The Clearing House shall facilitate the prompt adjustment of contractual obligations arising out of:

insofar as the same are duly accepted by the Clearing House or with respect to which the Clearing House is otherwise obliged to accept and to protect the integrity of such Contracts in accordance with these Rules.

Amended on 27 March 200627 March 2006, 3 November 20103 November 2010, 8 November 20128 November 2012, 17 July 2019 and 29 July 2022.

Further to Rule 7.01.1, the Clearing House shall accept such Contracts traded on a Relevant Market other than the Exchange, as prescribed in Appendix 2. Notwithstanding the foregoing, the Clearing House shall have the discretion to vary the manner and processes in respect of the clearing of such Contracts accepted for clearing by the Clearing House, and to impose additional requirements in the clearing process as the Clearing House deems necessary in the interests of a safe and efficient clearing facility.

Refer to Appendix 2 — Contracts of Other Relevant Markets Accepted by the Clearing House.

Added on 1 October 20091 October 2009 and amended on 25 April 2023.

Wherever these Rules and/or the Trading Rules create a right in favour of the Clearing House or impose a liability on the Clearing House, such right or liability shall prior to the Transfer Date be construed as the right or liability of the Exchange, and shall be enforced by or against the Exchange and on or after the Transfer Date, shall be construed as the right or liability of the Clearing House, and shall be enforced by or against the Clearing House.

Deleted on 27 March 200627 March 2006.

The Clearing House shall from time to time prescribe in these Rules the rights and obligations of Clearing Members and all requisite matters in relation to the operation and management of the Clearing House (including but not limited to systems of clearing, deposits, margins, delivery, charges, settlement prices, payments and settlement).

Amended on 27 March 200627 March 2006.

Without prejudice to any other limitation or exclusion of liability (including liability with respect to Contracts liable to delivery as opposed to cash settlement) the liability of the Clearing House shall be limited to net losses to the Clearing Members resulting from the substitution of the Clearing House by way of novation, creation of positions, or as otherwise described in Rule 7.04, in respect of Contracts to which Clearing Members are party and/or, where the opposite side of the Contract is cleared through any other Relevant Market (or its clearing house), to net losses in connection with the substitution of such other Relevant Market (or its clearing house) for members of the same or its clearing house. This shall include the substitution of a Participating Market (or where relevant its clearing house) for members of the same or its clearing house pursuant to the Mutual Offset System. Without prejudice to the generality of the foregoing or to the provisions in Chapter 1, the Clearing House shall not be liable for obligations of a Clearing Member to any Third Party including a non-member of the Clearing House, obligations of a Clearing Member to another Clearing Member who is acting for him as broker or obligations to a Customer by a Clearing Member, nor shall the Clearing House become liable to make deliveries whether from any Third Party or any Clearing Member.

Amended on 1 October 2009 and 29 July 2022.

Added on 27 March 200627 March 2006 and amended on 28 November 200828 November 2008, 3 November 20103 November 2010, 8 November 20128 November 2012, 19 September 201619 September 2016, 24 June 201924 June 2019 and 29 July 2022.

Added on 27 March 200627 March 2006 and amended on 28 November 200828 November 2008, 3 November 20103 November 2010, 8 November 20128 November 2012, 31 December 201331 December 2013, 19 September 201619 September 2016, 24 June 201924 June 2019 and 29 July 2022.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

The Clearing House shall be entitled to withdraw any class of Eligible Non-Relevant Market Contracts for clearing at its discretion. The Clearing House will give the Clearing Members reasonable notice where possible, before such withdrawal.

Added on 27 March 200627 March 2006 and amended on 3 November 20103 November 2010, 8 November 20128 November 2012 and 17 July 201917 July 2019.

The Clearing House shall have the sole discretion to disallow the registration or substitution, as the case may be, of:

Added on 27 March 200627 March 2006 and amended on 3 November 20103 November 2010, 8 November 20128 November 2012, 19 September 201619 September 2016 and 17 July 201917 July 2019.

If a Clearing Member has not closed out all open Eligible Non-Relevant Market Contracts novated with the Clearing House in its name pursuant to Rule 7.04 after the Clearing House has given such notice, the Clearing House shall, at its sole discretion, be entitled to:

Added on 27 March 200627 March 2006 and amended on 3 November 20103 November 2010, 8 November 20128 November 2012 and 17 July 201917 July 2019.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

[This Rule has been intentionally left blank.]

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Added on 26 April 201326 April 2013 and amended on 31 December 201331 December 2013.

Prior to the Clearing House commencing any clearing activities in respect of any Clearing Member, the Clearing Member shall execute and deliver a Security Deed in the form and on terms prescribed by the Clearing House, setting out the terms under which its Collateral are provided to, and held by, the Clearing House.

Added on 26 April 201326 April 2013.

Without prejudice and in addition to any Security Interest or other right or remedy which the Clearing House may have under this Rules, contract, law or equity, and subject to any applicable restrictions pursuant to the provisions of the SFA and/or imposed by the Authority, the Clearing House shall have a lien on all Collateral deposited with or provided to the Clearing House and on any other monies and/or assets of the Clearing Member which may be or become available to the Clearing House.

Added on 26 April 201326 April 2013.

A Clearing Member shall deposit or otherwise provide to the Clearing House such Collateral, in such acceptable form and denomination as may be prescribed by the Clearing House from time to time, and may deposit or otherwise provide to the Clearing House Collateral in excess of the amount required by the Clearing House, subject to such terms and conditions prescribed by the Clearing House from time to time.

Added on 26 April 201326 April 2013 and amended on 31 December 201331 December 2013.

Added on 26 April 201326 April 2013 and amended on 31 December 201331 December 2013.

Added on 26 April 201326 April 2013.

Added on 26 April 201326 April 2013 and amended on 31 December 201331 December 2013 and 2 May 20162 May 2016.

Added on 26 April 201326 April 2013.

Added on 26 April 201326 April 2013.

Clearing Members shall provide the Clearing House with any information necessary in relation to such Collateral deposited with or provided to the Clearing House to enable the Clearing House to meet its reporting obligations to the Authority and/or other relevant governmental or regulatory authorities or for any other regulatory purposes, including but not limited to for withholding tax purposes.

Added on 26 April 201326 April 2013.

Added on 31 December 201331 December 2013.

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.

Deleted on 26 April 201326 April 2013.

Added on 29 July 2022.

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.

Added on 29 July 2022.

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.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Amended on 16 July 201216 July 2012 and 26 April 201326 April 2013.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

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.

Nothing in these Rules shall be regarded, treated or otherwise interpreted as obliging or requiring the Clearing House to recognise any right or entitlement of any Third Party (in so far as such right or entitlement is contrary to the provisions in Chapter 1 of this Rules or Rule 7.04).

With regard to an NLT, EFP or EFS in respect of any Contract listed for trading on a Relevant Market (other than the Connect Contracts) to be cleared through the Clearing House, Clearing Members shall comply with requirements for the registration of such NLT, EFP or EFS, as set forth in the rules of the Relevant Market.

Added on 1 October 20091 October 2009 and Amended on 29 July 2022.

With regard to an NLT in respect of the Connect Contracts, Clearing Members shall comply with requirements for the registration of NLT transactions, as set forth in Rule 7.02A.

Added on 29 July 2022.

All Contracts to which the Clearing House is a party shall remain open until liquidated by offset as provided in Rule 7.06, terminated in accordance with Rule 7A.07, Rule 7A.02.1.5A or Rule 7A.02A, or by delivery in accordance with Chapter 6 of this Rules, and

Amended on 27 March 200627 March 2006, 3 November 20103 November 2010, 7 August 20127 August 2012, 8 November 20128 November 2012, 17 July 201917 July 2019 and 29 July 2022.

Deleted on 17 July 201917 July 2019.

A Clearing Member long or short any Contract to the Clearing House as a result of substitution may liquidate the position by acquiring an appropriate opposite position.

When a Clearing Member buys and sells or (vis-à-vis the Clearing House) is deemed to buy and sell Contracts for the same series and such Contracts are cleared through the Clearing House, the purchases and sales are not automatically offset one against the other where the relevant account is a gross position account. Transactions can only be offset against one another by complying the rules of the Relevant Market(s) at which they were effected and by submission of a close out request to the Clearing House by the relevant Clearing Member.

Amended on 7 December 20097 December 2009.

When a Clearing Member buys and sells or (vis-à-vis the Clearing House) is deemed to buy and sell Contracts for two different fungible series and such Contracts are cleared through the Clearing House, such transactions can only be offset against one another by complying with the rules of the Relevant Market(s) at which they were effected and by submission of a close out request to the Clearing House by the relevant Clearing Member.

Added on 7 December 20097 December 2009.

Where open positions are invoiced back to the Clearing House by any other Relevant Market (or clearing house) relating to a Contract subject to physical delivery prior to the matching process in Rule 6.02A.7, the Clearing House may invoice the positions back to Clearing Members holding appropriate positions (whether reported back to the Clearing House as being House or Customer positions) as at the date of such invoicing back, on a pro-rata basis, calculated as the proportion of such positions of each Clearing Member at the date of such invoicing back relative to the aggregate value of such open positions held by all non-defaulting Clearing Members (to be rounded down or up if the number of lots is not a whole number at the Clearing House's absolute discretion). Invoicing back shall be carried out by the Clearing House effecting and registering opposite positions between itself and each of the affected Clearing Members and thereupon settling such open positions against such opposite positions, at a price determined by the Clearing House. The Clearing House's actions, including the timing of the invoicing back and the price determined by the Clearing House shall be binding on all affected Clearing Members.

Added on 1 October 20091 October 2009.

Without prejudice to the right and power of the Clearing House at the cost and expense of the Clearing Member concerned to effect such rectification or correction measures otherwise, no Clearing Member shall place any false or inaccurate entries on any other submission or otherwise provide false or inaccurate information in any document submitted to the Clearing House for clearing purposes.

Violation of this Rule may constitute a major offence.

Position change sheets must be submitted to the Clearing House each trading day by the time specified by the Clearing House. Position change sheets shall be in such form as prescribed by the Clearing House. When requested, the identification of accounts will be made available to the Clearing House.

Amended on 3 November 20103 November 2010 and 17 July 201917 July 2019.

The Clearing House will produce a recap ledger for each Clearing Member which will itemise, among other things, the incoming positions in respect of any Contract; the position changes the closing positions in respect of any Contract; the net settlements, pay or collect, margins required, the current margin balance, and the net debit balance(s) payable by the Clearing Member and/or credit balance(s) payable by the Clearing House.

The net debit balance(s) reflected on the recap ledger, excluding those arising from margin withdrawals ("Net Debit Balance(s)") and the net credit balance(s) reflected on the recap ledger, excluding those arising from margin deposits and calls ("Net Credit Balance(s)") shall be payable in accordance with Rule 7.14.

Amended on 3 November 20103 November 2010 and 26 April 201326 April 2013.

If a Clearing Member believes that there is any error in the recap ledger, the Clearing Member must immediately notify the Clearing House in writing and in any event, no later than 5 p.m. on the following Business Day.

Violation of this Rule may constitute a major offence.

The daily settlement price of a Contract shall be determined:

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006, 3 November 20103 November 2010, 8 November 20128 November 2012, 17 July 201917 July 2019 and 29 July 2022.

Notwithstanding the foregoing, the Clearing House shall reserve the right to amend the settlement prices of any Contract for the purposes of settlement under this Rules if it so deems necessary.

Amended on 22 September 200622 September 2006.

The daily settlement price of a Contract shall be binding on all Clearing Members.

Added on 22 September 200622 September 2006.

The Final Settlement Price of Non-Relevant Market Contracts shall be determined in the manner as set out in Appendix 1, and of all other Contracts, in the manner as set out in the Trading Rules or relevant Contract Specifications.

Refer to Appendix 1 — Final Settlement Price.

Added on 27 March 200627 March 2006 and amended on 22 September 200622 September 2006, 3 November 20103 November 2010, 8 November 20128 November 2012 and 17 July 201917 July 2019.

The Final Settlement Price shall be binding on all Clearing Members.

Added on 27 March 200627 March 2006 and amended on 22 September 200622 September 2006.

Notwithstanding the foregoing, where the means for determining the Final Settlement Price for Contracts are not available, the Clearing House or the Exchange, as the case may be, may resolve the Final Settlement Price by such means as it may in its discretion decide. The decision of the Clearing House or the Exchange and the price determined by such other means shall be binding upon all Clearing Members.

Added on 27 March 200627 March 2006 and amended on 22 September 200622 September 2006.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

When a Clearing Member is long or short any amount of any Contract at the end of the day, as indicated by the recap ledger prepared by the Clearing House, settlement shall be made with the Clearing House to the settlement price for that day, and such Clearing Member shall be liable to pay to, or entitled to collect from, the Clearing House any loss or profit, as the case may be, represented by the difference between the price at which the Contract was bought or sold and the settlement price of the Contract at the end of the day.

Such settlement must be paid in cash in the respective currencies of the Contracts, or such other currency as the Clearing House may prescribe in the interest of a safe and efficient clearing facility, and at such exchange rate as determined by the Clearing House. Without prejudice to the generality of the foregoing, the Clearing House may refer to exchange rates published by data vendors in determining the relevant exchange rates.

Amended on 26 April 201326 April 2013.

After making such settlement with the Clearing House, such Clearing Member shall be deemed long or short (or long and short) such Contract, as the case may be, at the settlement price of the day.

Notwithstanding the foregoing, the Clearing House shall not be required to pay any profit to a Clearing Member in the event that such Clearing Member fails to meet any required settlement or margin call for that day with the Clearing House.

This Rule 7.12 shall not apply to trading in options contracts in respect of which the following shall apply.

Except for payment of relevant premiums on establishment of an option contract, no variation payments are thereafter required to be made from or to the Clearing House.

In respect of the payment of relevant premiums on establishment of an option contract as referred to in Rule 7.12.6, such payment must be paid in cash in the respective currencies of the options contract, or such other currency as the Clearing House may prescribe in the interest of a safe and efficient clearing facility, and at such exchange rate as determined by the Clearing House. Without prejudice to the generality of the foregoing, the Clearing House may refer to exchange rates published by data vendors in determining the relevant exchange rates.

Added on 26 April 201326 April 2013.

The Clearing House may prescribe an adjustment to the Settlement Variation if, in the Clearing House’s opinion, it is necessary to address a change in the underlying that fundamentally affects the pricing of a Contract. Any adjustments will be specified by the Clearing House in a Circular. A Clearing Member would be liable for or entitled to an adjustment, as the case may be, in respect of its open positions in a relevant Contract.

Added on 27 March 200627 March 2006, 8 November 20128 November 2012 and amended on 8 June 20208 June 2020.

No interest shall be payable by the Clearing House on any amount that has to be refunded to a Clearing Member as a result of any such adjustment to the Settlement Variation.

Added on 27 March 200627 March 2006.

Settlement Variation and adjustments to Settlement Variation (where relevant) as calculated and/or determined at such times as the Clearing House shall determine, must be paid in cash.

Amended on 27 March 200627 March 2006.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

If the recap ledger of any Clearing Member shows a Net Debit Balance against such Clearing Member:

Violation of this Rule may constitute a major offence.

Added on 3 November 20103 November 2010 and amended on 26 April 201326 April 2013.

If the recap ledger of any Clearing Member shows a Net Credit Balance in favour of such Clearing Member payment of such Net Credit Balance shall be effected at the Confirmation Cut Off Time, by the Clearing House crediting the Net Credit Balance directly to the Clearing Member's cash margin held with the Clearing House. Such crediting shall constitute final and irrevocable settlement of the Clearing House's obligation to pay such Net Credit Balance to the Clearing Member.

Added on 3 November 20103 November 2010 amended on 26 April 201326 April 2013.

"Confirmation Cut Off Time", in relation to the Net Debit Balance or the Net Credit Balance shown in the recap ledger of any Clearing Member shall, for the purposes of this Rule 7.14, mean the cut-off time for Confirmation in respect of any margin call that may be made in that recap ledger, as notified by the Clearing House to Clearing Members.

Added on 26 April 201326 April 2013.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Clearing Members shall submit to the Clearing House a daily report of Customers' Accounts and House Accounts, with details of such large positions in relation to such contracts as the Clearing House may prescribe (whether assumed or entered into on any Relevant Market or elsewhere). Such daily reports shall be submitted to the Clearing House by such time and/or in such manner as may be prescribed by the Clearing House.

Such report shall be in such form as the Clearing House may prescribe from time to time and shall include but not be limited to the account numbers and the number of open contracts in each month for a Commodity and, in the case of options, in each expiration month for a put or call option, in which any person owns or controls open positions in a single Contract Month or contract month or Delivery Month of any Commodity that equals or exceeds the reporting level for such Commodity or option prescribed from time to time by the Clearing House.

Amended on 22 September 200622 September 2006 and 7 December 20107 December 2010.

The Clearing House shall be entitled to require reports from one or more Clearing Members in relation to any contract even if the number of positions (whether assumed or entered into on any Relevant Market or elsewhere) owned or controlled is below the reporting level presently prescribed by the Clearing House.

Amended on 7 December 20107 December 2010.

Subject to Rule 7.16.4 below, Clearing Members shall identify the owner and any controlling parties for any account or ensure that such information is made available directly to the Clearing House within such time as the Clearing House may prescribe.

Amended on 27 March 200627 March 2006.

Upon request of the Clearing House, Clearing Members shall obtain the information required by this Rule regarding the ownership and control of positions (whether assumed or entered into on any Relevant Market or elsewhere) within any Omnibus Account and any Sub-Account of any Omnibus Account. Provided that if the Omnibus Account Holder does not want the identity of any Sub-Account holder (save for a Cleared Swaps Customer, whose identity must always be disclosed) to be disclosed to its carrying Clearing Member, the Omnibus Account Holder may apply to the Clearing House for a special identification for the Sub-Account thereof for reporting positions (whether assumed or entered into on any Relevant Market or elsewhere) covered within this Rule through its carrying Clearing Member.

Amended on 31 December 201331 December 2013.

Violation of this Rule may constitute a major offence.

The Clearing House shall be entitled to disclose the contents of any reports made under this Rule to the Exchange or to any other Relevant Market or its clearing house in so far as such information relates to Contracts traded on the Relevant Market.

Amended on 1 October 20091 October 2009.

Clearing Members shall not be permitted to carry a speculative long position and a speculative short position for any Third Party or for themselves in the case of futures contracts, in the same Commodity for the same Contract Month and in the case of options contracts, in the same Commodity, for the same class, for the same Contract Month and for the same strike price.

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006 and 17 July 201917 July 2019.

The Clearing House may require any Clearing Member to liquidate any or all positions in any Contract belonging to any person concurrently holding a speculative long position and a speculative short position in such Contract.

Added on 1 October 20091 October 2009.

Rule 7.17.1 shall not apply if the concurrent long and short speculative positions result from a transfer under Rule 7.27 and such concurrent long and short speculative positions do not extend beyond the Trading Day on which the transfer is reported to the Clearing House.

Added on 1 October 20091 October 2009.

Deleted on 26 April 201326 April 2013.

Without prejudice to the generality of the foregoing, in addition to any Security Interest or other right or remedy which the Clearing House may have under this Rules, contract, law or equity, and subject to any applicable restrictions pursuant to the provisions of the SFA and/or imposed by the Authority, the Clearing House may at any time consolidate any or all accounts (notwithstanding that relevant positions in such accounts have not been closed out) of the Clearing Member and set-off and/or transfer and/or apply any Collateral in such account towards satisfaction of any liabilities of the Clearing Member to the Clearing House, whether or not:

Amended on 26 April 201326 April 2013.

All margins deposited with or provided to the Clearing House by Clearing Members shall be retained by the Clearing House in whole or in part, as the Clearing House may deem necessary but, subject to this Rules (in particular, Rule 7.03A.3, 7.03A.5, Rule 7.18 and Rule 7A.05.1) and the Security Deed, may be returned to the Clearing Member when the positions for which such margins have been deposited or provided have been liquidated. Notwithstanding the foregoing, the Clearing House may retain margins for freight forward contracts for tanker voyage routes in relation to any potential Flat Rate adjustment, even after the positions of the Clearing Member have been liquidated.

Amended on 27 March 200627 March 2006, 7 August 20127 August 2012 and 26 April 201326 April 2013.

Margin requirements shall be prescribed by the Clearing House from time to time. The Clearing House will accept as margin, cash, government securities or common stocks, units of listed business trusts or units of listed real estate investment trusts in accordance with such procedures as may be prescribed by the Clearing House all of which must be and remain unencumbered, unless otherwise permitted or contemplated under this Rules, the Security Deed or the SFA.

The Clearing Member shall notify the Clearing House as to whether such Collateral is to be maintained for its Customer Contracts or its House Contracts. Where the Collateral is to be maintained for the Clearing Member's Customer Contracts, the Clearing Member shall notify the Clearing House as to whether it is to be held for an Applicable Customer Account. Where the Collateral is to be maintained for the Clearing Member's House Contracts, the Clearing Member shall notify the Clearing House as to whether it is to be held for an Affiliate Account. Collateral will be held by the Clearing House for the relevant account.

Amended on 27 March 200627 March 2006, 26 April 201326 April 2013, 31 December 201331 December 2013 and 2 May 20162 May 2016.

Without prejudice to the generality of the foregoing, the aggregate amount of Collateral deposited with or provided to the Clearing House in respect of the aggregate required margin in relation to Customer Contracts, Affiliate Contracts and House Contracts (excluding Affiliate Contracts) must each separately comply with the following:

Added on 27 March 200627 March 2006 and amended on 3 November 20103 November 2010, 8 November 20128 November 2012, 26 April 201326 April 2013, 2 May 20162 May 2016 and 2 March 20202 March 2020.

The amount of margins required to be deposited by any Clearing Member with the Clearing House shall be calculated and determined:

Amended on 27 March 200627 March 2006.

The Clearing House may make margin calls in respect of the margin requirements prescribed pursuant to this Rule 7.20. Such margin calls shall be paid by such time and means as the Clearing House shall prescribe.

Added on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

A Clearing Member shall procure initial margins from its Third Parties (including Customers), and ensure that its Third Parties comply with maintenance margins for such amounts as required by the Clearing House.

Amended on 27 March 200627 March 2006 and 22 September 200622 September 2006.

Deleted on 25 January 201725 January 2017.

A Clearing Member may accept cash, government securities, common stocks, bank certificates of deposit, bank guarantees, bank letters of credit, gold bars, gold certificates and such other instruments as the Clearing House permits from its Third Parties (including Customers) for meeting their initial margins and maintenance margins requirements. Valuation of such instruments shall be in accordance with procedures specified by the Clearing House. The following are not acceptable forms of margins under this Rule:

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006 and 18 January 2022.

Except for trades which reduce a Third Party's maintenance margins requirements, a Clearing Member shall not accept orders or new trades for clearing from any Third Party (including any Customer) unless:

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006 and 25 January 201725 January 2017.

A Clearing Member shall call for additional margins from a Third Party (including a Customer) for whom the Clearing Member provides carrying and/or clearing services if at any time the Third Party's total net equity falls below the maintenance margins. Such additional margins posted should be sufficient to bring the relevant account up to the initial margins level, within a reasonable period. Nothing herein prohibits a Clearing Member from making a call for additional margins or imposing a stricter settlement period as it sees fit.

For settlement currency denominated in Japanese Yen, "reasonable period" in this Rule 7.22.4 means a period which shall not exceed three (3) Trading Days from the date that the Third Party's total net equity falls below the maintenance margins. For all other settlement currencies it means a period which shall not exceed two (2) Trading Days from the date that the Third Party's total net equity falls below the maintenance margins.

Amended on 22 September 200622 September 2006.

If the Clearing Member is unable to effect personal contact with a Third Party (including a Customer) for whom the Clearing Member provides carrying and/or clearing services, a written notice sent to the Third Party at the most recent address furnished by it to the Clearing Member shall be deemed sufficient.

In the event of a Clearing Member's failure to obtain margins from the relevant Third Parties (including Customers) as required under Rule 7.22, the Clearing House may order such Clearing Member to immediately close out all or such part of the positions of such Third Parties on its books so as to correct the deficiency notwithstanding that the Clearing Member itself has sufficient margins placed with the Clearing House for the support of such positions in Contracts. Nothing herein prohibits a Clearing Member from taking such necessary actions to rectify the deficiency as it sees fit.

Amended on 27 March 200627 March 2006 and 22 September 200622 September 2006.

Clearing Members shall be responsible to the Clearing House for all margin requirements.

A Clearing Member shall comply with such requirements on the computation and monitoring of a Third Party's (including a Customer's) margins as the Clearing House, or where relevant, the Exchange may prescribe.

Added on 22 September 200622 September 2006.

Violation of this Rule 7.22 shall be a major offence.

Notwithstanding Rule 7.22, a Clearing Member may grant margin credit, at a rate not exceeding that which is prescribed by the Clearing House, to a Third Party (including a Customer) which holds long and short positions on contracts (on the same Underlying) with the Clearing House and another clearing house to the extent that the risk on the position in one clearing house is set-off against another ("inter-exchange cross margining"), if the following conditions are satisfied:

Added on 22 September 200622 September 2006 and amended on 10 August 200710 August 2007.

The Clearing House may take any of the following actions:

Amended on 27 March 200627 March 2006.

If market conditions or price fluctuations are such that the Clearing House deems it necessary, it may call upon the Clearing Members whom it believes are affected by such conditions or fluctuations to deposit additional funds with the Clearing House by such time as it shall specify and in the amount it deems necessary to meet settlements.

Amended on 27 March 200627 March 2006.

In the event of the failure of a Clearing Member to deposit additional margins or to comply with the order of transfer of positions or to deposit additional funds as required under Rule 7.23, the Clearing House may direct and the Clearing Member shall in such event forthwith comply with any such direction that the Clearing Member forthwith liquidate all or part of the positions on its books.

Amended on 27 March 200627 March 2006.

If there is a failure to so effect the required reduction in positions by the next Business Day, the Clearing House shall thereupon order the liquidation of all or the required part of the Clearing Member's position with due consideration to the positions in Customer Accounts and Affiliate Accounts. Any Clearing Member whose trades are thus liquidated shall provide for the payment of any loss to the Clearing House on the next settlement cycle by the Clearing House pursuant to Rule 7.12 or 7.13.

Amended on 27 March 200627 March 2006 and 2 May 20162 May 2016.

Clearing fees shall be charged by the Clearing House against a Clearing Member for each Contract cleared by the Clearing House in such amounts as the Clearing House may from time to time prescribe.

Without prejudice to Rule 2.36, administrative fees or similar fees shall be charged by the Clearing House against a Clearing Member in respect of such matters and in such amounts as the Clearing House may from time to time prescribe.

Amended on 27 March 200627 March 2006.

Such fees as may be imposed by the Clearing House pursuant to this Rule shall be payable by the Clearing Members by such times and in such manner as may be prescribed by the Clearing House from time to time.

The Clearing House may impose fines against Clearing Members for errors, delays and omissions with respect to the required position change sheet or any other submission to the Clearing House.

Amended on 27 March 200627 March 2006.

Subject to the approval of the Clearing House:

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 31 December 201331 December 2013 and 29 July 2022.

Except with the approval of the Clearing House, existing trades on the books of one Clearing Member may not be transferred to the books of another Clearing Member in order to liquidate a position by offset or where such transfer would result in concurrent long and short positions for the same speculative account.

Amended on 27 March 200627 March 2006.

Where an Executing Member makes a trade on a Relevant Market intended to be an order fill or to be given up to a Recipient Member, as contemplated in Rule 7.27.1.5 (a "Relevant Trade"), each Relevant Trade may be transferred or placed to the books of the Recipient Member provided that the transfer or placement shall occur:

Amended on 27 March 200627 March 2006 and 7 December 20107 December 2010.

If a Recipient Member purports to reject the transfer or placement of an alleged Relevant Trade(s) onto its books and the rejection (if permitted) would result in the Executing Member (if a Clearing Member itself) or its qualifying member having to accept onto its own books the rejected trade(s), and such rejected trade(s) would (whether of itself or together with other similarly rejected trade(s) for the same trading day) give rise to an aggregate maintenance margin obligation equal to S$3,000,000 (or such other amount as the Clearing House may from time to time prescribe):

Amended on 27 March 200627 March 2006.

The Clearing House may, with the consent of both Clearing Members, transfer existing trades on the books of one Clearing Member to the books of another Clearing Member, if in its opinion, the situation so requires and such transfer is to the best interests of the Clearing House. In such case, the Customer may be charged only one commission.

Amended on 27 March 200627 March 2006.

The Clearing House may, in accordance with any Contract Specifications, transfer existing trades from the books of one Clearing Member to the books of another Clearing Member with the consent of both Clearing Members, or from one Customer Account to another Customer Account of a Clearing Member with the consent of that Clearing Member.

Added on 7 December 20157 December 2015.

All transfers or placements made pursuant to this Rule shall be reported to the Clearing House in a form acceptable to the Clearing House for the type of transaction involved. The Clearing Members involved shall maintain a full and complete record of all transactions together.

Notwithstanding any provision in this Rule 7.27, the Clearing House shall require (i) any Clearing Member from whose name one or more trades are to be transferred and, (ii) any Clearing Members in whose name one or more trades are to be transferred to provide the Clearing House with sufficient collateral to meet margin requirements and Settlement Variation and/or comply with any other margin requirement prescribed by the Clearing House as a condition of transfer of such trades .

Amended on 3 November 20103 November 2010.

Transfers of positions under this Rule 7.27 will not require the close-out and re-booking of the relevant positions.

Added on 31 December 201331 December 2013.

Subject to the approval of the Clearing House, existing positions may be transferred between the books of a Clearing Member and the clearing member of any other Relevant Market (other than the Connect Market) at the request of the Customer, if:

Added on 1 October 20091 October 2009 and Amended on 29 July 2022.

All transfers made pursuant to this Rule shall be reported to the Clearing House in a form acceptable to the Clearing House. The Clearing Member involved shall maintain a full and complete record of all such transfers together with all pertinent memoranda.

Added on 1 October 20091 October 2009.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

For the purposes of Part 7 of these Rules, a Customer mayrequest its Clearing Member to designate any of its Customer Accounts as an Applicable Customer Account. The Clearing Member shall inform each of its Customers of the availability of this choice, and shall designate a Customer Account as being an Applicable Customer Account if the Customer requests for it. If the Clearing Member is not ready to designate a Customer Account as an Applicable Customer Account when the Customer requests for it, the Clearing Member shall inform the Customer when it will be able to do so.

Added on 31 December 201331 December 2013.

A Customer making a request pursuant to Rule 7.30.1 may do so only in respect of the clearing of its Non-Relevant Market Contracts (or Non-Relevant Market Transactions).

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

The Clearing House shall be under no obligation to treat a Customer Account as being an Applicable Customer Account unless the Clearing House has received information relating to the identities of the Customers underlying the Applicable Customer Account as it requires.

Added on 31 December 201331 December 2013.

Each Cleared Swaps Customer Account shall be treated by the Clearing House as being an Applicable Customer Account.

Added on 31 December 201331 December 2013.

Each FCM Clearing Member shall provide to the Clearing House information relating to the identity of the Customer underlying each Cleared Swaps Customer Account as required by the Clearing House from time to time.

Added on 31 December 201331 December 2013.

For the purpose of Part 7 and 7A of this Rules, a Clearing Member may designate as an Affiliate Account, any House Account that belongs to and is maintained wholly for the benefit of one or more Affiliates. The Clearing Member must notify the Clearing House of any designation, failing which the Clearing House will be under no obligation to treat the designated account(s) as Affiliate Account(s).

Added on 2 May 20162 May 2016.