7.3.6 Call on Trading Member's Letter of Credit

Past version: Effective up to 06 Aug 2012

If a Trading Member's act or omission results in a Clearing Member defaulting under Rule 7.03.2.1 of the Clearing Rules, the Exchange or the Clearing House, as the case may be, reserves the right to call on any of the Qualifying Letters of Credit posted by the Trading Member to meet its Financial Resources requirements set forth in Rule 2.5, and apply the proceeds toward the discharge of liabilities incurred by the Clearing Member to the Clearing House.