Singapore legislation
Clause 8
Clause 8
Power of Authority to approve clearing house
(1)
Application by a body corporate for approval as a clearing house may be made to the Authority in such form and manner as may be prescribed and the body corporate shall, in connection with that application, provide such information as the Authority may require.
(2)
The Authority may in writing approve a body corporate as a clearing house if it is satisfied that —
(a)
the business rules of the body corporate make satisfactory provision relating to the registration of, and guaranteeing to its members of the performance of, futures contracts made in a futures market; and
(b)
the interests of the public will be served by granting the application.