3.9.2 Procedures to Cease Qualifying a Trading Member

Past version: Effective up to 10 Jan 2011

If a Clearing Member wishes to cease qualifying its Trading Member, it shall:—

(1) give not less than 30 days' written notice (or such shorter period as CDP may from time to time deem acceptable) to CDP of its intention to cease qualifying that Trading Member and the proposed date of cessation, provided always that CDP may waive such notice requirement at any time with respect to any Clearing Member;
(2) satisfy CDP that it has taken before the proposed date of cessation proper steps to disable the Trading Member from entering into Exchange Trades to be qualified by the Clearing Member;
(3) satisfy CDP that it has taken or will have taken proper steps before the proposed date of cessation for the orderly clearing and settlement of the Trading Member's Exchange Trades;
(4) comply with any reasonable direction of CDP in relation to the orderly winding down of the qualification of the Trading Member's Exchange Trades; and
(5) take such steps including without limitation, procedural steps (whether of a technical or non-technical nature or otherwise) as CDP may deem appropriate to ensure that none of the Trading Member's Exchange Trade will be cleared and settled through the Clearing Member by the proposed date of cessation.