7.04.5

Past version: Effective up to 15 Jul 2012

Upon the exercise of an option contract by or on behalf of a Clearing Member or, as the case may be, by the Clearing House or upon the deemed exercise of such option contract pursuant to this Rules of the Relevant Market at which the option contract was traded, the option contract shall be replaced by novation by an open contract in the terms specified in the option contract at the strike price or at some other price in accordance with the terms of such option contract.