CMA Decision No. 15/Chairman of 2019 · UAE Federal
Amending instrument that changes the Clearing Operations in Commodities Markets Regulations (CMA Decision No. 11/R of 2015). The CMA has consolidated its changes into the current text of the amended regulation and keeps this instrument in its archive of amending regulations.
Chairman's Resolution No. 15 of 2019 rewrites one paragraph of the Clearing Operations in Commodities Markets Regulations (Board Decision No. 11 of 2015): the minimum margin standard that the central clearing company of a licensed UAE commodities market must apply. The CMA publishes the resolution in Arabic only. It was issued in Abu Dhabi on 15 April 2019 and took effect the day after publication in the Official Gazette (Article 2); the index records 5 June 2019.
Article 1 replaces paragraph 20/b of Article 10. The clearing company must set a minimum margin, agreed with the Authority, that is sufficient to cover three things: a confidence level of 99%; closing out all of the clearing company's own positions and those of its members within one day (one-day close-out exposure); and the largest exposure the clearing company has faced over the previous three years, verified by back-testing. The resolution replaces the paragraph in full and does not restate the earlier wording.
Status: in force. The CMA's consolidated English text of Decision 11/R of 2015 carries this wording at Article 10(20)(b), with a note that it was amended by this resolution. That regulation continues under Article 27(4) of Federal Decree-Law No. 32 of 2025 to the extent it does not conflict with the capital market laws in force from 1 January 2026.
The licensed central clearing company of a UAE commodities market and, through the margin it sets, the clearing members and their customers who must post margin.
Arabic original text in 1 passages. Open the full text or jump to a provision:
| Article 1 | Replaces paragraph 20/b of Article 10 of Decision 11 of 2015: the clearing company must set a minimum margin agreed with the Authority. |
| Article 1 | The minimum margin must cover a 99% confidence level, one-day close-out of the clearing company's and its members' positions, and the largest exposure over the preceding three years, back-tested. |
| Article 2 | The resolution is published in the Official Gazette and applies from the day following its publication. |
We are not licensed by the CMA and do not calculate margin. For clients that trade or clear on a UAE commodities market, we explain where the clearing company's margin rules come from, form and administer the trading or clearing-member company around its licensing route, and keep its corporate, UBO and AML records in order while its licensed advisers deal with the clearing company and the regulator.
| Amends | CMA Decision No. 11/R of 2015 |
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