8.4.1

Past version: Effective up to 21 Apr 2013

Subject to Rule 6.6, the obligation of CDP to make delivery of securities to a buying customer pursuant to a New Purchase Contract shall be discharged by CDP crediting such securities to the Securities Account or sub-account of the buying customer upon payment by the buying customer. Title and right to such securities shall not at any time pass to the Defaulting Clearing Member.

Amended on 3 April 20083 April 2008.