Whole Section

  • 2.28 Voluntary Suspension and Resignation

    • 2.28.1

      A Clearing Member may at any time request the Clearing House to suspend its Clearing Membership. The Clearing House may give effect thereto upon such terms and conditions as the Clearing House may decide.

    • 2.28.2

      Any Clearing Member may resign upon giving notice in writing thereof to the Clearing House. Such resignation shall be effective upon the Clearing Member closing out its positions in all Contracts, subject to a minimum period of 30 days from the Clearing House's receipt of its notice of resignation (such period of 30 days being hereafter referred to as the "Minimum Notice Period"). Notwithstanding the foregoing, the Clearing House shall have the discretion to vary the effective date of resignation in the case of a defaulted or suspended Clearing Member.

      Amended on 7 August 20127 August 2012.

    • 2.28.2A

      In respect of all events of default declared by the Clearing House, which occurrence takes place at or after such time that the Clearing House receives a Clearing Member's notice of resignation and before its effective date of resignation (such period being hereafter referred to as the "Notice Period"), the following shall apply:

      2.28.2A.1 the Clearing House shall apply the resigning Clearing Member's Clearing Fund Deposit and Further Assessment Amount in accordance with Rules 7A.01A.2B and 7A.01A.2D, except that the aggregate amount applied in respect of all such events of default shall be subject always to a limit of no more than two (2) times of the resigning Clearing Member's Clearing Fund Deposit requirement and Further Assessment Amount as at the time the Clearing House receives its notice of resignation.
      2.28.2A.2 [This rule has been deleted]

      This Rule 2.28.2A shall apply provided always that the Clearing Member complies with Rule 2.28.2B.

      Added on 7 August 20127 August 2012 and amended on 29 July 201329 July 2013, 30 June 201430 June 2014, 12 November 201812 November 2018 and 17 July 201917 July 2019.

    • 2.28.2B

      Unless otherwise permitted by the Clearing House or required under this Rules, a resigning Clearing Member shall not undertake any transactions which have the effect of increasing its positions in any Contract during its Notice Period.

      Added on 7 August 20127 August 2012.

    • 2.28.2D

      Notwithstanding Rule 2.28.2A, a resigning Clearing Member shall have no obligations in relation to any event of default, other than its own, occurring at or after such time that the following conditions have been met:

      2.28.2D.1 the Minimum Notice Period has lapsed; and
      2.28.2D.2 the resigning Clearing Member has no open positions in any Contract other than positions acquired in relation to an event of default occurring during the Notice Period, by way of:
      a. an auction pursuant to Rule 7A.02.1.3.c.
      b. [This rule has been deleted]

      Added on 7 August 20127 August 2012 and amended on 30 June 201430 June 2014 and 17 July 201917 July 2019.

    • 2.28.3

      Subject to Rule 2.28.2A and Rule 2.28.2D, a resignation shall not in any way affect the rights and liabilities of the Clearing Member to the Clearing House and other Clearing Members and all such rights and liabilities shall subsist until satisfied or discharged.

      Amended on 7 August 20127 August 2012.

    • 2.28.4

      Where proceedings have been commenced against any Clearing Member which resigns, such proceedings may with the consent of the Clearing House be stayed or terminated.

      Amended on 7 August 20127 August 2012.