Exchange Rules

EXCHANGE RULES
v3.0
(4) In case that a Clearing Member fails to fulfil its due financial obligations, without
prejudice to provisions of point 4.3 [Rights and Obligations of Clearing Member]
above, the following consequences arise:
1) BSP will cash-in Financial Guarantees posted by the Clearing Member the and
request from the Clearing Member to immediately replenish its Financial
Guarantees to the required level;
2) BSP will offset any amount that such Clearing Member may receive on the
following Settlement Days against the remaining obligation from its default;
3) BSP acquires right to charge Statutory Default Interest; and
4) BSP acquires right to dispose of the Product, purchased by defaulting Clearing
Member, that has not yet been settled to the benefit of the defaulting
Clearing Member and cover defaulting Clearing Member’s past due financial
obligations.
(5) All costs incurred by the use of Financial Guarantees for covering the financial
liabilities of a Clearing Member shall be chargeable to the Clearing Member
whose Financial Guarantee has been cashed in.
(6) Settlement Day for financial settlement shall be determined by the invoice issued
in accordance with the Clearing Rules and Market Definition of the Market the
Final Transactions, on the basis of which the invoiced Clearing Transactions have
been established, has either been concluded or submitted for Clearing by BSP in.
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