FCM PRODUCT SPECIFIC CONTRACT TERMS AND ELIGIBILITY CRITERIA 

MANUAL
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SCHEDULE 3

FCM FOREXCLEAR 

PART A

FCM FOREXCLEAR NDF CONTRACT TERMS

The terms of a registered FCM ForexClear NDF Contract shall include these FCM ForexClear 

NDF Contract Terms which shall comprise:

Interpretation;

(1) Economic Terms; and

(2) Standard Terms, being both the:

A. Specific Standard Terms; and

B. General Standard Terms

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

Standard Terms will prevail.

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

FCM ForexClear NDF Contract Terms applicable to an FCM ForexClear NDF Contract to 

calculate the amounts due under the FCM ForexClear NDF Contract to, or from, the Clearing 

House in accordance with the FCM 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. or any successor 

entity. 

1.4 Words and expressions used in these FCM ForexClear NDF Contract NDF Terms 

which are not defined herein shall have the meanings given to them in the FCM 

Regulations and the FCM Procedures, unless expressly provided otherwise. Words and 

expressions used in these FCM ForexClear NDF Contract NDF Terms which are not 

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

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

unless expressly provided otherwise.

1.5 In the event of an inconsistency, the FCM Regulations and the FCM 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 an "FCM ForexClear NDF Transaction" for the purposes of the FCM 

ForexClear Service.
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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 FCM ForexClear Clearing Members, give directions as to whether such 

amendment shall apply to FCM ForexClear 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 FCM ForexClear 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 FCM ForexClear Contracts going forward, these FCM ForexClear 

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

to be regarded as fully fungible with FCM ForexClear Contracts registered in an FCM 

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 FCM ForexClear Clearing Member 

shall not invalidate the amendment with which the notice is concerned.

2. Economic Terms

2.1 The Economic Terms of an FCM ForexClear NDF Contract shall be derived from the 

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

ForexClear Transaction.

2.2 The particulars of an FCM ForexClear 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:

(1) Trade Date (Section 1.25)

(2) Forward Rate (Section 2.1(a))

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

(Section 1.17(b)) in USD

(4) Reference Currency Buyer (Section 1.20)

(5) Reference Currency Seller (Section 1.22)

(6) 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)

(7) scheduled Valuation Date (Section 1.16(f)) (where applicable, without 

prejudice to the adjustments set out in the relevant EMTA Template or NonEMTA NDF Contract Template).
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2.3 However, as set out more particularly in FCM Regulation 38, where the FCM 

ForexClear Transaction specifies an FCM ForexClear Clearing Member as the 

Reference Currency Seller, with the other FCM ForexClear Member as the Reference 

Currency Buyer, the Clearing House, in respect of each FCM ForexClear NDF Contract 

to which it is party pursuant to the corresponding FCM ForexClear Transaction, shall 

be (i) the Reference Currency Buyer; and (ii) the Reference Currency Seller under such 

FCM ForexClear Contract, respectively.

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

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

ForexClear 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 FCM ForexClear NDF 

Contract Terms, as amended herein, and governs the terms of an FCM ForexClear NDF 

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

Terms set out in Clause 2 above, and the Specific Standard Terms and the General 

Standard Terms set out in this Clause 3, and the General Standard Terms set out in 

Clause 4 or Clause 5 below, as applicable. For the avoidance of doubt, each EMTA 

Template shall be deemed to exclude the EMTA Template template Terms terms 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

(1) BRL-USD

(2) CLP-USD

(3) CNY-USD

(4) INR-USD

(5) KRW-USD

(6) RUB-USD

(7) COP-USD

(8) IDR-USD

(9) MYR-USD

(10) PHP-USD

(11) TWD-USD

(12) PEN-USD

(13) EUR-USD
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The following terms are designated as General Standard Terms of a registered FCM 

ForexClear Contract:

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 FCM Procedures) from time to time, will apply to an FCM 

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

accordance with section 2.2.8(pk) (Reference Data) of the FCM Procedures.

4.2 Withholding Tax Provisions

4.2.1 All payments due under an FCM ForexClear NDF Contract shall be made by 

the FCM 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 FCM 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.

4.2.2 All payments due under an FCM 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 FCM 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 FCM ForexClear Clearing Member will pay any Stamp Tax or duty levied or 

imposed upon it in respect of any FCM ForexClear NDF Contract to which it is a party 

by a jurisdiction in which it is incorporated, organized, managed and controlled, or 

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

located 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 jurisdiction 

in respect of any FCM ForexClear NDF Contract registered by the Clearing House and 

to which that FCM ForexClear Clearing Member is a party.

4.4 Discontinuation of a Settlement Rate Option

(a) If:
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PART B

REGISTRATION OF AN FCM FOREXCLEAR NDF CONTRACT - PRODUCT 

ELIGIBILITY CRITERIA

1. Registration of an FCM ForexClear Contract

Without prejudice to the FCM Regulations and the FCM Procedures, the Clearing 

House will only register an FCM 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 paragraphs 2 or 

3 below, as applicable, for an FCM ForexClear NDF Transaction; and

(b) each party to the transaction is a ForexClear Dealer (as defined in the UK 

Regulations), a ForexClear Clearing Member, an FCM ForexClear Clearing 

Member, a ForexClear Clearing Client (as defined in the UK Regulations), an 

FCM Client or, in respect of Risk Neutralisation, the Clearing Housean 

Executing Party; and

(c)(b) the FCM ForexClear Clearing Member in whose name the FCM ForexClear 

NDF Contract is to be registered has not been declared a defaulter by the 

Clearing House,.

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

at the Registration Time.

2. FCM ForexClear Product Eligibility Criteria for an FCM 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:

1. BRL – Brazilian Real,

2. RUB – Russian Rouble, 

3. INR – Indian Rupee,

4. CLP – Chilean Peso,

5. CNY – Chinese Yuan,

6. KRW – South Korean Won,

7. COP – Colombian Peso,

8. IDR – Indonesian Rupiah,
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9. MYR – Malaysian Ringgit,

10. PHP – Philippine Peso,

11. TWD – Taiwan Dollar, or

12. PEN – Peruvian Sol.

Valuation Date A date with respect to the EMTA Template Currency Pair 

to which the FCM ForexClear NDF Transaction relates and 

is (i) a valid Business Day, (ii) no earlier than the Business 

Day (as defined in the FCM Regulations) immediately 

following the Submission Date and (iii) determined as set 

forth in the FCM Procedures and/or relevant EMTA 

Template for the EMTA Template Currency Pair.

Settlement Date A date with respect to the EMTA Template Currency Pair 

to which the FCM ForexClear NDF Transaction relates and 

is:

A. no earlier than the date immediately following the 

Valuation Date; and

B. no later than the date falling (1) for Brazilian Real, 

five calendar years and (2) for all other Reference 

Currencies, two calendar years, in each case plus 

two Business Days immediately following the 

Submission Date, provided that in each case such 

date shall be: (i) a valid Business Day and (ii) 

determined as set out in the FCM Procedures and/or 

relevant EMTA Template.

Settlement Type Non-Deliverable

Settlement Currency USD 

Calculation Agent The Clearing House

3. FCM ForexClear Product Eligibility Criteria for an FCM ForexClear NDF 

Contract – Non-EMTA Currency Pairs

Instrument Non-Deliverable FX Transaction – Non-EMTA Currency 

Pairs

Economic Terms The transaction particulars submitted to the Clearing 

House specify all the Economic Terms.

Reference Currency One of:

1. EUR – Euro,
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2. GBP – British Pound,

3. AUD – Australian Dollar,

4. CHF – Swiss Franc, 

5. JPY – Japanese Yen,

6. DKK – Danish Krone,

7. NOK – Norwegian Krone,

8. SEK – Swedish Krona,

9. CAD – Canadian Dollar,

10. SGD – Singapore Dollar,

11. ZAR – South African Rand, 

12. MXN – Mexican Peso,

13. NZD – New Zealand Dollar, or

14. HKD – Hong Kong Dollar. 

Valuation Date A date with respect to the Non-EMTA Template Currency 

Pair to which the FCM ForexClear Transaction relates and 

is (i) a valid Business Day, (ii) no earlier than the Business 

Day (as defined in the FCM Regulations) immediately 

following the Submission Date and (iii) determined as set 

forth in the FCM Procedures and/or given Non-EMTA 

NDF Contract Template.

Settlement Date A date with respect to the Non-EMTA Template Currency 

Pair to which the FCM ForexClear Transaction relates and 

is: 

A. no earlier than the date immediately following the 

Valuation Date; and 

B. no later than the date falling (1) for Euro, British 

Pound, Australian Dollar, Swiss Franc and Japanese Yen, 

five (5) calendar years and (2) for all other Non-EMTA 

Currencies, two (2) calendar years, in each case plus two 

Business Days immediately following the Submission 

Date, provided that in each case such date shall be: (i) a 

valid Business Day and (ii) determined as set out in the 

FCM Procedures and/or given Non-EMTA NDF Contract 

Template.
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PART D

FCM FOREXCLEAR NDO CONTRACT TERMS; FCM FOREXCLEAR CONTRACTS 

ARISING FROM FCM FOREXCLEAR NDO TRANSACTIONS

Where an FCM ForexClear NDO Contract arises between the Clearing House and an FCM 

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

entered into between them, the terms of such registered FCM ForexClear NDO Contract shall include 

these FCM ForexClear NDO Contract Terms, which shall comprise:

(1) Interpretation;

(2) Economic Terms; and

(3) Standard Terms.

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

Terms will prevail.

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

ForexClear NDO Contract Terms applicable to an FCM ForexClear NDO Contract to calculate the 

amounts due under the FCM ForexClear NDO Contract to, or from, the Clearing House in accordance 

with the FCM 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 FCM ForexClear NDO Contract Terms that are not 

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

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

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

Procedures, but which are defined in the ISDA Definitions, EMTA Templates or LCH NonEMTA 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 FCM Regulations and FCM Procedures will 

prevail over the ISDA Definitions.

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

be references to an "FCM ForexClear NDO Transaction" for the purposes of these FCM 

ForexClear NDO Contract Terms.

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

ISDA Definitions.
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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 FCM 

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

FCM 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 FCM 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 FCM ForexClear NDO Contracts going forward, these FCM ForexClear NDO 

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

regarded as fully fungible with FCM ForexClear NDO Contracts registered in a FCM 

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 FCM ForexClear Clearing Member shall not invalidate 

the amendment with which the notice is concerned.

2. Economic Terms

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

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

ForexClear NDO Transaction.

2.2 The particulars of an FCM 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))

(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))
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2.3 However, as set out more particularly in FCM Regulation 38, where the FCM ForexClear 

NDO Transaction specifies an FCM ForexClear Clearing Member as the Seller, with the other 

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

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

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

Contract, respectively.

3. Standard Terms ("Standard Terms")

The following terms are the Standard Terms of a registered FCM 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 FCM ForexClear NDO Transaction evidenced, and the related FCM ForexClear NDO 

Contract evidenced by these FCM ForexClear NDO Contract Terms, shall be a NonDeliverable 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))

The FCM Procedures shall govern the method by which the parties to an FCM ForexClear 

NDO Contract shall be able to exercise the rights granted pursuant to the related FCM 

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

NDO Transaction and the related FCM ForexClear NDO Contract. 

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

Transaction and the related FCM 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 

FCM Procedures.

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

The FCM Procedures shall govern the settlement of an FCM ForexClear NDO Transaction 

and the related FCM 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 FCM Procedures) from time to time, will apply to an FCM ForexClear NDO Contract, 

except where the Clearing House notifies FCM ForexClear Clearing Members otherwise in 

accordance with section 2.2.8(p) (Reference Data) of the FCM the Procedures.

3.103.11 Withholding Tax Provisions

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

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 FCM 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 an FCM 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 FCM 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.

3.113.12 Payment of Stamp Tax

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

upon it in respect of any FCM 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, 
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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 FCM ForexClear NDO Contract 

registered by the Clearing House and to which that FCM ForexClear Clearing Member is a 

party.

3.123.13 Payments under an FCM ForexClear NDO Contract

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

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

accordance with the provisions of the FCM Procedures.

3.133.14 Regulations

An FCM ForexClear NDO Contract shall be subject to the FCM Regulations and the FCM 

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

these FCM ForexClear NDO Contract Terms and the FCM Regulations or the FCM 

Procedures, the FCM Regulations and the FCM Procedures will prevail.

3.143.15 Governing Law

Each FCM 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 the 

State of New York in the United States of America without regard to principles of conflicts 

of laws and the parties hereby irrevocably agree for the benefit of the Clearing House that (i) 

the courts of the State of New York, Borough of Manhattan in the United States of Americas, 

(ii) the United States District Court for the Southern District of New York, or (iii) the courts 

of England and Wales shall have exclusive jurisdiction to hear and determine any action or 

dispute which may arise herefrom. The FCM 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 exclusive jurisdiction of the courts 

of the State of New York, Borough of Manhattan in the United States of Americas, the United 

states District Court for the Southern District of New York or 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 an FCM ForexClear NDO Contract shall have no rights under 

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

Contract are expressly excluded.

3.17 Non-EMTA Currencies

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

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

( ) WM/Reuters Closing Spot Rate

(a)(b) The following shall only apply to an FCM 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. If the terms of an EMTA Template or LCH Non-EMTA NDO Contract Template conflict 

with these FCM ForexClear NDO Contract Terms, these FCM 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. 
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PART E

REGISTRATION OF AN FCM FOREXCLEAR NDO CONTRACT - PRODUCT 

ELIGIBILITY CRITERIA 

1. Registration of an FCM ForexClear NDO Contract 

Without prejudice to the FCM Regulations and the FCM Procedures, the Clearing 

House will only register an FCM 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 FCM Product Eligibility Criteria set out in paragraph 

2 or 3 below, as applicable, for an FCM ForexClear NDO Transaction; and

(b) each party to the transaction is a ForexClear Dealer (as defined in the UK 

Regulations), a ForexClear Clearing Member, an FCM ForexClear Clearing 

Member, a ForexClear Clearing Client (as defined in the UK Regulations), an 

FCM Client or, in respect of Risk Neutralisation, the Clearing House an 

Executing Party; and

(c)(b) the FCM ForexClear Clearing Member in whose name the FCM 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.

5.2. Product Eligibility Criteria for an FCM 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