Each Clearing Member indemnifies each of CDP, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.1.7, and their respective directors, officers, employees, representatives and agents ("Indemnified Persons") against any loss or liability reasonably incurred or suffered by the Indemnified Persons where such loss or liability arose out of or in connection with:—

(1) any breach by the Clearing Member of its obligations under the Clearing Rules and/or Clearing Directives; or
(2) any wilful, unlawful, reckless or negligent act or omission by the Clearing Member.

Amended on 26 April 201326 April 2013, 15 September 201715 September 2017 and 3 June 20193 June 2019.