.01	The following exchanges and markets are Exchange Markets in respect of the following Exchange Contracts:
	(a)	EurexUS, with respect to (i) 30-year Treasury Bond Futures, (ii) 10-year Treasury Note Futures, (iii) 5-year Treasury Note Futures, (iv) 2-year Treasury Note Futures ($200,000 notional amount), (v) Options on 30-year Treasury Bond Futures, (vi) Options on 10-year Treasury Note Futures, (vii) Options on 5-year Treasury Note Futures, (viii) Options on 2-year Treasury Note Futures ($200,000 notional amount), (ix) 2-year Treasury Note Futures ($1,000,000 notional amount), (x) 3-year Treasury Note Futures, (xi) Options on 2-year Treasury Note Futures ($1,000,000 notional amount), (xii) Options on 3-year Treasury Note Futures, (xiii) Russell 1000® Stock Price Index Futures, (xiv) Russell 2000® Stock Price Index Futures, (xv) the following currency futures contracts: EUR/USD, AUD/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD EUR/JPY, GBP/JPY, EUR/CHF, EUR/GBP, GBP/CHF, EUR/CAD, NZD/USD, AUD/CAD, AUD/JPY, NZD/JPY, CAD/JPY, CHF/JPY, (xvi) the following wind index futures: NORDIX Wind Index – NY Region 1, NORDIX Wind Index – NY Region 2, NORDIX Wind Index – Texas Region 1, NORDIX Wind Index – Texas Region 2, NORDIX Wind Index – Texas Region 3, NORDIX Wind Index – Texas Region 4, NORDIX Wind Index – Texas Region 5, (xvii) futures on the following ISE Stock Price Indices: Homebuilders Stock Price Index, SINdex Stock Price Index, Revere Natural Gas Stock Price Index, and Water Stock Price Index, (xviii) the following spot equivalent currency futures contracts: EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, and AUD/USD, (xix) the following Morningstar Stock Price Futures Indexes: Morningstar Large Cap Core Index Futures, Morningstar Large Cap Growth Index Futures, Morningstar Large Cap Value Index Futures, Morningstar Medium Cap Core Index Futures, Morningstar Medium Cap Growth Index Futures, Morningstar Medium Cap Value Index Futures, Morningstar Small Cap Core Index Futures, Morningstar Small Cap Growth Index Futures, Morningstar Small Cap Value Index Futures, and (xx) binary options on prices of the following commodities: Euro Currency, Japanese Yen Currency, Australian Dollar Currency, Oil, Gold and Silver, all as set forth more fully in Chapter 9A.
	(b)	Chicago Climate Futures Exchange, LLC, with respect to (i) Sulfur Financial Instrument Futures and futures options, (ii) Sulfur Financial Instrument Futures Current Vintage Delivery and futures options, (iii) Nitrogen Financial Instrument Futures and futures options, (iv) ECO-Clean Energy index Futures, (v) Carbon Financial Instrument Futures and futures options,  (vi) Certified Emission Reduction Futures and futures options, (vii) Nitrogen Financial Instrument (Annual) Futures, (viii) European Carbon Financial Instrument Futures, and (ix) IFEX U.S. Wind Binary Futures Contracts.

.01	The following Exchange Markets are Linked Exchanges in respect of the following Exchange Contracts:
	(a)	Eurex, with respect to (i) DAX Futures, (ii) Dow Jones EURO STOXX 50 Futures, (iii) Euro Schatz Futures, (iv) Options on Euro Schatz Futures, (v) Euro Bobl Futures, (vi) Options on Euro Bobl Futures, (vii) Euro Bund Futures, (viii) Options on Euro Bund Futures, (ix) Dow Jones Global Titans Index 50 Futures, (x) Dow Jones STOXX 50 Futures, (xi) Dow Jones STOXX 600 Banks Futures, (xii) Dow Jones EURO STOXX Banks Index Futures, (xiii) One-Month EONIA Futures, (xiv) Three-Month EURIBOR Futures, (xv) Options on Three-Month EURIBOR Futures, (xvi) Euro Buxl Futures, MDAX Futures, Dow Jones STOXX 600 Index Futures and Dow Jones STOXX Mid 200 Index Futures as set forth more fully in Chapter 9B.

.01	The following are OTC Contracts:
	(a)	“OTC Benchmark Treasury Futures Contract”, as set more fully in Chapter 15 and Appendix 15-A.
	(b)	“OTC Forward-Starting Swap and Swaption Futures”, as set more fully in Chapter 16 and Appendix 16-A.
	(c)	OTC SO2 Options, as set forth more fully in Chapter 17 and Appendix 17-A.

.01	The following exchanges and markets are OTC Markets in respect of the following OTC Contracts:
	(a)	ChemConnect, Inc. with respect to (i) Ethane Forward (F.O.B. at Enterprise Product Partners L.P. facility at Mt. Belvieu, Texas), (ii) Ethane Swap (Mt. Belvieu/Enterprise), (iii) Ethane Swap (Mt. Belvieu/Enterprise – OPIS Index Settlement)  (iv) Options on Ethane Forward, (v) Propane Forward (F.O.B. at Texas Eastern Pipeline Company facility at Mt. Belvieu, Texas), (vi) Propane Swap (Mt. Belvieu/TET), (vii) Propane Swap (Belvieu/TET – OPIS Index Settlement) (viii) Options on Propane Forward (ix) Propane Forward (F.O.B. at Williams facility in Conway); (x) Propane Swap (Conway/Williams); (xi) Propane Swap (Conway/Williams – OPIS Index Settlement  (each, a “ChemConnect Contract,” and collectively, “ChemConnect Contracts”), as set more fully in Chapter 12 and Appendix 12-A.
	(b)	IntercontinentalExchange, Inc., with respect to (i) PJM West Peak Power Contracts, and (ii) Into Cinergy, Sellers Daily Choice Peak Power Contracts (each, an “ICE Contract,” and collectively, “ICE Contracts”), as set forth more fully in Chapter 13 and Appendix 13-A.

.01	The following Linked Clearinghouses are Special Clearing Members:
(a)	The Clearing Corporation is a Special Clearing Member of Eurex Clearing, as set forth more fully in Chapter 9.
(b)	Eurex Clearing is a Special Clearing Member of The Clearing Corporation, as set forth more fully in Chapter 9.

.01    (a)

The following Guaranty Fund is a Special Guaranty Fund in respect of the following Markets: Emerging Markets Guaranty Fund, with respect to Intercontinental Exchange, Inc.

(a)	The Rules set forth herein are applicable only to Trades and related obligations arising out of Exchange Contracts and OTC Contracts.  In the event of a conflict between these Rules and the Bylaws of The Clearing Corporation, these Rules will prevail.  In the event of a conflict between these Rules generally and Rules adopted by The Clearing Corporation specifically governing Trades and related obligations made on a particular Market or particular types of transactions, the Rules specifically governing such Trades, obligations or transactions will prevail.  More particularly:
	(i)	The Rules in Chapters 1 - 8 are supplemented for specific Markets and Contracts by the Rules in Chapters 9 et seq.  (Thus, for example, the definitions in Rule 101 are supplemented, for purposes of Chapter 9A, by the additional definitions in Rule 9-101A.)  The Rules in Chapters 9 et seq. shall apply only to the Market or Contracts specified in the caption to such Chapter.
	(ii)	Where the numbering of a Rule in Chapters 9 et seq. corresponds to that of a Rule in Chapters 1 - 8, the Rule in Chapters 1 - 8 is superseded to the extent applicable by the correspondingly numbered Rule in Chapter 9 et seq.  (Thus, for example, references in Chapter 10 to the term “Settlement Price” mean the Settlement Price established in accordance with Rule 10-404.)
	(iii)	Where a Rule in Chapter 9 et seq. is “[Reserved],” the correspondingly numbered Rule in Chapters 1 - 8 is made expressly inapplicable to the Market and Contracts that are the subject of the Rules in that Chapter.
(b)	In these Rules, unless a clear contrary intention appears, (i) the singular number includes the plural number and vice versa, (ii) reference to the masculine, feminine or neuter gender includes each other gender, (iii) any reference to a number of days shall mean calendar days unless Business Days, or, for purposes of Chapter 9B, Exchange days, are specified, and (iv) any reference to times shall mean the time in Chicago, Illinois.  Except as otherwise specifically provided in these Rules, an act that otherwise would be required or permitted by these Rules to be performed on a date that is not a Business Day may be performed on the next day that is a Business Day.

(a)	The Clearing Corporation shall have the sole power to determine whether any applicant for status of Participant, or any existing Participant, satisfies the qualifications established by The Clearing Corporation.  Only persons found by the Corporation to be so qualified shall be permitted to be Participants.  For the purpose of determining whether any applicant or Participant is thus qualified, The Clearing Corporation may establish minimum capital and other financial requirements for Participants, examine the books and records of any applicant or Participant, and may take such other steps as it may deem necessary to ascertain the facts bearing upon the question of qualification.
(b)	In order to justify The Clearing Corporation assuming the risk of clearing their Trades, Participants must meet and maintain such standards of business integrity, financial capacity, creditworthiness, operational capability, experience and competence as may be established by The Clearing Corporation from time to time.  Without limitation of the foregoing, no applicant shall be admitted as a Participant unless:
	(i)	It meets, at the time of admission and maintains thereafter, such minimum capital requirements as may be established from time to time by The Clearing Corporation;
	(ii)	It makes and maintains, so long as it is a Participant, a deposit or deposits of Collateral in one or more Guaranty Funds as required by these Rules;
	(iii)	It has established satisfactory relationships with, and has designated to The Clearing Corporation, an approved settlement bank for confirmation and payment of all Margins and settlements with The Clearing Corporation;
	(iv)	It maintains back-office facilities staffed with experienced and competent personnel or has entered into a facilities management agreement in form and substance acceptable to The Clearing Corporation; and
	(v)	It files in a timely manner all reports and information relating to the Participant, Persons controlling the Participant, and related or affiliated organizations as required by these Rules or otherwise required by The Clearing Corporation.

(a)	Persons desiring to clear Trades through The Clearing Corporation shall make application in such form as shall be prescribed by The Clearing Corporation.  Each applicant must agree to abide by the Rules, interpretations and policies of The Clearing Corporation as in effect from time to time.  Further, each person desiring to clear Trades in USD Contracts (as defined in Chapter 9A of these Rules) must be a member of EurexUS and must abide by the applicable rules of Eurex US; each person desiring to clear Trades in Euro Contracts (as defined in Chapter 9B) must abide by the rules of Eurex and Eurex Clearing to the extent applicable.  An applicant for Participant status shall be conclusively deemed to have agreed to have no recourse against The Clearing Corporation in the event that its application to become a Participant is rejected.
(b)	Notwithstanding the termination of Participant status, a Person qualified as a Participant agrees to be responsible for any violation of the Rules, interpretations and policies of The Clearing Corporation committed by such Person while a Participant and agrees to have any disputes which arise while a Participant which relate to or arise out of any transaction with The Clearing Corporation or status of a Participant in The Clearing Corporation resolved in accordance with the Rules.

(a)	A Participant that is organized as a corporation, the majority of whose outstanding capital stock is owned or controlled by another corporation or by a partnership or limited liability company, shall be approved for the clearing of Contracts only if its controlling parent organization or individuals with a significant ownership interest guarantee the Participant’s obligations relating to Contracts.  For purposes of this paragraph, stock of a corporate applicant or Participant which is owned or controlled by an officer, stockholder, or partner of another organization will be considered owned or controlled by such other organization.  The Clearing Corporation may, for good cause shown, waive this provision.
(b)	A partnership whose partners include one or more other partnerships, corporations or limited liability companies shall be approved for the clearing of Contracts only if all of its partners are general partners.  The Clearing Corporation may, for good cause shown, waive this provision.
(c)	A limited liability company, the majority of whose membership interests are owned or controlled by another limited liability company or by a corporation or partnership, shall be approved for the clearing of Contracts only if its controlling parent organization or individuals with a significant ownership interest guarantee the Participant’s obligations relating to Contracts.  For purposes of this paragraph, membership interests which are owned or controlled by a manager, managing Participant, an officer, shareholder or partner of another organization will be considered owned or controlled by such other organization.  The Clearing Corporation may, for good cause shown, waive this provision.

.01	The guaThe guarantee of a Participant’s obligations required by this Rule shall, unless otherwise provided in particular cases, be applicable only to Trades made for a proprietary account (as such term is defined in Commission Regulation 1.3(y)) or other non-customer accounts of the Participant.

(a)	No more than one Participant shall be owned or controlled, directly or indirectly, by the same Person unless:
	(i)	Each such Participant consents to the use by The Clearing Corporation of any and all assets of the Participant in the possession of The Clearing Corporation or under its control to satisfy the obligations of all such commonly owned or controlled Participant to The Clearing Corporation;
	(ii)	Each such Participant guarantees to The Clearing Corporation all obligations of all such commonly owned or controlled Participants, including, without limitation, obligations arising out of house and customer account positions maintained by The Clearing Corporation; and
	(iii)	Each such Participant irrevocably consents to its immediate suspension or expulsion from its status as a Participant should it fail timely and fully to honor its guarantee of the obligations of such commonly owned or controlled Participants or should such a commonly owned or controlled Participant fail to honor its guarantee of such Participant.
(b)	The Clearing Corporation may grant exemptions from the requirements of this Rule 206 for good cause shown if it determines that such exemptions will not jeopardize the financial integrity of The Clearing Corporation.

(a)	Each Participant shall immediately notify The Clearing Corporation, orally and in writing, of:
	(i)	Any material adverse change in the Participant’s financial condition including, but not limited to, a decline in net capital or, with respect to Participants that are not registered with the Commission as futures commission merchants, net worth equal of 20% or more, or if such Participant knows or has reason to believe that its adjusted net capital has fallen below The Clearing Corporation’s minimum capital requirements;
	(ii)	Any proposed material reduction (and, in all cases, if the reduction is 30% or more) in the Participant’s operating capital, including the incurrence of a contingent liability which would materially affect the Participant’s capital or other representations contained in the latest financial statement submitted to The Clearing Corporation should such liability become fixed; provided, that any such reduction in operating capital shall not be effected by the Participant if The Clearing Corporation specifically objects thereto, in writing, within thirty days after receipt of written notice thereof;
	(iii)	Any refusal of admission to, withdrawal of any application for membership in, any suspension, expulsion, bar, fine, censure, denial of membership, registration or license, withdrawal of any application for registration, cease and desist order, temporary or permanent injunction, denial of trading privileges, or any other sanction or discipline through an adverse determination, voluntary settlement or otherwise, by the Commission, the Securities and Exchange Commission, any commodity or securities exchange, clearing organization, the National Futures Association, the National Association of Securities Dealers, any self-regulatory organization or other business or professional association;
	(iv)	The imposition of any restriction or limitation on the business conducted by the Participant on or with any securities or futures clearing organization or exchange (including, without limitation, any contract market, derivatives transaction facility, exempt board of trade, Linked Exchange, other trading facility, or Linked Clearinghouse, other than restrictions or limitations imposed generally on all Participants of or participants in such clearing organization or exchange;
	(v)	Any failure by such Participant, or any guarantor or commonly owned or controlled Participant (as provided in Rules 205 and 206) to perform any of its material contracts, obligations or agreements;
	(vi)	Any determination that it, or any guarantor or commonly owned or controlled Participant (as provided in Rules 205 and 206), will be unable to perform any of its material contracts, obligations or agreements;
	(vii)	The insolvency of such Participant, or of any guarantor or commonly owned or controlled Participant (as provided in Rules 205 and 206);
	(viii)	The institution of any proceeding by or against the Participant, any affiliate of the Participant, or any Person with an ownership interest of greater than 5% in the Participant, under any provision of the bankruptcy laws of the United States, or under the Securities Investor Protection Act of 1970, any other statute or equitable power of a court of like nature or purpose, in which such Participant or Person is designated as the bankrupt, debtor or equivalent, or a receiver is appointed or if a receiver, trustee or similar official is appointed for the Participant, such Person, or its or their property;
	(ix)	The receipt by such Participant, or the filing by such Participant with a self-regulatory organization, of a notice of material inadequacy;
	(x)	The receipt by such Participant from its independent auditors of an audit opinion that is not unqualified;
	(xi)	The cessation by such Participant of its clearing of Trades for a trading member of an Exchange; and
	(xii)	The failure by such Participant to make or take delivery of a Commodity relating to a Euro Contract in accordance with Chapter 9 of these Rules.
(b)	Each Participant shall promptly provide written notice to The Clearing Corporation of:
	(i)	Any changes in its name, business address, its telephone or facsimile number, electronic mail address, or any number or access code for any electronic communication device used by it to communicate with The Clearing Corporation;
	(ii)	Any proposed change in the organizational or ownership structure or management of a Participant; and
	(iii)	Any transfer, offer to transfer, or termination of an Exchange Market membership, where such membership has been designated under the rules of such Exchange Market for the benefit of the Participant.

.01

As used in paragraph (a)(i), the term “net capital” means the greatest of:  (a) the minimum net capital requirement established by The Clearing Corporation for such Participant; (b) with respect to a Participant that is a registered futures commission merchant, adjusted net capital as provided in Commission Regulation 1.17; and, (c) with respect to a Participant that is a registered broker-dealer, excess adjusted net capital as provided in Securities and Exchange Commission Regulation 15c3-1.

(a)	Upon the occurrence of a Termination Event (as defined herein), The Clearing Corporation may, in its sole discretion, impose limitations, conditions and restrictions upon a Participant or terminate the status of the Participant.  In such circumstances, The Clearing Corporation may, in its sole discretion, (i) decline to accept new Trades, (ii) cause open Contracts to be transferred to another clearing organization designated by the Market, with such security against claims and liabilities as The Clearing Corporation shall deem necessary for its protection, (iii) permit Trades to be tendered for liquidation only, (iv) cause open Contracts to be settled in cash or liquidated in the open market, and (v) otherwise take or omit to take such actions, or any combination thereof, as it deems necessary or appropriate in the circumstances.
(b)	As used herein, “Termination Event” shall mean the occurrence of any of the following:
	(i)	The expiration or termination of the agreement for clearing services between The Clearing Corporation and the relevant Market;
	(ii)	The expiration or termination of the agreement between the Participant and The Clearing Corporation;
	(iii)	A representation or warranty made by the Participant to The Clearing Corporation under or in connection with any agreement between The Clearing Corporation and the Participant shall be false or misleading in any material respect as of the date on which made;
	(iv)	The breach by the Participant of the Rules or any of the terms or provisions of any agreement between The Clearing Corporation and the Participant which is not remedied promptly after notice from The Clearing Corporation; or
	(v)	The Participant is in Default.

(a)	Where a Contract is cleared and the contract price is less than the Settlement Price of the day, the selling Participant shall pay to The Clearing Corporation and the buying Participant shall receive from The Clearing Corporation the difference between the value of the Contract based upon the Settlement Price of the day and the contract price, in accordance with the policies and procedures of The Clearing Corporation.  In like manner, if the contract price of a Contract is more than the Settlement Price of the day, the buying Participant shall pay to The Clearing Corporation, and the selling Participant shall receive from The Clearing Corporation, the difference between the value of the Contract based upon the Settlement Price of the day and the Contract price, in accordance with the policies and procedures of The Clearing Corporation.
(b)	Such payments shall be at the time and in the manner prescribed by The Clearing Corporation.  Thereupon, the selling Participant shall be deemed to have sold such Contract to The Clearing Corporation, and the buying Participant shall be deemed to have bought such Contract from The Clearing Corporation, in each case at the Settlement Price of the day.  Thereafter, from day to day, to the extent such transaction remains open, similar payments shall be made to bring the Trade to the Settlement Price of that day, and after such payments have been made, the buying Participant shall be deemed to have bought, and the selling Participant shall be deemed to have sold, such Contract to The Clearing Corporation at the Settlement Price of such day.

.01	The liability of Eurex Clearing as a Special Clearing Member is governed by the provisions of the Link Agreement.

(a)	Margin deposits, other than variation deposits, shall be known as original Margin.  The Clearing Corporation shall, from time to time, fix the amount of original Margin which shall be deposited by Participants to protect The Clearing Corporation on Trades in Contracts.
(b)	Original Margin shall be deposited in the manner prescribed in Rules 405 and 406.  Upon performance or closing out of contracts thus secured, the original Margin deposits may be withdrawn by the Participant upon the authorization of The Clearing Corporation.  Margin calls shall ordinarily be uniform, but where particular risks are deemed hazardous, The Clearing Corporation may, in its sole discretion, depart from the rule of uniformity and call for additional Margin.

(a)	The Settlement Price for each open Exchange Contract shall be the price recommended for such Contract by the relevant Exchange Market as determined pursuant to the rules of such Exchange Market.
(b)	Notwithstanding the foregoing, when deemed necessary by The Clearing Corporation in order to protect the respective interests of The Clearing Corporation and Participants, The Clearing Corporation may establish the Settlement Price for any Contract at a price deemed appropriate by The Clearing Corporation under the circumstances.  When The Clearing Corporation determines that circumstances necessitate the application of this paragraph, the reasons for that determination and the basis for the establishment of the Settlement Price in such circumstances shall be recorded.

(a)	If a Participant fails to fulfill its delivery obligations as prescribed in these Rules, The Clearing Corporation’s sole obligation shall be to pay reasonable damages proximately caused by the Default, but in no event shall The Clearing Corporation be obligated to:  (i) pay any damages greater than the difference of the delivery price of the specific Commodity and the reasonable market price of such Commodity at the time delivery is required to be made in accordance with and the Rules of The Clearing Corporation and, to the extent not specified herein, the rules and regulations of the relevant Exchange Market; (ii) make or accept delivery of the Commodity; (iii) pay any damages relating to the accuracy, genuineness, completeness, or acceptability of certificates, instruments, warehouse receipts or other similar documents; or (iv) pay any damages relating to the failure or insolvency of banks, custodians, escrow agents, depositories, warehouses, or similar entities that may be involved with a delivery.
(b)	Notwithstanding any other provision of these Rules, The Clearing Corporation has no obligation or liability to any Participant or any other Person relating to a failure to fulfill a delivery obligation unless it is notified by the non-defaulting Participant of such failure as soon as possible, but in no event later than sixty minutes after the time the delivery obligation was to have been discharged in accordance with the Rules of The Clearing Corporation and, to the extent not specified herein, the rules and regulations of the relevant Exchange Market.
(c)	If a buying Participant fails to effect payment to its assigned seller by 1:00 p.m. on the date scheduled for delivery, the selling Participant shall immediately notify The Clearing Corporation.  The Clearing Corporation will then determine, in its sole discretion, whether the failure of the buying Participant to effect such payment was technical in nature and is likely to be remedied or whether the such buying Participant’s failure to effect payment constitutes a delivery default.  If The Clearing Corporation determines, in its sole discretion, that the failure was technical in nature (including a bank instruction error or failure of the Federal Reserve wire), the buying Participant will be allowed to make payment subsequent to 1:00 p.m. (but in no event later than the time, if any, specified by The Clearing Corporation).  If The Clearing Corporation determines, in its sole discretion, that such failure constitutes a delivery default, The Clearing Corporation will instruct the selling Participant to sell the invoiced securities as soon as reasonably practicable.  The defaulting buying Participant will in such circumstances be liable for the amount, if any, that the reasonable sale price of the invoiced securities (including costs) is less than the original invoiced amount.
(d)	If a selling Participant fails to effect delivery to its assigned buyer by 1:00 p.m. on the date scheduled for delivery, the buying Participant shall immediately notify The Clearing Corporation.  The Clearing Corporation will then determine, in its sole discretion, whether such failure to effect delivery is technical in nature and is likely to be remedied or whether such failure to effect delivery constitutes a delivery default.  If The Clearing Corporation determines that such failure was technical in nature (including a bank instruction error or failure of the Federal Reserve wire), the selling Participant will be allowed to make delivery subsequent to 1:00 p.m. (but in no event later than the time, if any, specified by The Clearing Corporation).  If The Clearing Corporation determines that the failure constitutes a delivery default, The Clearing Corporation will instruct the buying Participant to purchase substitute deliverable securities as soon as reasonably practicable.  The defaulting selling Participant will in such circumstances be liable for the reasonable damages (including costs) incurred by the buying Participant relating to the purchase of the substitute securities.
(e)	Delivery obligations of a Participant to another Participant that are not discharged timely (as provided in paragraphs (c) and (d)) and in full by the Participant shall thereupon be deemed an obligation of such Participant to The Clearing Corporation.  The defaulting Participant’s obligations to The Clearing Corporation must be discharged by (i) not later than sixty minutes after the time such obligations originally were required to be discharged to the non-defaulting Participant, or (ii) such later time as may be established by The Clearing Corporation pursuant to paragraphs (c) and (d).
(f) (g)  (d)	f) Notwithstanding any other provision of these Rules to the contrary, The Clearing Corporation’s delivery obligations to a non-defaulting buying or selling Participant shall in all cases be subject to the provisions of Rule 505(a) and Chapter 8 hereof.  Any claim for damages or other dispute relating to a delivery failure or default brought by one Participant against another shall be resolved by such Participants pursuant to binding arbitration before the National Futures Association (“NFA”).  Failure by a Participant to comply with the NFA’s determination may result in the suspension of the Participant’s clearing privileges at The Clearing Corporation or such other or additional penalty (including, but not limited to assessment of fines and charges) as The Clearing Corporation may deem appropriate under the circumstances.

(a)	This Rule shall be applicable to Contracts made on or through the facilities of an Exchange Market as and to the extent such Exchange Market has in effect one or more rules (each, a “Bankruptcy Delivery Rule”) adopted in accordance with Commission Regulation 190.05(b).
(b)	If any customer of a Participant that is a debtor shall wish to make or take delivery under a Futures Contract as provided in a Bankruptcy Delivery Rule, such customer shall deliver written notification thereof to The Clearing Corporation not later than noon on the second Business Day, which Business Day must be within the current delivery period, following the date of the entry of the order for relief with respect to such debtor, whereupon such customer shall assume all of the obligations of the debtor to The Clearing Corporation and the opposite Participant with respect to such Futures Contract.
	(i)	If such customer is seeking to make delivery in fulfillment of such Futures Contract, such notification shall be accompanied by:
		(A)	evidence, satisfactory to The Clearing Corporation, that the debtor, on behalf of the customer, or the customer, has presented a notice of delivery to The Clearing Corporation; and
		(B)	evidence verifying to The Clearing Corporation that the customer owns and has in its possession or under its control, such certificates, instruments, warehouse receipts or other documents as are required pursuant to the Rules and the Bankruptcy Delivery Rule to make delivery in fulfillment of  such Contract.
	(ii)	If such customer is seeking to take delivery in fulfillment of such futures Contract, such notification shall be accompanied by:
		(A)	the notice of delivery which has been issued by The Clearing Corporation to the debtor and allocated by the debtor to the customer, and
		(B)	evidence verifying to The Clearing Corporation that the customer owns and has in its possession or under its control a certified check, drawn on an approved depository bank and made payable to the order of the opposite Participant in the full amount payable on the delivery of the Contract.
(c)	The Clearing Corporation shall provide to the opposite Participant copies of all information provided to The Clearing Corporation pursuant to paragraph (b) above, provided, however, that The Clearing Corporation shall have no responsibility to investigate or otherwise verify the accuracy, genuineness or completeness of any certificate, instrument, warehouse receipt or other document or check delivered to or by The Clearing Corporation pursuant to the Bankruptcy Delivery Rule and this Rule and shall, in no event, have any liability for the quantity or quality of the commodity or other interest delivered.

(a)	The Board, upon the affirmative vote of the Directors voting at a meeting where a quorum is deemed present, may adopt an emergency resolution which shall supersede and supplant all contrary or inconsistent resolutions or Rules.  Absent extraordinary circumstances, a Director who has a substantial financial interest in the outcome of such a vote shall abstain from deliberating and voting on the matter in question.
(b)	An emergency resolution shall expire upon the happening of either of the following events: (i) the Board shall have voted to rescind the emergency resolution; or (ii) 90 days shall have elapsed since the emergency resolution was adopted.
(c)	All Trades, all accounts and positions with The Clearing Corporation, and all Participants shall be subject to the exercise of these emergency powers by the Board.
(d)	As used herein, the term “emergency” shall include without limitation all emergency circumstances now or hereafter referenced in the Commodity Exchange Act and the Regulations of the Commission, and all other circumstances in which an emergency may lawfully be declared by the Board.
(e)	Except as otherwise stated in an emergency resolution adopted hereunder, the powers exercised by the Board under this Rule shall be in addition to and not in derogation of authority granted by the Certificate of Incorporation and Bylaws to a committee or officer of The Clearing Corporation to take action as specified therein.

(a)	A Participant is in Default (i) who fails to meet any of the Participant’s obligations upon the Participant’s Contracts with The Clearing Corporation, (ii) who fails to deposit Margin (whether original, special or variation) or premiums within one hour after demand by The Clearing Corporation, or (iii) who is suspended or expelled by a Market, Linked Exchange, Linked Clearinghouse or by The Clearing Corporation.  Upon such Default, The Clearing Corporation may cause all Trades of such Participant (whether or not carried in a separate account as provided in Rule 312) to be closed in the open market, transferred to any other Participant, or otherwise resolved as deemed appropriate by The Clearing Corporation and any debit balance owing to The Clearing Corporation shall be immediately due and payable.
(b)	In closing, transferring or otherwise resolving the Trades of a Participant as provided in paragraph (a) of this Rule, The Clearing Corporation shall have the right:
	(i)	With respect to Trades in a separate account of such Participant provided for in Rule 312, to set off (A) any proceeds received by The Clearing Corporation from the disposition of such Trades and any property or proceeds thereof deposited with or held by The Clearing Corporation as Margin for such account against (B) any amounts paid by The Clearing Corporation in the disposition of such Trades, including any commissions or other losses or expenses incurred in connection therewith or in connection with the liquidation of Margin deposits in such account and any other amounts owed to The Clearing Corporation as a result of transactions in the account or otherwise lawfully chargeable against the account;
	(ii)	With respect to the Trades in any other account of such Participant, to set off (A) any proceeds by The Clearing Corporation from the disposition of such Trades, any property or proceeds thereof deposited with or held by The Clearing Corporation as Margin for such accounts, and any other property of the Participant within the possession or control of The Clearing Corporation other than property which has been identified by such Participant as required to be segregated as provided for in Rule 312, against (B) any amounts paid by The Clearing Corporation in the disposition of such Trades, including any commissions or other losses or expenses incurred in connection therewith or in connection with the liquidation of Margin deposits in such accounts, and any other obligations of the Participant to The Clearing Corporation, including obligations of the Participant to The Clearing Corporation remaining after the setoffs referred to in paragraph (b)(i) of this Rule, and any obligations arising from any other accounts maintained by the Participant with The Clearing Corporation;
	(iii)	To cause Trades and positions held in accounts of the Participant that is in Default to be offset against each other and, to the extent of any remaining imbalance, against the Trades and positions of other Participants;
	(iv)	To cause Trades and positions in Contracts held in accounts of the Participant that is in Default and of other Participants to be settled at the Settlement Price for such Contracts, or at such other price or prices as The Clearing Corporation may deem fair and reasonable in the circumstances; and
	(v)	To defer closing or otherwise settling such Trades and Contracts if, in its discretion, it determines that the closing out of some or all of the suspended Participant’s Trades or Contracts would not be in the best interests of Clearing Corporation or other Participants, taking into account the size and nature of the positions in question, market conditions prevailing at the time, the potential market effects of such liquidating transactions as might be directed by Clearing Corporation, and such other circumstances as it deems relevant.
(c)	Notwithstanding the foregoing, the liquidation and disposition of positions, Margin and other property subject to a cross-margin, cross-netting or common banking and settlement arrangement between The Clearing Corporation and another clearing organization shall be subject to the terms of the agreement between The Clearing Corporation and such other clearing organization.
(d)	Any obligation of The Clearing Corporation to a Participant arising from a Trade or from any provision of these Rules shall be subject to all the terms of the Rules, including the setoff and other rights set forth herein.  The rights of The Clearing Corporation set forth herein shall be in addition to other rights that The Clearing Corporation may have under applicable law and governmental regulations, other provisions of the Rules, additional agreements with the Participant or any other source.

(a)	Clearing fees and other charges for Clearing Corporation services shall be as fixed from time to time by The Clearing Corporation.
(b)	The President or his authorized representative may assess, in compliance with the policies and procedures of The Clearing Corporation, fines and charges against Participants, for the failure to comply with these Rules or any