Past version: Effective up to 25 Apr 2013

Notwithstanding Rule 7.04.1, where a Contract is matched and executed on any Relevant Market to which the parties are:

a. a Clearing Member; and
b. a clearing member of a Relevant Market (or its clearing house) other than the Clearing House,

the Clearing House shall be substituted only as at the time that the Clearing House accepts the clearing memorandum in respect of the Contract and the requirements for the substitution of such other Relevant Market (or its clearing house) in respect of the opposite side of the Contract have been met. Upon the substitution of the Clearing House, it shall become the central counterparty between the Clearing Member and the clearing house of the opposite clearing member. Thereupon the Clearing House shall have all the rights and be subject to all the liabilities with respect to such transaction of the Clearing Member who was the parties to such transaction. Such substitution shall be effective in law for all purposes.

Added on 1 October 20091 October 2009.