SGX proposes to remove unlimited liability for CCP clearing fund

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Singapore Exchange (SGX) is planning to change the clearing fund structure and auction process for managing member defaults within its over-the-counter derivatives clearing house, Asia Clear. The exchange has released a consultation paper proposing changes in the use of the clearing fund for non-OTC financial derivatives, SGX's contribution to the fund, the application of the clearing fund to meet losses arising from member default and the level of member contribution to the clearing fund, al