Whole Section

  • 10.2 Force Majeure

    • 10.2.1

      No Relevant Person shall be liable for, or for any thing done or not done as a direct or indirect consequence of, any action or omission or any failure, hindrance, suspension, restriction or delay in the provision of services and facilities to clear and settle any Exchange Trade or the performance in whole or in part of CDP's obligations under these Clearing Rules or Clearing Directives if such action, omission, failure, hindrance, suspension, restrictions or delay arises out of causes beyond the Relevant Person's reasonable control.

      Amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

    • 10.2.2

      Such causes may include, but shall not be limited to, acts of God, war, civil disturbances, riots, acts of a civil or military authority, embargoes, fires, floods, explosions, accidents, labour disputes, mechanical breakdowns, computer or system failures or other failures of equipment, failures of or defects in computer or system software, unavailability of or restrictions on any on-line communications system or communication media or facilities, interruptions (whether in whole or in part) of power supplies or other utility or service, any suspension, restriction or closure of any market, any market emergency, failure, interruption or suspension of any depository or custodian, bank or financial institution, any law, decree, regulation or order or directive of any government, competent authority or any court or tribunal, and any other causes beyond the Relevant Person's reasonable control.

      Amended on 15 September 201715 September 2017.

    • 10.2.3

      On the happening of any 1 or more of the events or circumstances referred to in Rule 10.2.1 above, CDP and any party affected shall immediately notify the same to the relevant party or parties.

      Added on 23 January 200923 January 2009.

    • 10.2.5

      Without prejudice to the generality of the foregoing, the Relevant Persons shall not be liable for any failure, hindrance or delay in the performance (in whole or in part) of any of CDP's obligations to Clearing Members with regard to any Collateral where such failure, hindrance or delay arises from causes beyond CDP's control, such as but not limited to the failure whether partial or total, interruption or suspension of any depository or custodian or other service ("depository", which expression shall include banks or financial institutions with which such Collateral is placed with) CDP is using, the termination or suspension of CDP's membership or use of the depository or any variation of the depository's operational timetable, whether or not occasioned by action of the depository operator or other party, or any embargo, unavailability or restriction of bank transfer systems or wires, malfunction or overload of the depository or other emergency.

      Added on 23 January 200923 January 2009 and amended on 21 January 201321 January 2013 and 15 September 201715 September 2017.