Whole Section

  • 7.13 Settlement Variation for Contracts Traded on the Exchange/Any Relevant Market or Non-Relevant Market Contracts

    Amended on 8 November 20128 November 2012.

    • 7.13.1

      The Clearing House may prescribe an adjustment to the Settlement Variation if, in the Clearing House’s opinion, it is necessary to address a change in the underlying that fundamentally affects the pricing of a Contract. Any adjustments will be specified by the Clearing House in a Circular. A Clearing Member would be liable for or entitled to an adjustment, as the case may be, in respect of its open positions in a relevant Contract.

      Added on 27 March 200627 March 2006, 8 November 20128 November 2012 and amended on 8 June 20208 June 2020.

    • 7.13.2

      No interest shall be payable by the Clearing House on any amount that has to be refunded to a Clearing Member as a result of any such adjustment to the Settlement Variation.

      Added on 27 March 200627 March 2006.

    • 7.13.3

      Settlement Variation and adjustments to Settlement Variation (where relevant) as calculated and/or determined at such times as the Clearing House shall determine, must be paid in cash.

      Amended on 27 March 200627 March 2006.