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 or Block Trade Broking Members through the Cleartrade platform for credit approval prior to clearing at the Relevant Clearing House.
b. Authorized Member – approved by a Clearing Member to transact own business only. Authorized Members may authorize Broking Members and Block Trade Broking Members to execute business on their behalf.
c. Broking Member – to transact business on behalf of Authorized Members or Block Trading Members only provided such Members have authorized the Broking Member to do so.
d. Block Trade Broking Member – to transact business on behalf of Authorized Members or Block Trading Members only to be registered using the Block Trading Facilities provided by the Exchange provided such Members have authorized the Block Trade Broking Member to do so.
e. Block Trading Member – to allow the transaction of own business only to be registered via an authorized Broking Member or a Block Trade Broking Member using the Block Trading Facilities provided by the Exchange.
“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.
2.2.2 Any entity seeking access to Cleartrade Block Trading Facility as a Block Trading Member or a Block Trade Broking Member must apply for either Block Trading Member or Block Trading Broker membership.