7.04.1 Relevant Market Trades (other than trades matched on Connect Market)
7.04.1.1 Relevant Market trades (other than trades matched on Connect Market) cleared by two Clearing Members
When a contract matched on a Relevant Market (other than trades matched on Connect Market) is cleared through the Clearing House by two Clearing Members, upon matching of the contract on the Relevant Market (other than trades matched on Connect Market), the original contract between the Clearing Members shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
When a contract matched on a Relevant Market (other than trades matched on Connect Market) is cleared through the Clearing House by two Clearing Members, upon matching of the contract on the Relevant Market (other than trades matched on Connect Market), the original contract between the Clearing Members shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
a. the Clearing Member who assumes the position of the buyer shall enter into a Contract with the Clearing House, which assumes the position of the seller, and
b. the Clearing Member who assumes the position of the seller shall enter into a Contract with the Clearing House, which assumes the position of the buyer.
7.04.1.2 The events described under Rule 7.04.1.1 shall be deemed not to have taken place if the Clearing House has received corrupt or unreadable data in respect of the original contract, or if the original contract is based on a series that is not eligible for clearing. Clearing Members will be notified in such instances.
7.04.1.3 Relevant Market trades (other than trades matched on Connect Market) cleared by a Clearing Member and a clearing member of another Relevant Market or its clearing house
Subject to Rule 7.04.1.4, when a contract matched on a Relevant Market (other than trades matched on Connect Market) is cleared by a Clearing Member and a clearing member of a Relevant Market or its clearing house (other than the Clearing House), the original contract shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
Subject to Rule 7.04.1.4, when a contract matched on a Relevant Market (other than trades matched on Connect Market) is cleared by a Clearing Member and a clearing member of a Relevant Market or its clearing house (other than the Clearing House), the original contract shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
a. a Contract between the Clearing Member and Clearing House, wherein:
i. the Clearing House assumes the position of the buyer if the Clearing Member assumes the position of the seller, and conversely,
ii. the Clearing House assumes the position of the seller if the Clearing Member assumes the position of the buyer; and
b. a Contract between the Relevant Market (or its clearing house) and the Clearing House, wherein:
i. the Relevant Market (or its clearing house) assumes the position of the buyer if the Clearing House assumes the position of the seller, and conversely,
ii. the Relevant Market (or its clearing house) assumes the position of the seller if the Clearing House assumes the position of the buyer.
7.04.1.4 The events described under Rule 7.04.1.3 shall take place only upon the occurrence of the following:
a. matching of the original contract on the Relevant Market (other than trades matched on Connect Market); and
b. confirmation by the Relevant Market (or its clearing house) that it will enter into the Contract described in Rule 7.04.1.3.b.
7.04.1.5 Notwithstanding Rule 7.04.1.4, the events described under Rule 7.04.1.3 shall be deemed not to have taken place if the Clearing House has received corrupt or unreadable data in respect of the original contract, or if the original contract is based on a series that is not eligible for clearing. Clearing Members will be notified in such instances.
Amended on 27 March 200627 March 2006, 22 September 200622 September 2006, 26 January 200726 January 2007, 3 November 20103 November 2010, 8 November 20128 November 2012, 26 April 201326 April 2013 and 29 July 2022.
7.04.1B Trades matched on Connect Market
7.04.1B.1 Trades matched on Connect Market cleared by two Clearing Members
When a Connect Contract matched on a Connect Market is to be cleared by two Clearing Members of the Clearing House, upon matching of the Connect Contract on the Connect Market, two separate and distinct Contracts will be created as described below, both of which based on the same terms as the original Connect Contract:
When a Connect Contract matched on a Connect Market is to be cleared by two Clearing Members of the Clearing House, upon matching of the Connect Contract on the Connect Market, two separate and distinct Contracts will be created as described below, both of which based on the same terms as the original Connect Contract:
a. the Clearing Member who assumes the position of the buyer shall enter into a Contract with the Clearing House, which assumes the position of the seller, and
b. the Clearing Member who assumes the position of the seller shall enter into a Contract with the Clearing House, which assumes the position of the buyer.
7.04.1B.2 Clearing Members shall at all times be solely liable to the Clearing House in respect of all clearing and settlement obligations arising out of the Contracts created in Rule 7.04.1B.1.
7.04.1B.3 Trades matched on Connect Market cleared by a Clearing Member and where only one of the counterparties to the trade is a Clearing Member
When a Connect Contract matched on a Connect Market is to be cleared by a Clearing Member and where only one of the counterparties to the trade is a Clearing Member, upon matching of the Connect Contract on the Connect Market, two separate and distinct Contracts will be created as described below, both of which based on the same terms as the original Connect Contract:
When a Connect Contract matched on a Connect Market is to be cleared by a Clearing Member and where only one of the counterparties to the trade is a Clearing Member, upon matching of the Connect Contract on the Connect Market, two separate and distinct Contracts will be created as described below, both of which based on the same terms as the original Connect Contract:
a. a Contract between the Clearing Member and Clearing House, wherein:
i. the Clearing House assumes the position of the buyer if the Clearing Member assumes the position of the seller, and conversely,
ii. the Clearing House assumes the position of the seller if the Clearing Member assumes the position of the buyer; and
b. a Contract between the Connect Broker and the Clearing House, wherein:
i. the Connect Broker assumes the position of the buyer if the Clearing House assumes the position of the seller, and conversely,
ii. the Connect Broker assumes the position of the seller if the Clearing House assumes the position of the buyer.
7.04.1B.4 Clearing Members and the Connect Broker shall at all times be solely liable to the Clearing House in respect of all clearing and settlement obligations arising out of the Contracts created in Rule 7.04.1B.3.
7.04.1B.5 The events described under Rule 7.04.1B shall be deemed not to have taken place if the Clearing House has received corrupt or unreadable data in respect of the original contract, or if the original contract is based on a series that is not eligible for clearing, or such trades are cancelled by the Connect Exchange or not cleared by the Connect Counterparty. Clearing Members will be notified in such instances.
Added on 29 July 2022.
7.04.2 Off Market Trades (other than NLT transactions for Connect Contracts)
7.04.2.1 Non-Relevant Market Transactions, EFP transactions, EFS transactions and NLT transactions (other than NLT transactions for Connect Contracts) cleared by two Clearing Members
When a Non-Relevant Market Transaction, EFP transaction, EFS transaction or NLT transaction (other than NLT transactions for Connect Contracts) that is eligible for registration pursuant to Rule 7.02A.1.1 and that is registered pursuant to Rule 7.02A.2 between two Clearing Members is cleared through the Clearing House, upon the Clearing House issuing to the Clearing Members a Notice of Novation that the transaction has been accepted for clearing, the original contract between the Clearing Members shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
When a Non-Relevant Market Transaction, EFP transaction, EFS transaction or NLT transaction (other than NLT transactions for Connect Contracts) that is eligible for registration pursuant to Rule 7.02A.1.1 and that is registered pursuant to Rule 7.02A.2 between two Clearing Members is cleared through the Clearing House, upon the Clearing House issuing to the Clearing Members a Notice of Novation that the transaction has been accepted for clearing, the original contract between the Clearing Members shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
a. the Clearing Member who assumes the position of the buyer shall enter into a Contract with the Clearing House, which assumes the position of the seller, and
b. the Clearing Member who assumes the position of the seller shall enter into a Contract with the Clearing House, which assumes the position of the buyer.
A "Notice of Novation" for the purpose of Rule 7.04.2 means a "BD4" message or such other message that the Clearing House may inform Clearing Members will be used in place of a "BD4" message.
7.04.2.2 [Deleted]
7.04.2.3 [Deleted]
7.04.2.4 EFP transactions, EFS transactions and NLT transactions (other than NLT transactions for Connect Contracts) cleared by a Clearing Member and a clearing member of another Relevant Market (or its clearing house)
When an EFP transaction, EFS transaction or NLT transaction (other than NLT transactions for Connect Contracts) that is eligible for registration pursuant to Rule 7.02A.1.1 and that is registered pursuant to Rule 7.02A.2 between a Clearing Member and a clearing member of a Relevant Market or its clearing house (other than the Clearing House) is cleared through the Clearing House, upon the Clearing House issuing to the Clearing Member and clearing member a Notice of Novation that the transaction has been accepted for clearing, the original contract shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
When an EFP transaction, EFS transaction or NLT transaction (other than NLT transactions for Connect Contracts) that is eligible for registration pursuant to Rule 7.02A.1.1 and that is registered pursuant to Rule 7.02A.2 between a Clearing Member and a clearing member of a Relevant Market or its clearing house (other than the Clearing House) is cleared through the Clearing House, upon the Clearing House issuing to the Clearing Member and clearing member a Notice of Novation that the transaction has been accepted for clearing, the original contract shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
a. a Contract between the Clearing Member and Clearing House, wherein:
i. the Clearing House assumes the position of the buyer if the Clearing Member assumes the position of the seller, and conversely,
ii. the Clearing House assumes the position of the seller if the Clearing Member assumes the position of the buyer; and
b. a Contract between the Relevant Market (or its clearing house) and the Clearing House, wherein:
i. the Relevant Market (or its clearing house) assumes the position of the buyer if the Clearing House assumes the position of the seller, and conversely,
ii. the Relevant Market (or its clearing house) assumes the position of the seller if the Clearing House assumes the position of the buyer.
7.04.2.5 [Deleted]
Amended on 1 October 20091 October 2009, 26 April 201326 April 2013, 19 September 201619 September 2016, 17 July 201917 July 2019 and 29 July 2022.
7.04.2A Off Market Trades for Connect Contracts
7.04.2A.1 NLT transactions for Connect Contracts cleared by two Clearing Members
When a NLT transaction for Connect Contracts that is eligible for registration pursuant to Rule 7.02A.1.1 and that is registered pursuant to Rule 7.02A.2 between two Clearing Members is cleared through the Clearing House, upon the Clearing House issuing to the Clearing Members a Notice of Novation that the transaction has been accepted for clearing, the original contract between the Clearing Members shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
When a NLT transaction for Connect Contracts that is eligible for registration pursuant to Rule 7.02A.1.1 and that is registered pursuant to Rule 7.02A.2 between two Clearing Members is cleared through the Clearing House, upon the Clearing House issuing to the Clearing Members a Notice of Novation that the transaction has been accepted for clearing, the original contract between the Clearing Members shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
a. the Clearing Member who assumes the position of the buyer shall enter into a Contract with the Clearing House, which assumes the position of the seller, and
b. the Clearing Member who assumes the position of the seller shall enter into a Contract with the Clearing House, which assumes the position of the buyer.
A "Notice of Novation" for the purpose of Rule 7.04.2A means a "BD4" message or such other message that the Clearing House may inform Clearing Members will be used in place of a "BD4" message.
Added on 29 July 2022.
7.04.3 Transfers
7.04.3.1 Mutual Offset System transfers
When an open position in a Designated Futures Contract is transferred from a clearing member of any other Participating Market (or its clearing house) to a Clearing Member pursuant to Rule 8.03.1.3, upon such transfer being effective, two separate and distinct Contracts shall be created on the same terms as the open position:
When an open position in a Designated Futures Contract is transferred from a clearing member of any other Participating Market (or its clearing house) to a Clearing Member pursuant to Rule 8.03.1.3, upon such transfer being effective, two separate and distinct Contracts shall be created on the same terms as the open position:
a. a Contract between the Clearing Member and Clearing House, wherein:
i. the Clearing House assumes the position of the buyer if the Clearing Member assumes the position of the seller, and conversely,
ii. the Clearing House assumes the position of the seller if the Clearing Member assumes the position of the buyer; and
b. a Contract between the Participating Market (or its clearing house) and the Clearing House, wherein:
i. the Participating Market (or its clearing house) assumes the position of the buyer if the Clearing House assumes the position of the seller, and conversely,
ii. the Participating Market (or its clearing house) assumes the position of the seller if the Clearing House assumes the position of the buyer.
7.04.3.2 Transfers for consolidation between two Clearing Members
Subject to Rule 7.04.3.3, when an open position is transferred from a Clearing Member to an appointed Clearing Member pursuant to Rule 6.05.2 for the purpose of consolidation, the original Contract in respect of the open position shall be discharged and replaced by a separate and distinct Contract between the appointed Clearing Member and the Clearing House on the same terms as the original Contract, as described below:
Subject to Rule 7.04.3.3, when an open position is transferred from a Clearing Member to an appointed Clearing Member pursuant to Rule 6.05.2 for the purpose of consolidation, the original Contract in respect of the open position shall be discharged and replaced by a separate and distinct Contract between the appointed Clearing Member and the Clearing House on the same terms as the original Contract, as described below:
a. the Clearing House assumes the position of the buyer if the appointed Clearing Member assumes the position of the seller, and conversely,
b. the Clearing House assumes the position of the seller if the appointed Clearing Member assumes the position of the buyer.
7.04.3.3 The events described under Rule 7.04.3.2 shall take place only upon the occurrence of the following:
a. Confirmation by the appointed Clearing Member's Settlement Bank of the Payment Instruction in respect of the margin call received by the Clearing Member pursuant to the first margin cycle run following the transfer, or, if no such margin call is received, the end of that margin cycle; or
b. the posting of Performance Deposits as prescribed in Rule 6.02A.7B, due pursuant to Rule 6.07.1 or the relevant Contract Specifications, by the appointed Clearing Member,
whichever is applicable, or if both Rule 7.04.3.3.a and Rule 7.04.3.3.b are applicable, only upon the later in time occurrence of the matters described in Rule 7.04.3.3.a and Rule 7.04.3.3.b.
7.04.3.4 Transfers for consolidation from a clearing member of another Relevant Market (or its clearing house) (other than the Connect Market) to a Clearing Member
Subject to Rule 7.04.3.5, when an open position is transferred from a clearing member of any other Relevant Market (or its clearing house) (other than the Connect Market) to a Clearing Member pursuant to Rule 6.05.2 for the purpose of consolidation, two separate and distinct Contracts shall be created on the same terms as the open position:
Subject to Rule 7.04.3.5, when an open position is transferred from a clearing member of any other Relevant Market (or its clearing house) (other than the Connect Market) to a Clearing Member pursuant to Rule 6.05.2 for the purpose of consolidation, two separate and distinct Contracts shall be created on the same terms as the open position:
a. a Contract between the Clearing Member and Clearing House, wherein:
i. the Clearing House assumes the position of the buyer if the Clearing Member assumes the position of the seller, and conversely,
ii. the Clearing House assumes the position of the seller if the Clearing Member assumes the position of the buyer; and
b. a Contract between the Relevant Market (or its clearing house) and the Clearing House, wherein:
i. the Relevant Market (or its clearing house) assumes the position of the buyer if the Clearing House assumes the position of the seller, and conversely,
ii. the Relevant Market (or its clearing house) assumes the position of the seller if the Clearing House assumes the position of the buyer.
7.04.3.5 The events described under Rule 7.04.3.4 shall take place only upon the later in time occurrence of the following:
a. Confirmation by the Clearing Member's Settlement Bank of the Payment Instruction in respect of the margin call received by the Clearing Member pursuant to the first margin cycle run following the transfer, or if no such margin call is received, the end of that margin cycle; and
b. confirmation by the Relevant Market (or its clearing house) that it will enter into the Contract described in Rule 7.04.3.4.b.
7.04.3.6 Transfers for consolidation from a Clearing Member to a clearing member of another Relevant Market (or its clearing house) (other than the Connect Market)
Subject to Rule 7.04.3.7, when an open position is transferred from a Clearing Member to a clearing member of any other Relevant Market (or its clearing house) (other than the Connect Market) pursuant to Rule 6.05.2 for the purpose of consolidation, the Contract between the Clearing Member and the Clearing House in respect of the open position shall be terminated.
Subject to Rule 7.04.3.7, when an open position is transferred from a Clearing Member to a clearing member of any other Relevant Market (or its clearing house) (other than the Connect Market) pursuant to Rule 6.05.2 for the purpose of consolidation, the Contract between the Clearing Member and the Clearing House in respect of the open position shall be terminated.
7.04.3.7 The event described under Rule 7.04.3.6 shall take place only upon the confirmation by the other Relevant Market (or its clearing house) that it will enter into a contract with its clearing member in respect of such open position.
7.04.3.8 Transfers pursuant to Rule 7.28 from a clearing member of another Relevant Market (or its clearing house) (other than the Connect Market) to a Clearing Member
Subject to Rule 7.04.3.9, when an open position is transferred from a clearing member of any other Relevant Market (or its clearing house) (other than the Connect Market) to a Clearing Member pursuant to Rule 7.28 at the request of a Customer, two separate and distinct Contracts shall be created on the same terms as the open position:
Subject to Rule 7.04.3.9, when an open position is transferred from a clearing member of any other Relevant Market (or its clearing house) (other than the Connect Market) to a Clearing Member pursuant to Rule 7.28 at the request of a Customer, two separate and distinct Contracts shall be created on the same terms as the open position:
a. a Contract between the Clearing Member and Clearing House, wherein:
i. the Clearing House assumes the position of the buyer if the Clearing Member assumes the position of the seller, and conversely,
ii. the Clearing House assumes the position of the seller if the Clearing Member assumes the position of the buyer; and
b. a Contract between the Relevant Market (or its clearing house) and the Clearing House, wherein:
i. the Relevant Market (or its clearing house) assumes the position of the buyer if the Clearing House assumes the position of the seller, and conversely,
ii. the Relevant Market (or its clearing house) assumes the position of the seller if the Clearing House assumes the position of the buyer.
7.04.3.9 The events described under Rule 7.04.3.8 shall take place only upon the later in time occurrence of the following:
a. Confirmation by the Clearing Member's Settlement Bank of the Payment Instruction in respect of the margin call received by the Clearing Member pursuant to the first margin cycle run following the transfer, or, if no such margin call is received, the end of that margin cycle; and
b. confirmation by the Relevant Market (or its clearing house) that it will enter into the Contract described in Rule 7.04.3.8.b.
7.04.3.10 Transfers pursuant to Rule 7.28 from a Clearing Member to a clearing member of another Relevant Market (or its clearing house) (other than the Connect Market)
Subject to Rule 7.04.3.11, when an open position is transferred from a Clearing Member to a clearing member of any other Relevant Market (or its clearing house) (other than the Connect Market) pursuant to Rule 7.28 at the request of a Customer, the Contract between the Clearing Member and the Clearing House in respect of the open position shall be terminated.
Subject to Rule 7.04.3.11, when an open position is transferred from a Clearing Member to a clearing member of any other Relevant Market (or its clearing house) (other than the Connect Market) pursuant to Rule 7.28 at the request of a Customer, the Contract between the Clearing Member and the Clearing House in respect of the open position shall be terminated.
7.04.3.11 The event described under Rule 7.04.3.10 shall take place only upon the later in time occurrence of the following:
a. Confirmation by the Clearing Member's Settlement Bank of the Payment Instruction in respect of the margin call received by the Clearing Member pursuant to the first margin cycle run following the transfer, or, if no such margin call is received, the end of that margin cycle; and
b. confirmation by the other Relevant Market (or its clearing house) that it will enter into a contract with its clearing member in respect of such open position.
7.04.3.12 Transfers from a defaulted/suspended Clearing Member to a designated Clearing Member
Subject to Rule 7.04.3.13, when an open position is transferred from a defaulted or suspended Clearing Member to a designated Clearing Member pursuant to Rule 7A.02.1.1, the original Contract in respect of the open position shall be discharged and replaced by a separate and distinct Contract between the designated Clearing Member and the Clearing House on the same terms as the original Contract, as described below:
Subject to Rule 7.04.3.13, when an open position is transferred from a defaulted or suspended Clearing Member to a designated Clearing Member pursuant to Rule 7A.02.1.1, the original Contract in respect of the open position shall be discharged and replaced by a separate and distinct Contract between the designated Clearing Member and the Clearing House on the same terms as the original Contract, as described below:
a. the Clearing House assumes the position of the buyer if the appointed Clearing Member assumes the position of the seller, and conversely,
b. the Clearing House assumes the position of the seller if the appointed Clearing Member assumes the position of the buyer.
7.04.3.13 The events described under Rule 7.04.3.12 shall take place only upon Confirmation by the designated Clearing Member's Settlement Bank of the Payment Instruction in respect of the margin call received by the designated Clearing Member pursuant to the first margin cycle run following the transfer, or, if no such margin call is received, the end of that margin cycle.
7.04.3.14 Transfers pursuant to Rule 7.27 between two Clearing Members
Subject to Rule 7.04.3.15, when an open position is transferred from a Clearing Member ("Original Party") to another Clearing Member ("New Party") pursuant to Rule 7.27, excluding Rule 7.27.1.5, the original Contract between the Original Party and the Clearing House in respect of the open position shall be discharged and replaced by a separate and distinct Contract between the New Party and the Clearing House on the same terms as the original Contract, as described below:
Subject to Rule 7.04.3.15, when an open position is transferred from a Clearing Member ("Original Party") to another Clearing Member ("New Party") pursuant to Rule 7.27, excluding Rule 7.27.1.5, the original Contract between the Original Party and the Clearing House in respect of the open position shall be discharged and replaced by a separate and distinct Contract between the New Party and the Clearing House on the same terms as the original Contract, as described below:
a. the Clearing House assumes the position of the buyer if the New Party assumes the position of the seller, and conversely,
b. the Clearing House assumes the position of the seller if the New Party assumes the position of the buyer.
For the purposes of Rule 7.04.3.14, "Original Party" and "New Party" shall be as defined herein.
7.04.3.15 The events described under Rule 7.04.3.14 shall take place only upon:
a. where both Clearing Members receive margin call pursuant to the first margin cycle run following the transfer: the later in time Confirmation by the Clearing Members' Settlement Bank(s) of the Payment Instructions in respect of the margin calls; or
b. where only one Clearing Member receives margin call pursuant to the first margin cycle run following the transfer: Confirmation by that Clearing Member's Settlement Bank of the Payment Instruction in respect of that margin call; or
c. where neither Clearing Member receives margin call pursuant to the first margin cycle run following the transfer: the end of that margin cycle.
7.04.3.16 Transfers pursuant to Rule 7.27.1.5 for order fill/give-up from a Clearing Member or a clearing member of another Relevant Market (or its clearing house) (other than the Connect Market) to another Clearing Member
Subject to Rule 7.04.3.17, when an open position is transferred for the purpose of filling an order or as a give-up by a Clearing Member or a clearing member of another Relevant Market (or its clearing house) (other than the Connect Market) ("Original Party") to another Clearing Member ("New Party") pursuant to Rule 7.27.1.5, the original Contract between the Original Party and the Clearing House in respect of the open position shall be discharged and replaced by a separate and distinct Contract between the New Party and the Clearing House on the same terms as the original Contract, as described below:
Subject to Rule 7.04.3.17, when an open position is transferred for the purpose of filling an order or as a give-up by a Clearing Member or a clearing member of another Relevant Market (or its clearing house) (other than the Connect Market) ("Original Party") to another Clearing Member ("New Party") pursuant to Rule 7.27.1.5, the original Contract between the Original Party and the Clearing House in respect of the open position shall be discharged and replaced by a separate and distinct Contract between the New Party and the Clearing House on the same terms as the original Contract, as described below:
a. the Clearing House assumes the position of the buyer if the New Party assumes the position of the seller, and conversely,
b. the Clearing House assumes the position of the seller if the New Party assumes the position of the buyer.
For the purposes of Rule 7.04.3.16, "Original Party" and "New Party" shall be as defined herein.
7.04.3.17 The events described under Rule 7.04.3.16 shall take place only if they occur on the same trading day as the creation of the open position and only upon the approval of the transfer by the Clearing House.
Amended on 27 March 200627 March 2006, 22 September 200622 September 2006, 1 October 20091 October 2009, 7 August 20127 August 2012, 26 April 201326 April 2013 and 29 July 2022.
7.04.5 Options exercise
7.04.5.1 Upon the exercise of an option Contract by or on behalf of a Clearing Member or, as the case may be, by the Clearing House or upon the deemed exercise of such option Contract pursuant to this Rules or the rules of the Relevant Market at which the option Contract was traded, the option Contract shall be replaced by an open Contract in the underlying under the terms specified in the option Contract at the strike price or at some other price in accordance with the terms of such option Contract.
7.04.5.2 Upon the assignment of an option Contract by the Clearing House, the option Contract shall be replaced by an open Contract in the underlying under the terms specified in the option Contract at the strike price or at some other price in accordance with the terms of such option Contract.
Amended on 16 July 201216 July 2012 and 26 April 201326 April 2013.
7.04.6
Nothing in these Rules shall be regarded, treated or otherwise interpreted as limiting, diminishing, modifying or otherwise affecting the relationship between the Clearing House and a Clearing Member, which, when Contracts have been accepted by the Clearing House, and as between the Clearing House and the Clearing Member, is and is deemed to be, as principals to one another.