A buying Trading Member must look only to its Clearing Member who qualifies it in relation to all obligations in connection with trades that the buying Trading Member executes, including delivery of securities or in the case of a deliverable futures contract, the relevant underlying.

Amended on 3 April 20083 April 2008, 23 January 200923 January 2009, 8 October 20188 October 2018 and 10 December 201810 December 2018.