1.4 General Powers of Directors

1.4.1           The Directors may declare any day a non-Trading Day provided reasonable notice thereof has been given to Members.


1.4.2           A dispute between Members as to whether a Contract has been made (other than a dispute falling within Rule 7 (Trading)) shall be attempted to be resolved in good faith under Rule 8 (Dispute Resolution). If such attempts to resolve a dispute fail, the dispute may be referred to arbitration under the Dispute Resolution Rules unless the parties consent to the dispute being referred to the Directors in accordance with this Rule. A dispute between Members arising from or in connection with market procedure or to matters of honour or etiquette, which do not come within the scope of the Dispute Resolution Rules or the rules of any other association for dealing with ordinary trade disputes, shall be referred to the Directors. The Directors’ decision concerning any dispute referred to them for resolution under this Rule shall be final, conclusive and binding on the Members party to such dispute, and the Directors may direct that a fee not exceeding $25,000 shall be paid to the Exchange by the Member against whom its decision is given.  For avoidance of doubt, the Directors in so acting and deciding shall not be responsible or liable in any way whatsoever to any Members involved in the dispute.


1.4.3           If any Member defaults in the performance of any Contract it may be suspended from membership or expelled under Rule 2 (Membership), notwithstanding that it complied with any requirement as to the settlement of such default.


1.4.4           The Rules and all additions and amendments thereto may from time to time be printed and circulated amongst Members or others interested therein in such manner as the Directors shall think fit.


1.4.5           The Directors may from time to time alter the Rules by at least fourteen (14) days’ prior notice circulated to the Members. Any such alteration shall have immediate effect unless otherwise notified by the Directors.


1.4.6           In respect of any electronic trading system administered by the Exchange, the Directors may from time to time determine the rights and obligations to be conferred on any Member entitled to use and access such electronic trading system, including without limitation, the Cleartrade Platform.


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