Every Approved Trader shall be required to register with the Exchange before he acts or holds himself out as having the authority to execute trades on the Markets for:
(a) his own account, in the case of an individual Trading Member;
(b) the House Account of his sponsoring corporate Member;
(c) a Customer Account on the instruction of a Registered Representative; or
(d) a Customer Account on the instruction of a Customer, if the Approved Trader is also registered as a Registered Representative.
For the avoidance of doubt, an Approved Trader shall not hold himself out as a sales representative of the respective Member or undertake any activities of a Registered Representative unless he is so registered with the Exchange as contemplated under this Rules.