(a) Credit for clearance of securities. The provisions of this part
shall not apply to the extension or maintenance of any credit that
is not for more than one day if it is incidental to the clearance
of transactions in securities directly between members of a national
securities exchange or association or through any clearing agency
registered with the SEC.
(b) Deposit of securities with a clearing agency. The provisions of this part shall not apply to the deposit of securities
with an options or futures clearing agency for the purpose of
meeting the deposit requirements of the agency if—
(1) the clearing agency—
(i) issues,
guarantees performance on, or clears transactions in, any security
(including options on any security, certificate of deposit, securities
index, or foreign currency); or
(ii) guarantees performance of contracts
for the purchase or sale of a commodity for future delivery or options
on such contracts;
(2) the clearing agency is registered with
the Securities and Exchange Commission or is the clearing agency for
a contract market regulated by the Commodity Futures Trading Commission;
and
(3) the deposit
consists of any margin security and complies with the rules of the
clearing agency that have been approved by the Securities and Exchange
Commission or the Commodity Futures Trading Commission.
