The obligations and rights in respect of the Novated Contracts:—

(1) between the buying Clearing Member and CDP; and
(2) between the selling Clearing Member and CDP,

are owed by and to the parties as principals to each other notwithstanding that the buying and selling Clearing Members may have acted as agents for their respective customers in executing or clearing and settling the relevant Exchange Trade.

Amended on 23 January 200923 January 2009 and 10 December 201810 December 2018.