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- ふじきみ のじま
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3 CME Clearing NYMEX Clear Port ICE clear U.S. CME T0 CBOT 21 ONE CHICAGO 83( CBOT 28) NYMEX 500 T1 DME CME NYMEX 18 ICE Futures 500 T1 U.S. 2 CME LCH.Clear net LCH LIFFE LME ICE Futures Europe LSE T1 500 A K (CME ) ICE Futures Europe ICE Clear 2008 FSA JCCH HP 2
4 Chicago Mercantile Exchange 1898 Chicago Butter and Egg Exchange 1919 New York Mercantile Exchange 1882 NY LCH. Clearnet Group Limited ( ) Multi Commodity Exchange (London Clearing House Ltd 1888 (Clearnet SA 1969) LCH Clearnet Group LCH Clearnet Ltd ( London Clearing CCP House Ltd)LCH Clearnet SA ( Clearnet SA) LCH Clearnet Limited LCH Clearnet SA ( NYMEX) 32 CME NYMEX NYMEX CME CME CME CFTC A B-1B-4 A 180,000 NYMEX (Euronext, ICE Futures, LME ,100,000 $ (users) 67.6 Euroclear CME (2009 Euronext share buy-back 10.9 (users) 73.3 Euroclear ,922,000 (2006B/S ) 100,116, ,371,000 5,263, ,358, ,108,000 (2006/12/31) NY LCH Clearnet LCH Clearnet SA Limited London Clearing House Limited SBF-Bourse de Financial Technologies (I) Ltd. State Bank of India and it's associates National Bank for Agriculture and Rural Development National Stock Exchange of India Ltd 3
5 Chicago Mercantile Exchange New York Mercantile Exchange LCH. Clearnet Group Limited ( ) Multi Commodity Exchange COMEX 1994 (LCH) Paris CBOT CME Société des 2007 CME CBOT CME NY NYSEIPE (1982) Bourses Francaises Group,Inc. LIFFE (1983) 250 LME (1987) Euronext Paris cash equity NYMEX ClearPort Cleraing 2003 Euronext NYMEX ClearPort Trading 500 Risk Management Department30 NYMEX NYSE Euronext MCX DMELondon Stock Exchange Clear and Settle CME Globex NYMEX E-mini MCX MCX Virt-x Liffe EDX London ICAP Electronic Broking espeed ETCMS MTS VIEL & Cie Prominnofi Swapwire SWIFTNet Accord ICE ICE Futures Powernext Energy & Freight Brokers London Metal Exchange ICE Futures ICE Clear Europe ICE Clear U.S. US$5 A 180, NYMEX CME B 100 4
6 Chicago Mercantile Exchange CME 2 IMM 2 2 GEM 1 New York Mercantile Exchange IOM A CBOT CME CBOT B ,676 CME CBOT B ,338 CME B-1 2 IMM International Monetary Market B-2 2 IOMIndex and Option Market B-3 2 GEMGrowth Emerging Market B-4 1 A 8, % LCH. Clearnet Group Limited C 200 D () LME Associate Trade Clearing 250 () LME Associate Broker Clearing Ring Dealing 500 F 1 G 4 H 50 I 500 J 1,000 K Clearing Membership Agreement LIFFE General Clearing Member C 500 B-D I-J LIFFE General Clearing Member C 200 LME Ring Dealing Member D() 500 LCH EnClear AETS Participant( ) B RepoClear/SwapClear F G H ( ) Multi Commodity Exchange 5
7 Chicago Mercantile Exchange New York Mercantile Exchange LCH. Clearnet Group Limited ( ) Multi Commodity Exchange LCH Clearnet LCH Clearnet 190 (10 83 Ltd116 SA ) CBOT 28 Transaction Fee ICE Futures ( COMEX US$0.09US2.00 ) $0.50 LME 200/ Liffe Rs5 crore1, Rs1 Rs10 Rs5 Rs50 Rs5,000Rs5 Rs Rs Rs4,100Rs50 Rs Rs6 200 Rs1,31,000Rs200 Rs Rs5 Stamp Duty 1kg Rs1 Minimum Performance Bond Requirement Margin Requirement Initial Margin Settlement Reserve Fund Settlement Guarantee Fund WTI = Security Deposit Initial LME Aluminium HG $3,050/lot Security Deposit/Additional Deposit Initial Margin LME Copper A Grade $12,500/lot Margin Maintenance Margin 5,250 ICE Brent Futures $5,600/lot Initial Security Deposit ICE WTI Futures $6,500/lot 3,000 2 ICE Gasoil Futures $4,500/lot 7, Additional Deposit 3,000 Margin Requirement System Rs50,0005 5% 8% 25% Initial Security Deposit Initial margin Margin Requirement 6
8 Chicago Mercantile Exchange New York Mercantile Exchange LCH. Clearnet Group Limited ( ) Multi Commodity Exchange / % % % % Margin 5. 30% Ordinary InitialMargin / ,000 5% Closing Price , ,000 8% Special Margin , ,000 9% 50% 800,000 10% 50% Marked-to-market margin Variation Margin Delivery period margin NYMEX SPAN London SPAN T 1) T :00 11:30am 13 B/K 10:00 T ) 10:00 1% Rs :00 31 B/K 13:00 T+1 Prevailing Price 3) 1) 2) 7
9 Chicago Mercantile Exchange New York Mercantile Exchange 2002 CME LCH. Clearnet Group Limited ( ) Multi Commodity Exchange LCHClearnet OCCOption Clearing Corporation FICC(Fixed Interest Clearing Corporation) NYMEX NYMEX Protected Payments System (PPS) the Board The CME Clearing Risk Committee Committee CME CME Real-time Margining System at client level Monitoring of position limits (Quantity) Capital adequacy norms Daily price limits CFTC CFTC LCH Clearnet Limited CFTC 8
10 Chicago Mercantile Exchange New York Mercantile Exchange LCH. Clearnet Group Limited 1) 2) LCH LCH Clearnet Ltd. LCH Clearing Ltd Guarantee fund 1,000 1) 230 (US$200 ) 2) 115 (US$100 ) 3) CME LCH Clearnet Ltd CBOT 4) LCH Clearnet SA 5) CME 6) NYMEX NYMEX 7) 6 1) ( ) LCH Clearnet SA 2) 25% 11 (US$10 ) 3) 4) CME CBOT 5) CME ( ) Multi Commodity Exchange 9
11 Chicago Mercantile Exchange New York Mercantile Exchange LCH. Clearnet Group Limited ( ) Multi Commodity Exchange 6) 7) (Default Fund) 45,786,500,000 Exchange Fund First Charge CME ,000 The New India Assurance Co.Ltd.' 100 EquityClear Fund Settlement Guarantee Fund 15,000,000 1,000,000 RepoClear Fund 139,900,000 1,045,000,000 1,000,000 SwapClear Fund 2,000,000 2,873,800,000 49,860,200,000 CME 62,800, ,000, LCH.Clearnet SA Default Funds OTC fund 162,833,000 CME Other funds 700,522, ,355, LCH.Clearnet Limited Default Fund ,316, ,732,671,000 7 EFP 10
12 (1) (2) CPSS-IOSCO
13 H T+ 64 H TFE) H T+ 94 H OSE 1345 JSCC 75 H JSCC 4. T+ 178 H JSCC H T+ 92 H JCCH JCCH HP 12
14 (JCCH (JSCC) (OSE) (TFE) % % % % 16.0% 4.0% 0.8 UFJ UFJ SMBC T 1 T1 T1 T
15 (JCCH (JSCC) (OSE) (TFE) ( ) % 200% % 4% 400% 400% % % 200% 3 3 8% 200 4% % 4% % 4% 400%
16 (JCCH (JSCC) (OSE) 8% 2% 4% 100% 400% (TFE) ( ) 20, ,583 1,477 3,220 7,573 7,
17 (JCCH (JSCC) (OSE) 2, H , , (TFE) SPAN 1.5 SPAN SPAN 16
18 - CPSS-IOSCO Legal risk Participation requirements Measurement and management of credit exposures Margin requirements Financial resources Default procedures Custody and investment risks 17
19 Operational risk Money settlements Physical deliveries Risks in links between CCPs Efficiency Governance Transparency Regulation and oversight 18
20 CME Clearing NYMEX Clear Port ICE clear U.S. LCH.Clearnet Ltd. $ 0.11 $ 0.70 $ 0.40 $ 0.09 ( ) ( ( (ICE Futures Europe ) ) ) JSCC ( ) 50 ( ) OSE TFE)
21 20
22 21
23 2,000 10/ / 2,000 10/ / 2,000 10/ / 200 3/ / 4,000 10/ 40 1/ / 1/2 5,000 10/ 30 1,000 10/ 5,000 10/ 100 1,000 10/ 22
24 3,000 10/ 1,000 3,000 10/ 1,000 10/ 10/ 1,250 10/ 10/ 1,250 7,500 10/ 3,750 7,500 2,500 10/ 1,250 1,000 10/ 10/ / 10/ ,000 10/ 5,000 11,000 10/ 500 3,000 10/ 3,000 10/ 2,000 10/ 50 2,000 10/ 50 1,500 10/ 500 1,500 10/ 500 5/ 5/ 5/ 5/ 3,000 5/ 1,500 1,500 5/ 1,500 1,000 10/ 300 1,000 10/ 300 3,000 5/ 300 3,000 5/ 300 6,000 10/ 6,000 10/ 3,000 5/ 3,000 5/ 23
25 24
26
27 26
28 27
29 Financial resources JCCH 28
30 29
31 (Lamfalussy standards) 30
32 31
33 32
34 33
35 34
36 % % 4% 400% % % 8% 4% 400% % % 4% 400% % 200% % 8% 2% 4% 100% 400% (TFE) (OSE) (JSCC) (JCC ) 35
37 { + 2 } / /2 JCCH
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