CDP reserves the right in its absolute discretion to amend these Clearing Rules and the Clearing Directives at any time. Such amendment shall become effective on such date as may be specified in the written notice to be given to the Clearing Member. The Clearing Member shall be deemed, by continuing to enter into Exchange Trades at the time the amendment takes effect, to consent to and agree to be bound by the Clearing Rules as amended.

The Clearing Member will be bound by any amendment to these Clearing Rules with respect to any transaction occurring at or subsequent to the time such amendment takes effect as fully as though such amendment were now a part of these Clearing Rules.