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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.