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Membership Overview
Trading Member (TM)- A member with rights to trade on its own account as well as on account of its clients but has no right to clear and settle such trades itself. An application for trading membership of AFRINEX can only be made by body corporates.

Minimum Net-worth (to be maintained all the time during the subsistence of its membership):

Category Amount (USD)
Trading Member (Domestic) 50,000
Trading Member (Foreign) 100,000


Trading cum Clearing Member (TCM) / Trading cum Self Clearing Member (TSM)- TCM membership entitles a member to execute trades on his own account as well as on account of his clients and to clear and settle trades executed by themselves as well as by other trading members who choose to use clearing services of the member.

TSM membership entitles a member to execute trades and to clear and settle the trades executed on his own account as well as on account of his clients. Membership of AFRINEX Limited (“Exchange”) and AFRINEX Clearing House Ltd (“Clearing House”) can only be obtained by body corporates.

Minimum Net-worth (to be maintained all the time during the subsistence of its membership):

Category Amount (USD)
TSM/TCM (Domestic) 100,000
TSM/TCM (Foreign) 250,000


Professional Clearing Member (PCM)- PCM are clearing members who are not trading members. They are typically banks, custodians etc. who clear and settle trades executed for their clients (individuals, institutions etc.). In such an event, the functions and responsibilities of the PCM would be similar to Custodians. Membership of AFRINEX Clearing House Ltd (“Clearing House”) can only be obtained by body corporates.

Minimum Net-worth (to be maintained all the time during the subsistence of its membership):

Category Amount (USD)
Clearing Member (Domestic) 100,000
Clearing Member (Foreign) 250,000