2.13.2 Registration of Approved Traders

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.