescribed by JSCC.

2.JSCC shall calculate the required amount of Variation Margin in respect of Customer’s Cleared Contracts of Cleared Contracts (Collateral Type) for each Customer Account using the JSCC-prescribed method and shall notify said amounts to the Customer’s Clearing Broker.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 83. Interest on Variation Margin

JSCC and a Clearing Participant shall pay or receive interest on Variation Margin in Cash denominated in the

currency of the relevant

條文

現行集中交易市場條文

國外參考條文

說明

Cleared Contract (Collateral Type) on a daily basis, as specified below according to the type of Cleared Contract (Collateral Type), at the rate prescribed by JSCC and in the manner

prescribed by JSCC

第三十五條（洗價損益及洗價損益利息）

本公司於每一營業日就結算會員各損益型結算契約之淨現值相較前一營業日日終淨現值之變化，計算日內及日終洗價損益，並於日終計算洗價損益利息。洗價損益及洗價損益利息之計算方式，由本公司另訂之。

損益型結算契約之每日應收付淨現值，經本公司完成前項日終計算，即重置為零。

第一項日終洗價損益及洗價損益利息，結算會員應以結算契約計價幣別，以現金辦理收付；日內洗價損益，得以現金或經主管機關核定之有價證券抵繳。

結算會員對其客戶應按本公司計算損益型結算契約之洗價損益及洗價損益利息，依客戶結算交割契約約定辦理收付。

本公司業務規則

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 61-2 Purpose of Mark-to-Market Difference

0.Xx the time prescribed in Article 78-2, Paragraph 2, the Net Present Value of the Cleared Contracts (Settlement Type) or Clearing Brokerage Contracts (Settlement Type) listed in each item of Paragraph 1 shall be regarded as zero; provided, however, that in the case prescribed by JSCC, the Net Present Value shall be regarded as zero at the time prescribed by JSCC on the day when an Application for exchanging Mark-to-Market Difference And Adjustment Amount is

submitted for the Cleared

一、第一項明定本公司對於損益型結算契約，每一營業日依其淨現值，計算其洗價損益，並按日計算洗價損益利息，逐日結算，並明定洗價損益及洗價損益利息之計算方式由本公司另訂於市場規章。參考日本 JSCC OTC 業務規則第 78-2 條及第 83-2 條亦有類似規定。

二、第二項明定損益型結算契約每日應收付淨現值，經本公司完成日終洗價損益計算，即重置為零。參考日本 JSCC OTC 業務規則第 78-2 條亦有類似規定。

三、第三項明定日終及日內洗價損益，與洗價損益利息之收付與抵繳方式。

第四項係明定結算會員應按本公司計算損益型結算契約之洗價損益及洗價損益利

條文	現行集中交易市場條文	國外參考條文	說明
第一項之日終洗價		Contracts (Settlement Type)	息，依客戶結算交割
損益及洗價損益利息，結算會員應向其客戶依結算契約計價幣別，以現金辦理收付；日內洗價損益，得受理客戶以		or Clearing Brokerage Contracts (Settlement Type), pursuant to Article 51-2, Paragraph 1.	契約約定，逐日結算。參考日本 JSCC OTC 業務規則第78 條亦有類似規定。
現金或經主管機關核定		Japan Securities Clearing
之有價證券抵繳。		Corporation Interest Rate
		Swap Clearing Business
		Rules Article 78. Required
		Amount of Variation
		Margin
		The required amount of
		Variation Margin shall be
		calculated by JSCC for the
		Proprietary Account and
		each Customer Account of
		each Clearing Participant
		based on the change in Net
		Present Value of Cleared
		Contracts (Collateral Type)
		from the previous JSCC
		Business Day to the current
		JSCC Business Day by the
		method separately
		prescribed by JSCC.
		JSCC shall calculate the
		required amount of
		Variation Margin in respect
		of Customer’s Cleared
		Contracts of Cleared
		Contracts (Collateral Type)
		for each Customer Account
		using the JSCC-prescribed

條文

現行集中交易市場條文

國外參考條文

說明

method and shall notify said amounts to the Customer’s Clearing Broker.

Japan Securities Clearing Corporation Interest Rate Swap Clearing Business Rules Article 78-2.

Required Amount of Mark-to-Market Difference

Provisions of Article 78

shall apply mutatis mutandis for the required amount of Mark-to-Market Difference. When applying Article 78, the term “the required amount of Variation Margin” shall be replaced with “the required amount of Mark-to-Market Difference,” the term “Cleared Contracts (Collateral Type) shall be replaced with “Cleared Contracts (Settlement Type)” and the term “based on the change in Net Present Value” shall be replaced with “based on the Net Present Value” respectively.

When Mark-to-Market Difference is calculated

according to Paragraph 1

Document Metadata

Table of Contents

第二十四條（結算契約應符合 ISDA 之 IRS 及 NDF，牴觸應依本公司規定） 66

Document Metadata

第 二 十 四 條 （ 結 算 契 約 應 符 合 ISDA 之 IRS 及 NDF， 牴 觸 應 依 本 公 司 規 定 ） 66

第 六 章 結 算 與 交 割 105

第 七 章 部 位 監 視 110

第 八 章 交 割 結 算 基 金 112

第 九 章 違 約 處 理 123

第 十 章 緊 急 處 理 措 施 166

第 十 一 章 結 算 服 務 費 169

第 十 二 章 仲 裁 170

第 十 三 章 違 約 罰 則 172

第 十 四 章 附 則 178

臺灣期貨交易所股份有限公司

店頭期貨交易集中結算業務規則(草案)條文對照表

Document Metadata

第二十四條（結算契約應符合 ISDA 之 IRS 及 NDF，牴觸應依本公司規定） 66

第六章結算與交割 105

第七章部位監視 110

第八章交割結算基金 112

第九章違約處理 123

第十章緊急處理措施 166

第十一章結算服務費 169

第十二章仲裁 170

第十三章違約罰則 172

第十四章附則 178