Initial margin is paid to, or by, a member or client whenever the risk of loss, as determined by JSE Clear, changes with respect to the aggregate position of such member or client.

Clearing members pay additional margin to the JSE Clear Default Fund. Rand cash is held in trust by JSE Clear and invested on behalf of market participants by JSE Clear or an agent thereof according to a mandate approved by the Board of JSE Clear.

Securities are accepted to cover a portion of the initial margin of market participants as well as a portion of the additional margin posted by clearing members to the Default Fund.

Should you be interested in taking up this service, please contact Matthias Kempgen at [email protected]

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