The Clearing Agreement serves as a fundamental legal document in Nigerian financial markets, establishing the framework for clearing and settlement services between clearing members and their clients. This agreement is essential when a financial institution or trading member requires clearing services for their market transactions, whether in securities, derivatives, or other financial instruments. The document must comply with Nigerian financial regulations, including requirements from the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and the Central Securities Clearing System (CSCS). It outlines crucial aspects such as membership criteria, margin requirements, default procedures, risk management protocols, and settlement processes, ensuring proper risk allocation and operational efficiency in clearing services.
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1. Parties: Identification of the clearing member/house and the client
2. Background: Context of the agreement and relationship between parties
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Scope of Services: Detailed description of clearing services to be provided
5. Membership Requirements: Ongoing requirements for maintaining clearing relationship
6. Client Obligations: Responsibilities and obligations of the client
7. Clearing Member Obligations: Responsibilities and obligations of the clearing member
8. Margin Requirements: Details of initial and variation margin requirements
9. Payment and Settlement: Procedures for payment and settlement of transactions
10. Default Procedures: Actions to be taken in event of default by either party
11. Risk Management: Risk management procedures and requirements
12. Fees and Charges: Structure and payment of clearing fees and other charges
13. Representations and Warranties: Standard legal representations by both parties
14. Confidentiality: Obligations regarding confidential information
15. Term and Termination: Duration of agreement and termination provisions
16. Governing Law and Jurisdiction: Specification of Nigerian law and jurisdiction
17. General Provisions: Standard boilerplate clauses
1. Segregation of Accounts: Optional section for agreements requiring separate client account structures
2. Cross-Border Provisions: Required when clearing involves international transactions
3. Electronic Trading Systems: Needed when specific electronic trading platforms are used
4. Sub-clearing Arrangements: Required when allowing for sub-clearing relationships
5. Special Market Requirements: Needed for specific market segments (e.g., derivatives, securities)
6. Insurance Requirements: Optional section specifying additional insurance requirements
7. Data Protection: Required when handling personal data or when dealing with international clients
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees and charges
2. Schedule 2 - Eligible Products: List of products/securities eligible for clearing
3. Schedule 3 - Margin Calculation Methodology: Detailed explanation of margin calculation
4. Schedule 4 - Operating Procedures: Detailed operational procedures and timelines
5. Schedule 5 - Required Documentation: List of required documentation and forms
6. Schedule 6 - Contact Details: Key contacts for both parties
7. Appendix A - Risk Disclosure Statement: Standard risk disclosures required by Nigerian regulations
8. Appendix B - Default Fund Contribution: Details of default fund contributions if applicable
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Securities Trading
Investment Banking
Asset Management
Capital Markets
Financial Technology
Commodities Trading
Insurance
Pension Fund Management
Relevant Teams
Legal
Compliance
Risk Management
Operations
Trading
Settlement
Treasury
Finance
Regulatory Affairs
Business Development
Relevant Roles
Chief Operating Officer
Head of Clearing
Compliance Officer
Risk Manager
Legal Counsel
Operations Manager
Settlement Officer
Trading Manager
Chief Risk Officer
Head of Operations
Regulatory Compliance Manager
Treasury Manager
Financial Controller
Head of Legal
Business Development Manager
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