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6.10.1

In relation to Novated Contracts, where CDP deems it necessary or desirable for ensuring a fair and orderly market or for ensuring a safe and efficient clearing facility, or for ensuring the integrity of the market or for proper management of systemic risk in the market, CDP may, whether in relation to 1 or more Clearing Members or otherwise:

(1) require that margins (whether additional or otherwise) be deposited with CDP during the next banking hour after demand or at such time as may be specified by CDP;
(2) require that a portion of the positions carried in any account(s) on the books of such Clearing Member be transferred to the books of 1 or more Clearing Members;
(3) require such Clearing Member to liquidate any of the positions carried in any account(s) on its books;
(4) modify any term in any Contract Specifications, which may include bringing forward the Last Trading Day, or modifying settlement obligations and due dates;
(5) require such Clearing Member to close any accounts;
(6) require such Clearing Member to deposit additional funds with CDP by such time as it shall specify and in the amount it deems necessary to meet settlements obligations;
(7) impose such additional capital requirements on such Clearing Member as CDP deems necessary or desirable;
(8) impose such limits and/or conditions to control the activities of such Clearing Member as CDP deems necessary or desirable; and/or
(9) take such action or require the Clearing Member to take such action as CDP deems necessary or desirable.

Added on 23 January 200923 January 2009 and amended on 10 December 201810 December 2018 and 3 June 20193 June 2019.

6.10.2

CDP shall, as soon as practicable, notify the Authority of any action taken by CDP pursuant to Rule 6.10.1.

Added on 23 January 200923 January 2009.

6.10.3

Without prejudice to the generality of Rule 1 or Rule 10, CDP shall not be liable to any Clearing Member or any Third Party in respect of any damage, loss, cost or expense of whatsoever nature (whether direct, indirect, special or consequential, including without limitation any loss of business, revenue, goodwill, bargain or profit), suffered or incurred by such Clearing Member or Third Party, arising out of or in connection with the exercise or non-exercise by CDP of its powers under Rule 6.10.1 or the determination by CDP of the satisfaction or non-satisfaction of any condition for the exercise of such powers.

Added on 26 April 201326 April 2013.