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2.12.1

Every Clearing Member shall have only such rights and obligations as are set out in the terms and conditions governing its Clearing Membership. Such terms and conditions shall also set out the Contract Class or Contract Classes, as the case may be, that each class of Clearing Membership is eligible to clear. The rights and obligations attaching to such Clearing Member's Clearing Membership may be varied or abrogated by the Clearing House from time to time.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 3 November 20103 November 2010.

2.12.2

A General Clearing Member can, subject to the Rules and/or unless otherwise notified by the Clearing House:—

2.12.2.1 clear its own trades and trades of Third Parties;
2.12.2.2 by its Clearing Membership with the Clearing House participate in the clearing system established and maintained by the Clearing House to clear Contracts; and
2.12.2.3 have access to each Mutual Offset System.

Amended on 27 March 200627 March 2006 and 10 August 200710 August 2007.

2.12.3

A Direct Clearing Member can, subject to the Rules and/or unless otherwise notified by the Clearing House:—

2.12.3.1 clear only its own trades and the proprietary trades of its related corporations; and
2.12.3.2 by its Clearing Membership with the Clearing House participate in the clearing system established and maintained by the Clearing House to clear Contracts.

Added on 10 August 200710 August 2007.

2.12.4

A Bank Clearing Member can, subject to the Rules and/or unless otherwise notified by the Clearing House:—

2.12.4.1 clear its own trades and trades of Third Parties;
2.12.4.2 by its Clearing Membership with the Clearing House participate in the clearing system established and maintained by the Clearing House to clear Contracts; and
2.12.4.3 have access to each Mutual Offset System.

Added on 10 August 200710 August 2007.

2.12.5

A Remote Clearing Member can, subject to the Rules and/or unless otherwise notified by the Clearing House:

2.12.5.1 clear its own trades, proprietary trades of its related corporations and trades of Third Parties; and
2.12.5.2 by its Clearing Membership with the Clearing House participate in the clearing system established and maintained by the Clearing House to clear only Non-Relevant Market Contracts.

Added on 31 December 201331 December 2013 and amended on 17 July 201917 July 2019.