The Clearing Agreement is a fundamental document in Australian financial markets that establishes the legal and operational framework for clearing services. It is used when a clearing provider agrees to clear and settle trades for a clearing participant, ensuring compliance with Australian financial services regulations including the Corporations Act 2001 and ASIC requirements. The agreement covers essential elements such as trade acceptance, margin requirements, default procedures, risk management, and operational processes. This document is crucial for maintaining market stability and managing counterparty risk in Australian financial markets, incorporating specific requirements from Australian clearing houses and regulatory authorities. The Clearing Agreement typically includes detailed schedules for operational procedures, eligible products, and fee structures, making it a comprehensive framework for clearing relationships.
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1. Parties: Identification of the clearing provider and the clearing participant/client
2. Background: Context of the agreement, including relevant licenses and authorizations
3. Definitions: Comprehensive list of defined terms used throughout the agreement
4. Appointment and Scope: Appointment of clearing provider and scope of clearing services
5. Regulatory Compliance: Obligations to comply with applicable laws, regulations, and market rules
6. Clearing Services: Detailed description of clearing services, including trade acceptance and processing
7. Settlement Obligations: Terms for settlement of cleared transactions and payment obligations
8. Margin Requirements: Rules for initial and variation margin, including calculation and maintenance
9. Default Procedures: Events of default and consequences, including close-out procedures
10. Risk Management: Risk management obligations and procedures for both parties
11. Fees and Payments: Fee structure, payment terms, and billing procedures
12. Representations and Warranties: Standard and specific representations by both parties
13. Confidentiality: Protection and handling of confidential information
14. Liability and Indemnification: Limitation of liability and indemnification provisions
15. Term and Termination: Duration of agreement and termination provisions
16. General Provisions: Standard boilerplate clauses including governing law, notices, amendments
1. Client Money Rules: Special provisions for handling client money when clearing for third parties
2. Cross-Border Provisions: Additional terms for clearing services involving multiple jurisdictions
3. Trading Platform Integration: Terms for integration with specific trading platforms or systems
4. Give-Up Arrangements: Provisions for trade give-up arrangements with other clearing participants
5. Agent Clearing Provisions: Additional terms when clearing provider acts as agent for other clearing participants
6. Direct Market Access: Terms for providing direct market access services
7. Security Interest Provisions: Additional security interest arrangements beyond standard margin requirements
8. Third-Party Service Providers: Terms relating to the use of third-party service providers or vendors
1. Service Level Agreement: Detailed operational requirements and service levels
2. Fee Schedule: Detailed fee structure and calculations
3. Eligible Products: List of products and markets covered by the clearing services
4. Account Structure: Details of clearing accounts and segregation arrangements
5. Operational Procedures: Detailed operational procedures and requirements
6. Required Documentation: List of required supporting documentation and forms
7. Contact Details: Key contacts and escalation procedures
8. Technology Requirements: Technical specifications and connectivity requirements
9. Risk Management Procedures: Detailed risk management procedures and limits
10. Default Management Procedures: Detailed procedures for managing defaults
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Securities Trading
Derivatives Trading
Investment Management
Asset Management
Commodities Trading
Futures Trading
Capital Markets
Relevant Teams
Legal
Operations
Risk Management
Compliance
Trading Operations
Settlement
Treasury
Financial Control
Post-Trade Operations
Client Services
Technology
Relevant Roles
Chief Operating Officer
Head of Operations
Clearing Operations Manager
Risk Manager
Compliance Officer
Legal Counsel
Operations Director
Trading Operations Manager
Settlement Manager
Chief Risk Officer
Head of Trading
Financial Controller
Regulatory Compliance Manager
Treasury Manager
Head of Post-Trade Operations
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