Membership Qualifications

Potential members of NYPC must meet the following qualifications:

1. Maintain minimum regulatory capital in excess of the greater of: (i) $5,000,000 and (ii) capital requirements imposed by a member’s regulator.

2. Be an entity approved by NYPC and in good standing in its jurisdiction of formation

3. Be qualified to conduct business in the state of New York or have an agency agreement in place with an entity qualified to conduct business in the state of New York

4. Demonstrate fiscal integrity

5. Demonstrate its capacity to engage in the conduct of the business of a Clearing Member

6. Receive all necessary approval from all applicable regulatory authorities and government agencies to conduct the business of a Clearing Member

7. Registered with the CFTC as an FCM if clearing contracts on behalf of Customers

8. Have designated a Clearing Bank and Settling Bank for payment of margin and settlement amounts

9. Maintain back-office facilities staffed with experienced and competent personnel

10. Foreign Clearing Members must:

• Maintain a presence in the United States, either directly or through a suitable agent, and have individuals fluent in English
• Demonstrate that it is in compliance with financial reporting standards of home country and that it is regulated in its home country by a financial regulatory agency
• Submit an opinion of outside counsel on home country law and other relevant non-domestic law, if applicable