(1) The party charged may submit a defence. It must be given to the secretary of the Disciplinary Committee within 14 days from the date of the notice of charge.

(2) The Exchange may respond to the defence. It must be given to the party charged and the secretary within 14 days of receipt of the defence.

(3) The party charged may reply to the response. It must be given to the secretary within 14 days of receipt of the response.