PRODUCT SPECIFIC CONTRACT TERMS AND ELIGIBILITY CRITERIA 

MANUAL
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SCHEDULE 6

THE FOREXCLEAR REGULATIONS

PART A

FOREXCLEAR NDF CONTRACT TERMS; FOREXCLEAR CONTRACTS ARISING 

FROM FOREXCLEAR NDF TRANSACTIONS

Where a ForexClear NDF Contract arises between the Clearing House and a ForexClear Clearing 

Member pursuant to the Regulations and the terms of any agreement entered into between them, the 

terms of such registered ForexClear NDF Contract shall include these ForexClear NDF Contract 

Terms, which shall comprise:

(1) Interpretation;

(2) Economic Terms; 

(3) Standard Terms, being both the:

A. Specific Standard Terms; and 

B. General Standard Terms; and

(4) if the ForexClear NDF Contract is a ForexClear NDF STM Contract, the ForexClear NDF 

STM Terms.

In the event of any inconsistency between the Economic Terms and the Standard Terms, the Standard 

Terms will prevail. In the event of any inconsistency between the ForexClear NDF STM Terms 

(where applicable) and either or both of the Economic Terms and the Standard Terms, the ForexClear 

NDF STM Terms will prevail.

Subject to the Regulations and the Procedures, the Clearing House will use the ForexClear NDF 

Contract Terms applicable to a ForexClear NDF Contract to calculate the amounts due under the 

ForexClear NDF Contract to, or from, the Clearing House in accordance with the Procedures.

1. Interpretation ("Interpretation")

1.1 "ISDA Definitions" means the 1998 FX and Currency Options Definitions (including Annex 

A thereto) as published by ISDA, EMTA and FXC and the same are incorporated by reference 

herein.

1.2 "FXC" means the Foreign Exchange Committee or any successor entity.

1.3 "ISDA" means International Swaps and Derivatives Association, Inc. oOr any successor 

entity.

1.4 Words and expressions used in these ForexClear NDF Contract Terms which are not defined 

herein shall have the meanings given to them in the Regulations and the Procedures, unless 

expressly provided otherwise. Words and expressions used in these ForexClear Contract 

Terms which are not defined in the Regulations and the Procedures but which are defined in 

the ISDA Definitions shall have the meanings given to them in the ISDA Definitions, unless 

expressly provided otherwise.
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1.5 In the event of an inconsistency, the Regulations and Procedures will prevail over the ISDA 

Definitions.

1.6 References in the ISDA Definitions to an "FX Transaction" shall be deemed to be references 

to a "ForexClear NDF Transaction" for the purposes of these ForexClear NDF Contract Terms.

1.7 Except where expressly stated otherwise, all reference to "Sections" means Sections in the 

ISDA Definitions.

1.8 In relation to any amendment to the ISDA Definitions published from time to time by ISDA, 

EMTA and FXC, the Clearing House may from time to time, by notice delivered to the 

ForexClear Clearing Members, give directions as to whether such amendment shall apply to 

ForexClear NDF Contracts with immediate effect or with such deferred effect as the Clearing 

House shall determine (provided that in any event any such amendment shall only apply in 

relation to ForexClear NDF Contracts that have a Trade Date that falls on or after the effective 

date of such amendment).

1.9 Any such notice may provide that despite the application of any such amendment to the ISDA 

Definitions to ForexClear NDF Contracts going forward, these ForexClear NDF Contracts 

shall continue, for the purpose of margining, valuation, set-off or otherwise, to be regarded as 

fully fungible with ForexClear NDF Contracts registered in a ForexClear Clearing Member's 

name prior to the time such amendment comes into effect.

1.10 The accidental omission to give notice under this provision to, or the non-receipt of notice 

under paragraphs 1.8 or 1.9 above by, any ForexClear Clearing Member shall not invalidate 

the amendment with which the notice is concerned.

2. Economic Terms

2.1 The Economic Terms of a ForexClear NDF Contract shall be derived from the information

presented to the Clearing House by the parties to the corresponding ForexClear NDF 

Transaction.

2.2 The particulars of a ForexClear NDF Transaction presented to the Clearing House must 

include matched information in respect of the following Economic Terms which are not 

predetermined in the EMTA Templates or Non-EMTA NDF Contract Templates, where 

applicable:

(a) Trade Date (Section 1.25)

(b) Forward Rate (Section 2.1(a))

(c) Reference Currency Notional Amount (Section 1.21) or Notional Amount (Section 

1.17(b)) in USD

(d) Reference Currency Buyer (Section 1.20)

(e) Reference Currency Seller (Section 1.22)

(f) scheduled Settlement Date (Section 1.24) (where applicable, without prejudice to the 

adjustments set out in the relevant EMTA Template or Non-EMTA NDF Contract

Template)
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(g) scheduled Valuation Date (Section 1.16(f)) (where applicable, without prejudice to the 

adjustments set out in the relevant EMTA Template or Non-EMTA NDF Contract 

Template).

2.3 However, as set out more particularly in Regulation 90, where the ForexClear NDF 

Transaction specifies a ForexClear Clearing Member as the Reference Currency Seller, with 

the other ForexClear Member as the Reference Currency Buyer, the Clearing House, in 

respect of each ForexClear NDF Contract to which it is party pursuant to the corresponding 

ForexClear NDF Transaction, shall be (i) the Reference Currency Buyer; and (ii) the 

Reference Currency Seller under such ForexClear NDF Contract, respectively.

3. Specific Standard Terms ("Specific Standard Terms")

The following terms are designated as Specific Standard Terms of a registered ForexClear 

NDF Contract:

3.1 The EMTA Template or Non-EMTA NDF Contract Template that is, appropriate to the 

particular Currency Pair is incorporated by reference into these ForexClear Contract Terms,

as amended herein, and governs the terms of a ForexClear NDF Contract relating to a given 

Currency Pair together with, and subject to, the Economic Terms set out in Part 2 above, the 

Specific Standard Terms set out in this Part 3, and the General Standard Terms set out in Part 

4 or Part 5 below, as applicable. For the avoidance of doubt, each EMTA Template shall be 

deemed to exclude the EMTA tTemplate tTerms for Non-Deliverable Cross-Currency FX 

Transactions published by EMTA on 31 May 2011. 

3.2 In the format "Reference Currency – Settlement Currency", the Currency Pairs are

(a) BRL-USD

(b) CLP-USD

(c) CNY-USD

(d) INR-USD

(e) KRW-USD

(f) RUB-USD

(g) COP-USD

(h) IDR-USD

(i) MYR-USD

(j) PHP-USD

(k) TWD-USD

(l) PEN-USD

(m) EUR-USD
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(n) GBP-USD

(o) AUD-USD

(p) CHF-USD

(q) JPY-USD

(r) DKK-USD

(s) NOK-USD

(t) SEK-USD

(u) MXN-USD

(v) CAD-USD

(w) SGD-USD

(x) ZAR-USD

(y) NZD-USD

(z) HKD-USD

3.3 Where applicable, certain Specific Standard Terms of each ForexClear NDF Contract are not 

provided in the EMTA Templates, but the parties to the corresponding ForexClear NDF 

Transaction will be required to accept the Specific Standard Terms set out below in each 

ForexClear NDF Contract:

(a) Date of Annex A (Section 4.2):

Annex A to the ISDA Definitions is incorporated as amended as at the Trade Date.

(b) Reference Currency (Section 1.19):

To be determined by using the EMTA Template or Non-EMTA NDF Contract 

Template appropriate to the particular Currency Pair.

(c) Calculation Agent (Section 1.3):

The Clearing House is the Calculation Agent.

3.4 If the terms of an EMTA Template conflict with these ForexClear NDF Contract Terms, these 

ForexClear NDF Contract Terms shall prevail. If the terms of an EMTA Template conflict 

with the ISDA Definitions, the terms of the EMTA Template shall prevail.

4. General Standard Terms ("General Standard Terms")

The following terms are designated as General Standard Terms of a registered ForexClear 

NDF Contract:
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4.1 Business Days

For the purposes of determining the Settlement Date and the Valuation Date only, in addition 

to the Business Days for the Principal Financial Centers for the Currency Pair specified in the 

relevant Economic Terms, the Business Days specified in the Swaps Monitor Financial 

Calendar as published by Swaps Monitor Publications, Inc. (as further detailed in the 

Procedures) from time to time, will apply to a ForexClear NDF Contract, except where the 

Clearing House notifies FXCCMs otherwise in accordance with section 1.13.12 (Reference 

Data) of Section 2I (ForexClear Clearing Service) of the Procedures.

4.2 Withholding Tax Provisions

(a) All payments due under a ForexClear NDF Contract shall be made by the ForexClear 

Clearing Member free and clear and without deduction or withholding for or on 

account of any tax. Payments in respect of which such deduction or withholding is 

required to be made, by the ForexClear Clearing Member, shall be increased to the 

extent necessary to ensure that, after the making of the required deduction or 

withholding, the Clearing House receives and retains (free from any liability in respect 

of such deduction or withholding) a net sum equal to the sum which it would have 

received and so retained had no such deduction or withholding been made or required 

to be made.

(b) All payments due under a ForexClear NDF Contract shall be made by the Clearing 

House free and clear and without deduction or withholding for or on account of any 

tax. Payments in respect of which such deduction or withholding is required to be 

made, by the Clearing House, shall be increased to the extent necessary to ensure that, 

after the making of the required deduction or withholding, the ForexClear Clearing 

Member receives and retains (free from any liability in respect of such deduction or 

withholding) a net sum equal to the sum which it would have received and so retained 

had no such deduction or withholding been made or required to be made.

4.3 Payment of Stamp Tax

Each ForexClear Clearing Member will pay any Stamp Tax or duty levied or imposed upon 

it in respect of any ForexClear NDF Contract to which it is a party by a jurisdiction in which 

it is incorporated, organised, managed and controlled, or considered to have its seat, or in 

which a branch or office through which it is acting is located ("Stamp Tax Jurisdiction") or 

by any other jurisdiction, and will indemnify the Clearing House against any Stamp Tax or 

duty levied or imposed upon the Clearing House by any such Stamp Tax Jurisdiction or by 

any other jurisdiction in respect of any ForexClear NDF Contract registered by the Clearing 

House and to which that ForexClear Clearing Member is a party.

4.4 Discontinuation of a Settlement Rate Option

If:

(a) the administrator of a benchmark that is a Settlement Rate Option has publicly 

announced that it will discontinue publication of the benchmark (“Discontinued 

Rate”); and
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PART B

REGISTRATION OF A FOREXCLEAR NDF CONTRACT - PRODUCT 

ELIGIBILITY CRITERIA 

1. Registration of a ForexClear NDF Contract 

Without prejudice to the Regulations and the Procedures, the Clearing House will only 

register a ForexClear NDF Contract pursuant to receipt of particulars of a transaction 

where at the time of the particulars being presented:

(a) the transaction meets the Product Eligibility Criteria set out in paragraph 2 or 3 

below, as applicable, for a ForexClear NDF Transaction; and

(b) each party to the transaction is either (i) a ForexClear Dealer, or (ii) a 

ForexClear Clearing Member , an FCM ForexClear Clearing Member, a 

ForexClear Clearing Client, an FCM Client or, in respect of Risk Neutralisation, 

the Clearing Housewho has not been declared a defaulter by the Clearing House;

an,d

(c)(b) the ForexClear Clearing Member in whose name the ForexClear NDF Contract 

is to be registered has not been declared a defaulter by the Clearing House.

and the requirements of paragraphs 1(a) and, (b) and (c) above continue to be satisfied 

at the Registration Time.

2. Product Eligibility Criteria for a ForexClear NDF Contract – EMTA Template 

Currency Pairs

Instrument Non-Deliverable FX Transaction

Economic Terms The transaction particulars submitted to the Clearing House 

specify all the Economic Terms.

Reference Currency One of

BRL - Brazilian Real,

RUB - Russian Rouble, 

INR - Indian Rupee,

CLP - Chilean Peso,

CNY - Chinese Yuan, 

KRW - South Korean Won,

COP – Colombian Peso,

IDR – Indonesian Rupiah,
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PART D FOREXCLEAR SPOT CONTRACT TERMS; FOREXCLEAR 

CONTRACTS ARISING FROM FOREXCLEAR SPOT TRANSACTIONS

Where a ForexClear Spot Contract arises between the Clearing House and a ForexClear 

Clearing Member pursuant to the Regulations and the terms of any agreement entered into 

between them, the terms of such registered ForexClear Spot Contract shall include these 

ForexClear Spot Contract Terms, which shall comprise:

(1) Interpretation;

(2) Economic Terms; 

(3) Standard Terms; and

(4) if the ForexClear Spot Contract is a ForexClear Spot STM Contract, the ForexClear 

Spot STM Terms.

In the event of any inconsistency between the Economic Terms and the Standard Terms, the 

Standard Terms will prevail. In the event of any inconsistency between the ForexClear Spot 

STM Terms (where applicable) and either or both of the Economic Terms and the Standard 

Terms, the ForexClear Spot STM Terms will prevail.

Subject to the Regulations and the Procedures, the Clearing House will use the ForexClear Spot 

Contract Terms applicable to a ForexClear Spot Contract to calculate the amounts due under 

the ForexClear Spot Contract to, or from, the Clearing House in accordance with the 

Procedures.

1. Interpretation ("Interpretation")

1.1 "ISDA Definitions" means the 1998 FX and Currency Options Definitions (including 

Annex A thereto) as published by the International Swaps and Derivatives Association, 

Inc. ("ISDA"), the Emerging Markets Trade Association ("EMTA") and The Foreign 

Exchange Committee ("FXC") and the same are incorporated by reference herein.

1.2 Words and expressions used in these ForexClear Spot Contract Terms which are not 

defined in the Regulations and the Procedures but which are defined in the ISDA 

Definitions shall bear the same meaning herein as in the ISDA Definitions, unless 

expressly provided otherwise.

1.3 In the event of an inconsistency, the Regulations and Procedures will prevail over the 

ISDA Definitions.

1.4 References in the ISDA Definitions to an "FX Transaction" shall be deemed to be 

references to a "ForexClear Spot Transaction" for the purposes of these ForexClear 

Spot Contract Terms.

1.5 Except where expressly stated otherwise, all reference to "Sections" means Sections in 

the ISDA Definitions.

1.6 In relation to any amendment to the ISDA Definitions published from time to time by 

ISDA, EMTA and FXC, the Clearing House may from time to time, by notice delivered 

to the ForexClear Clearing Members, give directions as to whether such amendment 
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shall apply to ForexClear Spot Contracts with immediate effect or with such deferred 

effect as the Clearing House shall determine (provided that in any event any such 

amendment shall only apply in relation to ForexClear Spot Contracts that have a Trade 

Date that falls on or after the effective date of such amendment).

1.7 Any such notice may provide that despite the application of any such amendment to the 

ISDA Definitions to ForexClear Spot Contracts going forward, these ForexClear Spot 

Contracts shall continue, for the purpose of margining, valuation, set-off or otherwise, 

to be regarded as fully fungible with ForexClear Spot Contracts registered in a 

ForexClear Clearing Member's name prior to the time such amendment comes into 

effect.

1.8 The accidental omission to give notice under this provision to, or the non-receipt of 

notice under 1.6 or 1.7 above by, any ForexClear Clearing Member shall not invalidate 

the amendment with which the notice is concerned.

2. Economic Terms

2.1 The Economic Terms of a ForexClear Spot Contract shall be derived from the 

information presented to the Clearing House by the parties to the corresponding 

ForexClear Spot Transaction.

2.2 The particulars of a ForexClear Spot Transaction presented to the Clearing House must 

include matched information in respect of the following Economic Terms: 

(a) Trade Date (Section 1.25)

(b) Amount and currency payable by the ForexClear Clearing Member that is Party 

A

(c) Amount and currency payable by the ForexClear Clearing Member that is Party 

B

(d) Settlement Date (Section 1.24)

2.3 However, as set out more particularly in Regulation 16, where the ForexClear Spot 

Transaction specifies a ForexClear Clearing Member as the First Clearing Member with 

the other ForexClear Clearing Member as the Second Clearing Member, the Clearing 

House, in respect of each ForexClear Spot Contract to which it is a party pursuant to 

the corresponding ForexClear Spot Transaction, shall be (i) Party B, and (ii) Party A 

under such ForexClear Spot Contract, respectively.

3. Standard Terms

The following terms are designated as Standard Terms of a registered ForexClear Spot Contract:

3.1 Deliverable Transaction

The ForexClear Spot Transaction, and the related ForexClear Spot Contract evidenced by these 

ForexClear Spot Contract Terms, shall be an FX Transaction that is a Deliverable Transaction 

for the purposes of the ISDA Definitions.

3.2 Annex A (Section 4.2)
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Annex A to the ISDA Definitions is incorporated as amended as at the Trade Date.

3.3 Calculation Agent (Section 1.3)

The Calculation Agent is the Clearing House.

3.4 Business Days

For the purposes of determining the Settlement Date only, in addition to the Business Days for 

the Principal Financial Centers specified in Annex A, the Business Days specified in the Swaps 

Monitor Financial Calendar as published by Swaps Monitor Publications, Inc. (as further 

detailed in the Procedures) from time to time, will apply to a ForexClear Spot Contract, except 

where the Clearing House notifies FXCCMs otherwise in accordance with section 1.3.12 

(Reference Data) of Section 2I (ForexClear Clearing Service) of the Procedures. 

3.5 Withholding Tax Provisions

(a) All payments due under a ForexClear Spot Contract shall be made by the 

ForexClear Clearing Member free and clear and without deduction or 

withholding for or on account of any tax. Payments in respect of which such 

deduction or withholding is required to be made, by the ForexClear Clearing 

Member, shall be increased to the extent necessary to ensure that, after the 

making of the required deduction or withholding, the Clearing House receives 

and retains (free from any liability in respect of such deduction or withholding) 

a net sum equal to the sum which it would have received and so retained had no 

such deduction or withholding been made or required to be made.

(b) All payments due under a ForexClear Spot Contract shall be made by the 

Clearing House free and clear and without deduction or withholding for or on 

account of any tax. Payments in respect of which such deduction or withholding 

is required to be made, by the Clearing House, shall be increased to the extent 

necessary to ensure that, after the making of the required deduction or 

withholding, the ForexClear Clearing Member receives and retains (free from 

any liability in respect of such deduction or withholding) a net sum equal to the 

sum which it would have received and so retained had no such deduction or 

withholding been made or required to be made. 

3.6 Payment of Stamp Tax

Each ForexClear Clearing Member will pay any Stamp Tax or duty levied or imposed upon it 

in respect of any ForexClear Spot Contract to which it is a party by a jurisdiction in which it is 

incorporated, organised, managed and controlled, or considered to have its seat, or in which a 

branch or office through which it is acting is located ("Stamp Tax Jurisdiction") or by any 

other jurisdiction, and will indemnify the Clearing House against any Stamp Tax or duty levied 

or imposed upon the Clearing House by any such Stamp Tax Jurisdiction or by any other 

jurisdiction in respect of any ForexClear Spot Contract registered by the Clearing House and 

to which that ForexClear Clearing Member is a party.

3.7 Payments under a ForexClear Spot Contract
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PART E REGISTRATION OF A FOREXCLEAR SPOT CONTRACT – PRODUCT 

ELIGIBILITY CRITERIA

1. Registration of a ForexClear Spot Contract

Without prejudice to the Regulations and the Procedures, the Clearing House will only register 

a ForexClear Spot Contract pursuant to receipt of particulars of a transaction where at the time 

of the particulars being presented:

(a) the transaction meets the Product Eligibility Criteria set out in paragraph 2 below for a 

ForexClear Spot Transaction; and

(b) each party to the transaction is either (i) a ForexClear Dealer, or (ii) a ForexClear 

Clearing Member, an FCM ForexClear Clearing Member or, in respect of Risk

Neutralisation, the Clearing House, who has not been declared a defaulter by the 

Clearing House; and

(c)(b) the ForexClear Clearing Member in whose name the ForexClear Spot Contract is to be 

registered has not been declared a defaulter by the Clearing House,

and the requirements of pParagraph 1(a) and, (b) and (c) above continue to be satisfied at the 

Registration Time. 

2. Product Eligibility Criteria for a ForexClear Spot Contract

Instrument Deliverable FX Spot Transaction

Economic Terms The transaction particulars submitted to the Clearing House 

specify all the Economic Terms.

Currency Pair One of

USD/JPY,

EUR/USD, 

GBP/USD,

AUD/USD,

EUR/CHF, 

USD/CHF,

EUR/JPY,

EUR/GBP

Settlement Date A valid Business Day for the Currency Pair to which the 

ForexClear Transaction relates and a date falling not later 

than the date falling two Business Days immediately 

following the Submission Date.
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PART F FOREXCLEAR DELIVERABLE FORWARD CONTRACT TERMS; 

FOREXCLEAR CONTRACTS ARISING FROM FOREXCLEAR DELIVERABLE 

FORWARD TRANSACTIONS

Where a ForexClear Deliverable Forward Contract arises between the Clearing House and a 

ForexClear Clearing Member pursuant to the Regulations and the terms of any agreement 

entered into between them, the terms of such registered ForexClear Deliverable Forward 

Contract shall include these ForexClear Deliverable Forward Contract Terms, which shall 

comprise:

(1) Interpretation;

(2) Economic Terms; 

(3) Standard Terms; and

(4) if the ForexClear Deliverable Forward Contract is a ForexClear Deliverable Forward 

STM Contract, the ForexClear Deliverable Forward STM Terms.

In the event of any inconsistency between the Economic Terms and the Standard Terms, the 

Standard Terms will prevail. In the event of any inconsistency between the ForexClear 

Deliverable Forward STM Terms (where applicable) and either or both of the Economic Terms 

and the Standard Terms, the ForexClear Deliverable Forward STM Terms will prevail.

Subject to the Regulations and the Procedures, the Clearing House will use the ForexClear 

Deliverable Forward Contract Terms applicable to a ForexClear Deliverable Forward Contract 

to calculate the amounts due under the ForexClear Deliverable Forward Contract to, or from, 

the Clearing House in accordance with the Procedures.

1. Interpretation ("Interpretation")

1.1 "ISDA Definitions" means the 1998 FX and Currency Options Definitions (including 

Annex A thereto) as published by the International Swaps and Derivatives Association, 

Inc. ("ISDA"), the Emerging Markets Trade Association ("EMTA") and The Foreign 

Exchange Committee ("FXC") and the same are incorporated by reference herein.

1.2 Words and expressions used in these ForexClear Deliverable Forward Contract Terms 

which are not defined in the Regulations and the Procedures but which are defined in 

the ISDA Definitions shall bear the same meaning herein as in the ISDA Definitions, 

unless expressly provided otherwise.

1.3 In the event of an inconsistency, the Regulations and Procedures will prevail over the 

ISDA Definitions.

1.4 References in the ISDA Definitions to an "FX Transaction" shall be deemed to be 

references to a "ForexClear Deliverable Forward Transaction" for the purposes of these 

ForexClear Deliverable Forward Contract Terms.

1.5 Except where expressly stated otherwise, all reference to "Sections" means Sections in 

the ISDA Definitions.
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1.6 In relation to any amendment to the ISDA Definitions published from time to time by 

ISDA, EMTA and FXC, the Clearing House may from time to time, by notice delivered 

to the ForexClear Clearing Members, give directions as to whether such amendment 

shall apply to ForexClear Deliverable Forward Contracts with immediate effect or with 

such deferred effect as the Clearing House shall determine (provided that in any event 

any such amendment shall only apply in relation to ForexClear Deliverable Forward 

Contracts that have a Trade Date that falls on or after the effective date of such 

amendment).

1.7 Any such notice may provide that despite the application of any such amendment to the 

ISDA Definitions to ForexClear Deliverable Forward Contracts going forward, these 

ForexClear Deliverable Forward Contracts shall continue, for the purpose of margining, 

valuation, set-off or otherwise, to be regarded as fully fungible with ForexClear 

Deliverable Forward Contracts registered in a ForexClear Clearing Member's name 

prior to the time such amendment comes into effect.

1.8 The accidental omission to give notice under this provision to, or the non-receipt of 

notice under 1.6 or 1.7 above by, any ForexClear Clearing Member shall not invalidate 

the amendment with which the notice is concerned.

2. Economic Terms

2.1 The Economic Terms of a ForexClear Deliverable Forward Contract shall be derived 

from the information presented to the Clearing House by the parties to the 

corresponding ForexClear Deliverable Forward Transaction.

2.2 The particulars of a ForexClear Deliverable Forward Transaction presented to the 

Clearing House must include matched information in respect of the following 

Economic Terms: 

(a) Trade Date (Section 1.25)

(b) Amount and currency payable by the ForexClear Clearing Member that is Party 

A

(c) Amount and currency payable by the ForexClear Clearing Member that is Party 

B

(d) Settlement Date (Section 1.24).

2.3 However, as set out more particularly in Regulation 16, where the ForexClear 

Deliverable Forward Transaction specifies a ForexClear Clearing Member as the First 

Clearing Member with the other ForexClear Clearing Member as the Second Clearing 

Member, the Clearing House, in respect of each ForexClear Deliverable Forward 

Contract to which it is a party pursuant to the corresponding ForexClear Deliverable 

Forward Transaction, shall be (i) Party B, and (ii) Party A under such ForexClear 

Deliverable Forward Contract, respectively.

3. Standard Terms

The following terms are designated as Standard Terms of a registered ForexClear Deliverable 

Forward Contract:
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3.1 Deliverable Transaction

The ForexClear Deliverable Forward Transaction, and the related ForexClear Deliverable 

Forward Contract evidenced by these ForexClear Deliverable Forward Contract Terms, shall 

be an FX Transaction that is a Deliverable Transaction for the purposes of the ISDA Definitions.

3.2 Annex A (Section 4.2)

Annex A to the ISDA Definitions is incorporated as amended as at the Trade Date.

3.3 Calculation Agent (Section 1.3)

The Calculation Agent is the Clearing House. 

3.4 Business Days

For the purposes of determining the Settlement Date only, in addition to the Business Days for 

the Principal Financial Centers specified in Annex A, the Business Days specified in the Swaps 

Monitor Financial Calendar as published by Swaps Monitor Publications, Inc. (as further 

detailed in the Procedures) from time to time, will apply to a ForexClear Deliverable Forward 

Contract., except where the Clearing House notifies FXCCMs otherwise in accordance with 

section 1.3.12 (Reference Data) of Section 2I (ForexClear Clearing Service) of the Procedures. 

3.5 Withholding Tax Provisions

(a) All payments due under a ForexClear Deliverable Forward Contract shall be 

made by the ForexClear Clearing Member free and clear and without deduction 

or withholding for or on account of any tax. Payments in respect of which such 

deduction or withholding is required to be made, by the ForexClear Clearing 

Member, shall be increased to the extent necessary to ensure that, after the 

making of the required deduction or withholding, the Clearing House receives 

and retains (free from any liability in respect of such deduction or withholding) 

a net sum equal to the sum which it would have received and so retained had no 

such deduction or withholding been made or required to be made.

(b) All payments due under a ForexClear Deliverable Forward Contract shall be 

made by the Clearing House free and clear and without deduction or 

withholding for or on account of any tax. Payments in respect of which such 

deduction or withholding is required to be made, by the Clearing House, shall 

be increased to the extent necessary to ensure that, after the making of the 

required deduction or withholding, the ForexClear Clearing Member receives 

and retains (free from any liability in respect of such deduction or withholding) 

a net sum equal to the sum which it would have received and so retained had no 

such deduction or withholding been made or required to be made.

3.6 Payment of Stamp Tax

Each ForexClear Clearing Member will pay any Stamp Tax or duty levied or imposed upon it 

in respect of any ForexClear Deliverable Forward Contract to which it is a party by a 

jurisdiction in which it is incorporated, organised, managed and controlled, or considered to 

have its seat, or in which a branch or office through which it is acting is located ("Stamp Tax 

Jurisdiction") or by any other jurisdiction, and will indemnify the Clearing House against any 
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PART G REGISTRATION OF A FOREXCLEAR DELIVERABLE FORWARD 

CONTRACT – PRODUCT ELIGIBILITY CRITERIA

1. Registration of a ForexClear Deliverable Forward Contract 

Without prejudice to the Regulations and the Procedures, the Clearing House will only register 

a ForexClear Deliverable Forward Contract pursuant to receipt of particulars of a transaction 

where at the time of the particulars being presented:

(a) the transaction meets the Product Eligibility Criteria set out in paragraph 2 below for a 

ForexClear Deliverable Forward Transaction; and

(b) each party to the transaction is either (i) a ForexClear Dealer, or (ii) a ForexClear 

Clearing Member , an FCM ForexClear Clearing Member or, in respect of Risk 

Neutralisation, the Clearing Housewho has not been declared a defaulter by the 

Clearing House; and

(c)(b) the ForexClear Clearing Member in whose name the ForexClear Deliverable Forward 

Contract is to be registered has not been declared a defaulter by the Clearing House,

and the requirements of pParagraph 1(a) and, (b) and (c) above continue to be satisfied at the 

Registration Time.

2. Product Eligibility Criteria for a ForexClear Deliverable Forward Contract

Instrument Deliverable FX Forward Transaction

Economic Terms The transaction particulars submitted to the Clearing House 

specify all the Economic Terms.

Currency Pair One of

USD/JPY,

EUR/USD, 

GBP/USD,

AUD/USD,

EUR/CHF, 

USD/CHF,

EUR/JPY,

EUR/GBP

Settlement Date A valid Business Day for the Currency Pair to which the 

ForexClear Transaction relates and a date falling:
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PART H FOREXCLEAR OPTION CONTRACT TERMS; FOREXCLEAR 

CONTRACTS ARISING FROM FOREXCLEAR OPTION TRANSACTIONS

Where a ForexClear Option Contract arises between the Clearing House and a ForexClear 

Clearing Member pursuant to the Regulations and the terms of any agreement entered into 

between them, the terms of such registered ForexClear Option Contract shall include these 

ForexClear Option Contract Terms, which shall comprise:

(1) Interpretation;

(2) Economic Terms; 

(3) Standard Terms; and

(4) if the ForexClear Option Contract is a ForexClear Option STM Contract, the 

ForexClear Option STM Terms.

In the event of any inconsistency between the Economic Terms and the Standard Terms, the 

Standard Terms will prevail. In the event of any inconsistency between the ForexClear Option 

STM Terms (where applicable) and either or both of the Economic Terms and the Standard 

Terms, the ForexClear Option STM Terms will prevail.

Subject to the Regulations and the Procedures, the Clearing House will use the ForexClear 

Option Contract Terms applicable to a ForexClear Option Contract to calculate the amounts 

due under the ForexClear Option Contract to, or from, the Clearing House in accordance with 

the Procedures.

1. Interpretation ("Interpretation")

1.1 "ISDA Definitions" means the 1998 FX and Currency Options Definitions (including 

Annex A thereto) as published by the International Swaps and Derivatives Association, 

Inc. ("ISDA"), the Emerging Markets Trade Association ("EMTA") and The Foreign 

Exchange Committee ("FXC") and the same are incorporated by reference herein.

1.2 Words and expressions used in these ForexClear Option Contract Terms which are not 

defined in the Regulations and the Procedures but which are defined in the ISDA 

Definitions shall bear the same meaning herein as in the ISDA Definitions, unless 

expressly provided otherwise.

1.3 In the event of an inconsistency, the Regulations and Procedures will prevail over the 

ISDA Definitions.

1.4 References in the ISDA Definitions to a "Currency Option Transaction" shall be 

deemed to be references to a "ForexClear Option Transaction" for the purposes of these 

ForexClear Option Contract Terms.

1.5 Except where expressly stated otherwise, all reference to "Sections" means Sections in 

the ISDA Definitions.

1.6 In relation to any amendment to the ISDA Definitions published from time to time by 

ISDA, EMTA and FXC, the Clearing House may from time to time, by notice delivered 

to the ForexClear Clearing Members, give directions as to whether such amendment 
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shall apply to ForexClear Option Contracts with immediate effect or with such deferred 

effect as the Clearing House shall determine (provided that in any event any such 

amendment shall only apply in relation to ForexClear Option Contracts that have a 

Trade Date that falls on or after the effective date of such amendment).

1.7 Any such notice may provide that despite the application of any such amendment to the 

ISDA Definitions to ForexClear Option Contracts going forward, these ForexClear 

Option Contracts shall continue, for the purpose of margining, valuation, set-off or 

otherwise, to be regarded as fully fungible with ForexClear Option Contracts registered 

in a ForexClear Clearing Member's name prior to the time such amendment comes into 

effect.

1.8 The accidental omission to give notice under this provision to, or the non-receipt of 

notice under 1.6 or 1.7 above by, any ForexClear Clearing Member shall not invalidate 

the amendment with which the notice is concerned.

2. Economic Terms

2.1 The Economic Terms of a ForexClear Option Contract shall be derived from the 

information presented to the Clearing House by the parties to the corresponding 

ForexClear Option Transaction.

2.2 The particulars of a ForexClear Option Transaction presented to the Clearing House 

must include matched information in respect of the following Economic Terms: 

(a) Trade Date (Section 1.25)

(b) Buyer (Section 3.1(a))

(c) Seller (Section 3.1(f))

(d) Currency Option Style (Section 3.2)

(e) Currency Option Type (Section 3.3)

(f) Call Currency (Section 3.1(b))

(g) Call Currency Amount (Section 3.1(c))

(h) Put Currency (Section 3.1(d))

(i) Put Currency Amount (Section 3.1(e))

(j) Strike Price (Section 3.1(g))

(k) Expiration Date (Section 3.5(d))

(l) Expiration Time (Section 3.5(e)) 

(m) Settlement Date (Section 1.24)

(n) Premium; Price (Section 3.4(a))
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(o) Premium Payment Date (Section 3.4(b))

(p) the method by which the Buyer and the Seller shall, if relevant, settle the 

ForexClear Option Transaction on the Exercise Date, which must either be:

(i) by way of entry into a ForexClear Spot Transaction; or

(ii) by way of entry into a ForexClear Deliverable Forward Transaction

(q) the Settlement Date of such ForexClear Spot Transaction or ForexClear 

Deliverable Forward Transaction

2.3 However, as set out more particularly in Regulation 16, where the ForexClear Option 

Transaction specifies a ForexClear Clearing Member as the Seller, with the other 

ForexClear Member as the Buyer, the Clearing House, in respect of each ForexClear 

Option Contract to which it is party pursuant to the corresponding ForexClear Option 

Transaction, shall be (i) the Buyer; and (ii) the Seller under such ForexClear Option 

Contract, respectively.

3. Standard Terms

3.1 The following terms are designated as Standard Terms of a registered ForexClear 

Option Contract:

3.2 Deliverable Transaction

The ForexClear Option Transaction, and the related ForexClear Option Contract

evidenced by these ForexClear Option Contract Terms, shall be a Currency Option 

Transaction that is a Deliverable Currency Option Transaction for the purposes of the 

ISDA Definitions.

3.3 Annex A (Section 4.2)

Annex A to the ISDA Definitions is incorporated as amended as at the Trade Date. 

3.4 Calculation Agent (Section 1.3)

The Calculation Agent is the Clearing House.

3.5 Exercise (Section 3.6(a)) and Effectiveness of Notice of Exercise (Section 3.6(b))

Regulation 94 shall govern (i) the method by which the parties to a ForexClear Option 

Contract shall be able to exercise the rights granted pursuant to the related ForexClear 

Option Transaction, and (ii) the effectiveness of such exercise. Accordingly, Section 

3.6(a) and Section 3.6(b) of the ISDA Definitions shall each be disapplied in their 

entirety.

3.6 Automatic Exercise (Section 3.6(c))

(a) Subject to (b) below, Automatic Exercise shall be applicable to a ForexClear 

Option Transaction and the related ForexClear Option Contract. 
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(b) The manner in which Automatic Exercise shall apply to a ForexClear Option 

Transaction and the related ForexClear Option Contract shall not be as set forth 

in Section 3.6(c) of the ISDA Definitions, and instead, if, at the Expiration Time 

on the Expiration Date, the ForexClear Option Transaction and the related 

ForexClear Option Contract has not been exercised in accordance with 

Regulation 94, then it shall be deemed exercised as of that time in accordance 

with, and subject to the satisfaction of any conditions set forth in, Regulation 

94.

3.7 Terms Relating to Settlement (Section 3.7(a))

Regulation 95 shall govern settlement of this ForexClear Option Transaction and the 

related ForexClear Option Contract and accordingly Section 3.7(a) of the ISDA 

Definitions shall be disapplied in its entirety.

3.8 Business Days

For the purposes of determining the Settlement Date and Expiration Date only, in 

addition to the Business Days for the Principal Financial Centers specified in Annex A, 

the Business Days specified in the Swaps Monitor Financial Calendar as published by 

Swaps Monitor Publications, Inc. (as further detailed in the Procedures) from time to 

time, will apply to a ForexClear Option Contract, except where the Clearing House 

notifies FXCCMs otherwise in accordance with section 1.3.12 (Reference Data) of 

Section 2I (ForexClear Clearing Service) of the Procedures.

3.9 Withholding Tax Provisions

(a) All payments due under a ForexClear Option Contract shall be made by the 

ForexClear Clearing Member free and clear and without deduction or 

withholding for or on account of any tax. Payments in respect of which such 

deduction or withholding is required to be made, by the ForexClear Clearing 

Member, shall be increased to the extent necessary to ensure that, after the 

making of the required deduction or withholding, the Clearing House receives 

and retains (free from any liability in respect of such deduction or withholding) 

a net sum equal to the sum which it would have received and so retained had no 

such deduction or withholding been made or required to be made.

(b) All payments due under a ForexClear Option Contract shall be made by the 

Clearing House free and clear and without deduction or withholding for or on 

account of any tax. Payments in respect of which such deduction or withholding 

is required to be made, by the Clearing House, shall be increased to the extent 

necessary to ensure that, after the making of the required deduction or 

withholding, the ForexClear Clearing Member receives and retains (free from 

any liability in respect of such deduction or withholding) a net sum equal to the 

sum which it would have received and so retained had no such deduction or 

withholding been made or required to be made. 

3.10 Payment of Stamp Tax

Each ForexClear Clearing Member will pay any Stamp Tax or duty levied or imposed 

upon it in respect of any ForexClear Option Contract to which it is a party by a 

jurisdiction in which it is incorporated, organised, managed and controlled, or 
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PART I REGISTRATION OF A FOREXCLEAR OPTION CONTRACT –

PRODUCT ELIGIBILITY CRITERIA

1. Registration of a ForexClear Option Contract 

Without prejudice to the Regulations and the Procedures, the Clearing House will only register 

a ForexClear Option Contract pursuant to receipt of particulars of a transaction where at the 

time of the particulars being presented:

(a) the transaction meets the Product Eligibility Criteria set out in paragraph 2 below for a 

ForexClear Option Transaction; and

(b) each party to the transaction is either (i) a ForexClear Dealer, or (ii) a ForexClear 

Clearing Member, an FCM ForexClear Clearing Member or, in respect of Risk 

Neutralisation, the Clearing House, who has not been declared a defaulter by the 

Clearing House; and

(c) the ForexClear Clearing Member in whose name the ForexClear Option Contract is to 

be registered has not been declared a defaulter by the Clearing House,

and the requirements of pParagraph 1(a) and, (b) and (c) above continue to be satisfied at the 

Registration Time.

2. Product Eligibility Criteria for a ForexClear Option Contract

Instrument Deliverable Currency Option Transaction

Economic Terms The transaction particulars submitted to the Clearing House 

specify all the Economic Terms.

Currency Pair One of

USD/JPY,

EUR/USD, 

GBP/USD,

AUD/USD,

EUR/CHF, 

USD/CHF,

EUR/JPY,

EUR/GBP

Currency Option 

Style

European
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PART K REGISTRATION OF A FOREXCLEAR SWAP CONTRACT – PRODUCT 

ELIGIBILITY CRITERIA

1. Registration of a ForexClear Swap Contract 

Without prejudice to the Regulations and the Procedures, the Clearing House will only register 

a ForexClear Swap Contract pursuant to receipt of particulars of a transaction where at the time 

of the particulars being presented (or, in the case of a Mandatory ForexClear Swap Transaction, 

the time at which the particulars are determined by the Clearing House in accordance with 

Regulation 101, or in the case of a Mandatory Settlement ForexClear Transaction, the 

particulars determined by the Clearing House in accordance with 100):

(a) the transaction meets the Product Eligibility Criteria set out in paragraph 2 below for a 

ForexClear Swap Transaction; and

(b) each party to the transaction is either (i) a ForexClear Dealer, or (ii) a ForexClear 

Clearing Member, an FCM ForexClear Clearing Member or, in respect of Risk 

Neutralisation, the Clearing House, who has not been declared a defaulter by the 

Clearing House; and

(c)(b) the ForexClear Clearing Member in whose name the ForexClear Swap Contract is to 

be registered has not been declared a defaulter by the Clearing House.

and the requirements of pParagraph 1(a) and, (b), and (c) above continue to be satisfied at the 

Registration Time.

2. Product Eligibility Criteria for a ForexClear Swap Contract

Instrument Currency Foreign Exchange Swap Transaction

Economic Terms The transaction particulars submitted to the Clearing House 

specify all the Economic Terms.

Currency Pair One of

USD/JPY,

EUR/USD, 

GBP/USD,

AUD/USD,

EUR/CHF, 

USD/CHF,

EUR/JPY,

EUR/GBP

Initial Exchange A date falling not later than the date that is two calendar 
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PART L FOREXCLEAR NDO CONTRACT TERMS; FOREXCLEAR CONTRACTS 

ARISING FROM FOREXCLEAR NDO TRANSACTIONS 

Where a ForexClear NDO Contract arises between the Clearing House and a ForexClear 

Clearing Member pursuant to the Regulations and the terms of any agreement entered into 

between them, the terms of such registered ForexClear NDO Contract shall include these 

ForexClear NDO Contract Terms, which shall comprise: 

(1) Interpretation; 

(2) Economic Terms; 

(3) Standard Terms; and 

(4) if the ForexClear NDO Contract is a ForexClear NDO STM Contract, the ForexClear 

NDO STM Terms. 

In the event of any inconsistency between the Economic Terms and the Standard Terms, the 

Standard Terms will prevail. In the event of any inconsistency between the ForexClear NDO 

STM Terms (where applicable) and either or both of the Economic Terms and the Standard 

Terms, the ForexClear NDO STM Terms will prevail. 

Subject to the Regulations and the Procedures, the Clearing House will use the ForexClear 

NDO Contract Terms applicable to a ForexClear NDO Contract to calculate the amounts due 

under the ForexClear NDO Contract to, or from, the Clearing House in accordance with the 

Procedures. 

1. Interpretation ("Interpretation") 

1.1 "ISDA Definitions" means the 1998 FX and Currency Options Definitions (including 

Annex A thereto) as published by ISDA, EMTA and FXC and, as applicable, are 

incorporated by reference herein. 

1.2 "FXC" means the Foreign Exchange Committee or any successor entity. 

1.3 "ISDA" means the International Swaps and Derivatives Association, Inc. or any 

successor entity. 

1.4 Words and expressions used in these ForexClear NDO Contract Terms that are not 

defined herein shall have the meaning given to them in the Regulations or the 

Procedures, unless expressly provided otherwise. Words and expressions used in these 

ForexClear NDO Contract Terms that are not defined in the Regulations and the 

Procedures, but which are defined in the ISDA Definitions, EMTA Templates or LCH 

Non-EMTA NDO Contract Templates, shall have the meanings given to them in the 

ISDA Definitions, EMTA Templates or LCH Non-EMTA NDO Contract Templates, 

unless expressly provided otherwise. 

1.5 In the event of an inconsistency or conflict, the Regulations and Procedures will prevail 

over the ISDA Definitions. 
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1.6 References in the ISDA Definitions to a "Currency Option Transaction" shall be 

deemed to be references to a "ForexClear NDO Transaction" for the purposes of these 

ForexClear NDO Contract Terms.

1.7 Except where expressly stated otherwise, all reference to "Sections" means Sections in 

the ISDA Definitions. 

1.8 In relation to any amendment to the ISDA Definitions published from time to time by 

ISDA, EMTA and FXC, the Clearing House may from time to time, by notice delivered 

to the ForexClear Clearing Members, give directions as to whether such amendment 

shall apply to ForexClear NDO Contracts and, if so, with immediate effect or with such 

deferred effect as the Clearing House shall determine (provided that in any event any 

such amendment shall only apply in relation to ForexClear NDO Contracts that have a 

Trade Date that falls on or after the effective date of such amendment). 

1.9 Any such notice may provide that despite the application of any such amendment to the 

ISDA Definitions to ForexClear NDO Contracts going forward, these ForexClear NDO 

Contracts shall continue, for the purpose of margining, valuation, set-off or otherwise, 

to be regarded as fully fungible with ForexClear NDO Contracts registered in a 

ForexClear Clearing Member's name prior to the time such amendment comes into 

effect. 

1.10 The omission to give notice under this provision to, or the non-receipt of notice under 

paragraphs 1.8 or 1.9 above by, any ForexClear Clearing Member shall not invalidate 

the amendment with which the notice is concerned. 

2. Economic Terms 

2.1 The Economic Terms of a ForexClear NDO Contract shall be derived from the 

information presented to the Clearing House by the parties to the corresponding 

ForexClear NDO Transaction. 

2.2 The particulars of a ForexClear NDO Transaction presented to the Clearing House must 

include matched information in respect of the following Economic Terms that are not 

predetermined in the relevant EMTA Template or LCH Non-EMTA NDO Contract 

Template, where applicable: 

(a) Trade Date (Section 1.25) 

(b) Buyer (Section 3.1(a)) 

(c) Seller (Section 3.1(f)) 

(d) Call Currency (Section 3.1(b)) 

(e) Call Currency Amount (Section 3.1(c)) 

(f) Put Currency (Section 3.1(d)) 

(g) Put Currency Amount (Section 3.1(e)) 

(h) Strike Price (Section 3.1(g)) 
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(i) Settlement Date (Section 1.24) 

(j) Valuation Date (Section 1.16(f))

(k) Premium; Price (Section 3.4(a)) 

(l) Premium Payment Date (Section 3.4(b)) 

2.3 However, as set out more particularly in Regulation 16, where the ForexClear NDO 

Transaction specifies a ForexClear Clearing Member as the Seller, with the other 

ForexClear Member as the Buyer, the Clearing House, in respect of each ForexClear 

NDO Contract to which it is party pursuant to the corresponding ForexClear NDO 

Transaction, shall be (i) the Buyer; and (ii) the Seller under such ForexClear NDO 

Contract, respectively. 

3. Standard Terms ("Standard Terms") 

The following terms are the Standard Terms of a registered ForexClear NDO Contract: 

3.1 EMTA and Non-EMTA Currencies – Template Terms

The EMTA Template or Non-EMTA NDO Contract Template that is appropriate to the 

particular Currency Pair is incorporated by reference into these ForexClear Contract 

Terms, as amended herein, and governs the terms of a ForexClear NDO Contract 

relating to a given Currency Pair together with, and subject to, the Economic Terms

and the Standard Terms, as applicable. For the avoidance of doubt, each EMTA 

Template shall be deemed to exclude the EMTA template terms for Non-Deliverable 

Cross-Currency FX Transactions published by EMTA.

3.13.2 Non-Deliverable Transaction 

The ForexClear NDO Transaction, and the related ForexClear NDO Contract evidenced 

by these ForexClear NDO Contract Terms, shall be a Non-Deliverable Currency Option 

Transaction. 

3.23.3 Currency Option Style (Section 3.2) 

European 

3.33.4 Currency Option Type (Section 3.3) 

Put / Call 

3.43.5 Date of Annex A (Section 4.2) 

Annex A to the ISDA Definitions is incorporated, as amended as at the Trade Date. 

3.53.6 Calculation Agent (Section 1.3) 

The Clearing House is the Calculation Agent. 

3.63.7 Exercise (Section 3.6(a)) and Effectiveness of Notice of Exercise (Section 3.6(b)) 
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The Procedures shall govern the method by which the parties to a ForexClear NDO 

Contract shall be able to exercise the rights granted pursuant to the related ForexClear 

NDO Transaction and the effectiveness of such exercise. Accordingly, Section 3.6(a) 

and Section 3.6(b) of the ISDA Definitions shall each be disapplied in their entirety. 

3.73.8 Automatic Exercise (Section 3.6(c)) 

(a) Subject to (b) below, Automatic Exercise shall be applicable to a ForexClear 

NDO Transaction and the related ForexClear NDO Contract. 

(b) The manner in which Automatic Exercise shall apply to a ForexClear NDO 

Transaction and the related ForexClear NDO Contract shall not be as set forth in 

Section 3.6(c) of the ISDA Definitions, but in accordance with, and subject to, 

the Procedures. 

3.83.9 Terms Relating to Settlement (Section 3.7(b))

The Procedures shall govern the settlement of a ForexClear NDO Transaction and the 

related ForexClear NDO Contract and, accordingly, Section 3.7(b) of the ISDA 

Definitions shall be disapplied in its entirety (as applicable). 

3.93.10Business Days 

For the purposes of determining the Settlement Date, Valuation Date and Expiration 

Date, in addition to the Business Days for the Principal Financial Centers for the 

Currency Pair specified in the relevant Economic Terms, the Business Days specified 

in the Swaps Monitor Financial Calendar as published by Swaps Monitor Publications, 

Inc. (as further detailed in the Procedures) from time to time, will apply to a ForexClear 

NDO Contract, except where the Clearing House notifies FXCCMs otherwise in 

accordance with section 1.3.12 (Reference Data) of Section 2I (ForexClear Clearing 

Service) of the Proceduresexcept where the Clearing House notifies FXCCMs 

otherwise in accordance with the Procedures. 

3.103.11 Withholding Tax Provisions 

(a) All payments due under a ForexClear NDO Contract shall be made by the 

ForexClear Clearing Member free and clear and without deduction or withholding 

for or on account of any tax. Payments in respect of which such deduction or 

withholding is required to be made, by the ForexClear Clearing Member, shall be 

increased to the extent necessary to ensure that, after the making of the required 

deduction or withholding, the Clearing House receives and retains (free from any 

liability in respect of such deduction or withholding) a net sum equal to the sum 

which it would have received and so retained had no such deduction or 

withholding been made or required to be made. 

(b) All payments due under a ForexClear NDO Contract shall be made by the 

Clearing House free and clear and without deduction or withholding for or on 

account of any tax. Payments in respect of which such deduction or withholding 

is required to be made, by the Clearing House, shall be increased to the extent 

necessary to ensure that, after the making of the required deduction or 

withholding, the ForexClear Clearing Member receives and retains (free from any 

liability in respect of such deduction or withholding) a net sum equal to the sum
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which it would have received and so retained had no such deduction or 

withholding been made or required to be made. 

3.113.12 Payment of Stamp Tax 

Each ForexClear Clearing Member will pay any Stamp Tax or duty levied or imposed 

upon it in respect of any ForexClear NDO Contract to which it is a party by a 

jurisdiction in which it is incorporated, organised, managed and controlled, or 

considered to have its seat, or in which a branch or office through which it is acting is 

located ("Stamp Tax Jurisdiction") or by any other jurisdiction, and will indemnify 

the Clearing House against any Stamp Tax or duty levied or imposed upon the Clearing 

House by any such Stamp Tax Jurisdiction or by any other jurisdiction in respect of any 

ForexClear NDO Contract registered by the Clearing House and to which that 

ForexClear Clearing Member is a party. 

3.123.13 Payments under a ForexClear NDO Contract 

Payments under, and in respect of, a ForexClear NDO Contract shall be calculated by 

the Clearing House and shall be made by, or to, the ForexClear Clearing Member in 

accordance with the provisions of the Procedures.

3.133.14 Regulations

A ForexClear NDO Contract shall be subject to the Regulations and the Procedures, 

which shall form a part of its terms. In the event of any inconsistency between these 

ForexClear NDO Contract Terms and the Regulations or the Procedures, the 

Regulations and the Procedures will prevail.

3.143.15 Governing Law

Each ForexClear NDO Contract, and any non-contractual obligations arising out of or 

in connection with it, shall be governed by and construed in accordance with the laws 

of England and Wales and the parties irrevocably agree for the benefit of the Clearing 

House that the courts of England and Wales shall have exclusive jurisdiction to hear 

and determine any action or dispute which may arise here from. The ForexClear 

Clearing Member party hereto irrevocably submits to such jurisdiction and agrees to 

waive any objection it might otherwise have to such jurisdiction, save that this 

submission to the jurisdiction of the courts of England and Wales shall not (and shall 

not be construed so as to) limit the right of the Clearing House to take proceedings in 

any other court of competent jurisdiction, nor shall the taking of action in one or more 

jurisdictions preclude the Clearing House from taking action in any other jurisdiction, 

whether concurrently or not.

3.153.16 Third Party Rights

A person who is not a party to this ForexClear NDO Contract shall have no rights under 

or in respect of it. Rights of third parties to enforce any terms of this ForexClear NDO 

Contract pursuant to the Contracts (Rights of Third Parties) Act 1999 are expressly 

excluded.
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3.17 Non-EMTA Currencies 

The following terms are designated as Standard Terms of a registered ForexClear NDO

Contract only where EUR, GBP, AUD, CHF or JPY is the Reference Currency.

(a) Valuation Postponement for Price Source Disruption

“Valuation Postponement” means, for purposes of obtaining a Settlement Rate, 

that the Settlement Rate will be determined on the Business Day first succeeding 

the day on which the Price Source Disruption ceases to exist, unless the Price 

Source Disruption continues to exist (measured from the date, that, but for the 

occurrence of the Price Source Disruption, would have been the Valuation Date) 

for a consecutive number of calendar days equal to the Maximum Days of 

Postponement. In such event, the Settlement Rate will be determined on the next 

Business Day after the Maximum Days of Postponement as being the applicable 

Fallback Reference Price.

“Fallback Reference Price” means the Clearing House calculated end of day 

spot price for the applicable Currency Pair from the previous end of day margin 

run.

(b) WM/Reuters Closing Spot Rate

(c)(b) The following shall only apply to a ForexClear NDO Contract where EUR, GBP, 

AUD, CHF or JPY is the Reference Currency:

“WM/Reuters Closing Spot Rate” means, for the relevant Currency Pair, the 

exchange rate at the relevant time at which such rate is to determined for foreign 

exchange transactions for value on the relevant Settlement Date, as calculated 

and published by the WM Company and Thomson Reuters, which appears on 

the respective Thomson Reuters screen, as follows:

(ia) Reference Currency: AUD; Settlement Currency: USD; Thomson 

Reuters Screen: USDAUDFIXM=WM;

(iib) Reference Currency: GBP; Settlement Currency: USD; Thomson 

Reuters Screen: USDGBPFIXM=WM;

(iiic) Reference Currency: EUR; Settlement Currency: USD; Thomson 

Reuters Screen: USDEURFIXM=WM;

(ivd) Reference Currency: CHF; Settlement Currency: USD; Thomson 

Reuters Screen: USDCHFFIXM=WM; or

(ve) Reference Currency: JPY; Settlement Currency: USD; Thomson Reuters 

USDJPYFIXM=WM.

4. ForexClear NDO STM Terms

The following terms are designated as the ForexClear NDO STM Terms of a 

ForexClear NDO STM Contract:

4.1 Net Present Value
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(a) The Clearing House shall, at least once per Business Day, determine the net 

present value of this ForexClear NDO STM Contract in such manner and at 

such times as may be provided in the Procedures.

(b) Immediately upon the Clearing House making such a determination of the net 

present value of this ForexClear NDO STM Contract:

(i) an amount (determined in accordance with Regulation 106A) of cash 

may become due and payable by the ForexClear Clearing Member or 

the Clearing House (as applicable, and as determined in accordance with 

Regulation 106A) under these ForexClear NDO STM Terms; and

(ii) the net present value of this ForexClear NDO STM Contract shall for all 

purposes be reset to zero.

(c) The amount (if any) referred to in Part A10.1(b)(i) above shall immediately 

become due and payable by the relevant party under the ForexClear NDO STM 

Terms applicable to this ForexClear NDO STM Contract and shall be paid in 

such manner and at such times as may be provided in the Procedures.

4.2 Price Alignment Amount 

(a) The Clearing House shall, at least once per Business Day, determine the Price 

Alignment Amount in respect of this ForexClear NDO STM Contract in such 

manner and at such times as may be provided in the Procedures.

(b) Immediately upon the Clearing House making such a determination of the Price 

Alignment Amount in respect of this ForexClear NDO STM Contract an 

amount (determined in accordance with Regulation 106A) of cash may become 

due and payable by the ForexClear Clearing Member or the Clearing House (as 

applicable, and as determined in accordance with Regulation 106A) under these 

ForexClear NDO STM Terms.

(c) The amount (if any) referred to in (b) above shall immediately become due and 

payable by the relevant party under the ForexClear NDO STM Terms applicable 

to this ForexClear NDO STM Contract and shall be made in such manner and 

at such times as may be provided in the Procedures.

5. If the terms of an EMTA Template or LCH Non-EMTA NDO Contract Template 

conflict with these ForexClear NDO Contract Terms, these ForexClear NDO Contract 

Terms shall prevail. If the terms of an EMTA Template conflict with the ISDA 

Definitions, the terms of the EMTA Template shall prevail. 
Product Specific Contract Terms and Eligibility Criteria Manual

LCH Limited © 2021 - 132 - October November 2021

PART M

REGISTRATION OF A FOREXCLEAR NDO CONTRACT - PRODUCT 

ELIGIBILITY CRITERIA 

1. Registration of a ForexClear NDO Contract 

Without prejudice to the Regulations and the Procedures, the Clearing House will only 

register a ForexClear NDO Contract pursuant to receipt of particulars of a transaction 

where at the time of the particulars being presented:

(a) the transaction meets the Product Eligibility Criteria set out in paragraph 2 

below, as applicable, for a ForexClear NDO Transaction; and

(b) each party to the transaction is either (i) a ForexClear Dealer, or (ii) a 

ForexClear Clearing Member, an FCM ForexClear Clearing Member, a 

ForexClear Clearing Client, an FCM Client or, in respect of Risk Neutralisation, 

the Clearing House who has not been declared a defaulter by the Clearing House; 

and

(c)(b) the ForexClear Clearing Member in whose name the ForexClear NDO Contract 

is to be registered has not been declared a defaulter by the Clearing House,.

and the requirements of paragraphs 1(a) and, (b) and (c) above continue to be satisfied 

at the Registration Time.

2. Product Eligibility Criteria for a ForexClear NDO Contract 

Instrument Non-Deliverable Currency Option Transaction 

Economic Terms The transaction particulars submitted to the Clearing House 

specify all the Economic Terms.

Currency Pair One of 

USD/BRL,

USD/KRW, 

USD/INR, 

USD/TWD, 

AUD/USD, 

EUR/USD, 

GBP/USD, 

CHF/USD, or

JPY/USD