7.20.3 Calculation of Margin

The amount of margins required to be deposited by any Clearing Member with the Clearing House shall be calculated and determined: on a cumulative gross basis with reference to all open positions (both long and short) for which such Clearing Member is responsible and in accordance with procedures prescribed by the Clearing House; and/or on a cumulative gross basis with respect to cumulative Settlement Variation for freight forward contracts for tanker voyage routes, with reference to any potential adjustments to the Flat Rate.

Amended on 27 March 200627 March 2006.