2.20A Accumulation of Positions
The positions of all accounts directly or indirectly owned or controlled by a person or persons, and the positions of all accounts of a person or persons acting pursuant to an express or implied agreement or understanding, and the positions of all accounts in which a person or persons have a proprietary or beneficial interest, shall be cumulated and deemed to be positions of each such persons as if each owned or controlled all cumulated positions individually.
Where any person has exceeded such position limits imposed or approved by the Clearing House, or exceeds such position accountability thresholds, the Clearing House, if it deems it necessary, may subject the Clearing Member to one or more of the following:
- to cease any further increase in the person’s positions;
- to liquidate the person’s positions to comply with the position limits or to reduce it below the position accountability thresholds within such time as may be prescribed by the Clearing House;
- to be subject to higher margin requirements as the Clearing House may impose, in respect of the positions; or
- to trade under such conditions and restrictions as the Clearing House may consider necessary to ensure compliance with the prescribed position limits or to reduce the positions below such position accountability thresholds.
Added on 3 August 2020.