2.08C.1

Past version: Effective up to 28 Dec 2014

Unless otherwise exempted under Rule 2.08.8, for the purpose of Rules 2.08, 2.08A and 2.08B, a Clearing Member may include one (1) or more qualifying letter(s) of credit deposited with the Clearing House in its calculation of adjusted net head office funds subject to the total amount payable under the qualifying letter(s) of credit or 50% of its total risk requirement, whichever is lower. In the case of a Clearing Member admitted as a clearing member of the Clearing House and CDP, and which has deposited such qualifying letter(s) of credit with CDP, pursuant to the corresponding provisions in the CDP Clearing Rules, it need not deposit another qualifying letter(s) of credit with the Clearing House.

Amended on 10 August 200710 August 2007 and 3 November 20103 November 2010.