CCIT Membership is a limited GSD membership type for triparty cash lenders.
MEMBERSHIP ELIGIBILITY REQUIREMENTS
Financial Responsibility – Applicant has sufficient financial ability to meet all of its obligations to the Corporation in a timely manner.
Operational Capability – Applicant or its Joint Account Submitter, as applicable, must be able to satisfactorily communicate with the Corporation, fulfill anticipated commitments to and meet the operational requirements of the Corporation with necessary promptness and accuracy, and conform to any operational condition and requirement that the Corporation reasonably deems necessary for its protection or that of its members.
Applicant must have minimum Net Assets of $100 million.
CCIT Members are not required to post a Clearing Fund Deposit. CCIT Members grant FICC a security interest in and to the securities and other property delivered to it by the Corporation pursuant to the CCIT Transaction credited to an account maintained by the CCIT Member or Joint Account Submitter on its behalf as security for the prompt and complete payment and performance when due of all obligations of the CCIT Member to the Corporation under each CCIT Transaction.