Membership Criteria
The Participant Membership criteria, which an applicant must meet at the outset and must continue to meet as a Participant, are set out below. They are also detailed in the bwinex Regulations and Participants are expected to inform bwinex of failure or anticipated failure to meet the membership criteria.
When applying for membership, you must:
1. satisfy bwinex that the application is fit and proper;
2. maintain a properly established office (in a location which is acceptable to bwinex as it may determine in its absolute discretion) for the conduct of its business on bwinex;
3. provide details of the location of Responsible Individuals and ensure that such details (and any related information including order routing) are advised to bwinex upon request throughout the period of membership;
4. be able to demonstrate, to the satisfaction of bwinex, that it has sufficient systems and controls in place to ensure that all employees, agents and representatives who may act on its behalf or in its name in the conduct of business on bwinex are fit and proper with suitable qualifications and experience and adequately trained and properly supervised to perform such functions;
5. be a member of the wineClear or be accepted for such membership, or be a party to, or satisfy bwinex that it will become a party to, a clearing agreement with a clearing member;
6. be party to an Electronic User Agreement (EUA) which is in full force and effect;
7. where relevant, be authorised or otherwise exempt, licensed or permitted by the appropriate regulatory body to conduct business on the bwinex markets;
8. hold all necessary licenses, authorisations and consents, or benefit from available exemptions, so as to allow it to carry on business as a Participant on the bwinex Platform in accordance with all applicable laws and regulation;
9. satisfy bwinex that it enjoys the financial standing suitable for admission to membership supporting its claim by a copy of the last 3 years audited accounts (and thereafter the latest) or such evidence as the Directors may require;
10. satisfy such other requirements of bwinex as they may stipulate, supplying such documents in support as bwinex requires.
Further criteria may be stipulated by bwinex in respect of bwinex membership.