2.2 Categories of Membership
2.2.1 Subject to Rule 2 as set out below any entity seeking access to trading on the Cleartrade Platform as a Member must elect and apply for one of the following categories of membership:
a. Clearing Member – must be a Clearing Member of the Relevant Clearing House(s) and may transact own business and business for clients which are Authorized Members and receive trades from such clients whether executed directly by such clients or by authorized Broking Members through the Cleartrade platform for credit approval prior to clearing at the Relevant Clearing House. Clearing Members are able to register block trades on behalf of its clients and itself.
b. Authorized Member – approved by a Clearing Member to transact own business only. Authorized Members may authorize Broking Members to execute business and register block trades on their behalf.
c. Broking Member – to transact business and register block trades on behalf of clients and Authorized Members provided such Members have authorized the Broking Member to do so.
“Own business” for the purposes of this Rule 2 means business for its own account or for the account of a subsidiary, wholly-owned subsidiary or holding company of the relevant Member. Own business will not include transactions concluded for the benefit of a client or a third party.