Notwithstanding anything to the contrary in the SGX-ST Rules or the Clearing Rules, a Clearing Member shall be responsible and liable to CDP as a principal and not merely as a guarantor for the clearing and settlement of all Exchange Trades transacted by a Trading Member qualified by it. Trading Members shall have no right to clear and settle their Exchange Trades through CDP.

Notwithstanding any notice to the contrary, CDP shall be entitled to deem and treat the Exchange Trades transacted by a Trading Member qualified by a Clearing Member as the Exchange Trades of the qualifying Clearing Member for all purposes, including the purposes of these Clearing Rules and the Clearing Directives.

In these Clearing Rules, unless the context otherwise requires, a reference to the Exchange Trade of a Clearing Member shall include a reference to the Exchange Trade of any Trading Member qualified by the Clearing Member.