Whole Section

  • 12.3 Novation

    • 12.3.1

      A transaction of the Foreign Market Links Exchange Trade done through the Foreign Market Links System shall be novated to CDP only upon receipt by CDP of the confirmation by the Foreign Market Links System that the Foreign Market Links Exchange Trade has been done.

    • 12.3.2

      Upon such novation, the provisions of Rule 6 shall apply subject to:—

      (1) such modifications, amendments or variations as CDP may deem necessary in order to comply with the prevailing business rules/practices or clearing rules/practices applicable to such Foreign Market Links Exchange Trade at such relevant Foreign Exchange whenever possible and practicable; or
      (2) such other rules as may be determined by CDP from time to time.
    • 12.3.3

      The modifications, amendments or variations, or such other rules as referred to in Rule 12.3.2 shall be set out in the Clearing Directives from time to time. Such modifications, amendments or variations, or such other rules shall become effective on such date as may be specified in the written notice to be given to the Clearing Member. The Clearing Member shall be deemed, by continuing to enter into the Foreign Market Links Exchange Trade at the time the modifications, amendments or variations, or such other rules take effect, to consent to and agree to be bound by the same.