Except with respect to trades made pursuant to Rule 7.27 (other than a Relevant Trade as defined in Rule 7.27.3), Exchanges for Physicals/Spot ("EFPs"), Exchanges for Swaps ("EFSs"), Negotiated Large Trades ("NLTs") and transfers of open positions to an appointed Clearing Member for the purpose of consolidation pursuant to Rule 6.05.2 or as otherwise provided by this Rules, if the Clearing House accepts the clearing memoranda in respect of one or more Contracts executed on a Relevant Market and matched on a Relevant Market to be cleared through the Clearing House or accepted by the Clearing House pursuant to an Mutual Offset System, or if the Clearing House accepts an Eligible Non-Relevant Market Transaction registered for clearing pursuant to Rule 7.02A.2, the Clearing House shall be substituted as and shall assume the position of selling Clearing Member to the buying Clearing Member and buying Clearing Member to the selling Clearing Member, thereby becoming the central counterparty, and thereupon the Clearing House shall have all the rights and be subject to all the liabilities with respect to such transaction of the Clearing Members who were the parties to such transaction. Such substitution shall be effective in law for all purposes.

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006, 26 January 200726 January 2007, 3 November 20103 November 2010 and and 8 November 20128 November 2012.