4.5 Notification

4.5.1           As soon as reasonably practicable after a Member has been declared a defaulter, the Exchange shall take such steps as it may in its absolute discretion consider appropriate in order that:-

a.   Counterparties to unsettled Market Contracts with the defaulter, persons party to a Market Contract as agent for the Counterparty and such other persons as it thinks fit including the Relevant Clearing Houses, are notified that a Member has been declared a defaulter;

b.   if the defaulter is party to a Market Contract as agent, (notwithstanding any prohibition on this in the Rules) its principal is notified that a default has occurred and the identity of the counterparty to such Market Contract.

 

4.5.2           A Member shall forthwith give notice to the Exchange of the occurrence of any event or circumstances referred to in Rule 4 inclusive in relation to the Member.

 

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