As mentioned in the Membership Application article, during the application process, an applicant must provide its intended transactional volume (i.e. number of monthly tickets and average ticket size). Based on this information, FICC’s Risk Management Department will provide an estimate of the applicant’s initial Clearing Fund requirement. Prior to the applicant’s membership activation, such applicant must provide the initial Clearing Fund requirement to FICC in the form of acceptable collateral, as set forth in the MBSD’s Clearing Rules.