The Clearing Agreement serves as the foundational document governing the relationship between clearing houses and their members in Indonesia's financial markets. This document is essential when a financial institution seeks to become a clearing member or when a clearing house establishes its service terms. The agreement must comply with Indonesian regulatory requirements, particularly those set by OJK and Bank Indonesia, while incorporating international best practices in clearing operations. It details crucial aspects such as membership criteria, risk management protocols, default procedures, margin requirements, and settlement processes. The Clearing Agreement is particularly important given Indonesia's growing financial markets and the need for robust clearing infrastructure that meets both domestic and international standards.
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1. Parties: Identification of the clearing house and the clearing member, including their complete legal details and regulatory status
2. Background: Context of the agreement, regulatory framework, and purpose of the clearing relationship
3. Definitions: Comprehensive definitions of technical terms, regulatory references, and key concepts used throughout the agreement
4. Membership Requirements: Qualifications, obligations, and ongoing requirements for maintaining clearing membership
5. Services and Scope: Detailed description of clearing services provided and products covered
6. Rights and Obligations: Specific duties and rights of both the clearing house and clearing member
7. Margin Requirements: Rules for initial margin, variation margin, and other collateral requirements
8. Fee Structure: Clearing fees, payment terms, and other applicable charges
9. Risk Management: Risk management procedures, controls, and monitoring requirements
10. Default Procedures: Process for handling defaults, close-out procedures, and loss allocation
11. Settlement Procedures: Rules and timeline for trade settlement and payment processes
12. Regulatory Compliance: Compliance requirements with Indonesian regulations and reporting obligations
13. Term and Termination: Duration of agreement, renewal terms, and termination provisions
14. Confidentiality: Protection and handling of confidential information
15. Dispute Resolution: Procedures for resolving disputes under Indonesian law
16. Governing Law: Confirmation of Indonesian law as governing law and jurisdiction
1. Cross-Border Provisions: Required when clearing member is a foreign entity, addressing international regulations and cross-border issues
2. Islamic Finance Compliance: Required when clearing services include Sharia-compliant products
3. Technology Requirements: Detailed when specific trading or clearing systems are mandatory
4. Agent Clearing Provisions: Required when clearing member acts as agent for other parties
5. Special Market Provisions: Required for specific market segments like derivatives or commodities
6. Emergency Procedures: Optional section for detailed crisis management procedures
7. Language Provisions: Required when agreement is bilingual Indonesian/English
1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Schedule 2 - Eligible Collateral: List of acceptable collateral types and their valuation methodology
3. Schedule 3 - Operational Procedures: Detailed operational workflows and technical requirements
4. Schedule 4 - Risk Management Requirements: Specific risk management obligations and procedures
5. Schedule 5 - Reporting Requirements: Ƶ and procedures for required regulatory and operational reporting
6. Schedule 6 - Contact Details: List of key contacts and escalation procedures
7. Appendix A - Technical Specifications: Technical requirements for connecting to clearing systems
8. Appendix B - Compliance Checklist: Regulatory compliance requirements and documentation
9. Appendix C - Default Fund Contribution: Calculation methodology and requirements for default fund contributions
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