Versions

 

3.10.5 Cessation of Clearing Rights

(1) A Clearing Member's right to clear and settle its Exchange Trades (including Exchange Trades of any Trading Member qualified by the Clearing Member) shall cease on the tenth Settlement Day (or such other Settlement Day as CDP may from time to time prescribe, either generally or in any particular case) from the date of the resignation notice. The Clearing Member shall therefore not transact nor accept for clearing and settlement from the Trading Members qualified by it, any Exchange Trade that is due for settlement after the tenth Settlement Day from the date of the resignation notice.
(2) Notwithstanding the aforesaid, CDP may, prior to the date of cessation of the Clearing Member's right to clear and settle its Exchange Trades, impose such restrictions on the clearing rights and other rights of the Clearing Member, or in the case of a Bank Clearing Member, the clearing rights and other rights conferred under this Clearing Rules, as CDP may, in its absolute discretion, deem fit.

Amended on 1 July 20081 July 2008.