Without prejudice to the generality of Rule 1.1.3, the Relevant Persons shall have no obligation or liability of any kind to a Clearing Member or Third Party, or to any of the Clearing Member's customers in respect of any loss or damage (including consequential loss or damage) which may be suffered or incurred or which may arise directly or indirectly in respect of, or in respect of any thing done or not done as a direct or indirect consequence of, the exercise of any discretion or decision making power under the Clearing Rules or Clearing Directives.

Amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.