9.17 Trade Emergency Committee

a. In the event of the Exchange, whether by its Compliance Officer or otherwise, identifying or suspecting the development or possible development of a situation or practice referred to below, it shall forthwith refer the matter to a committee (the Trade Emergency Committee) being a minimum of three people comprising: the Compliance Officer; the Chief Executive; a Relevant Clearing House senior executive nominated for this purpose by the Relevant Clearing House; or lay directors of the Exchange. The Trade Emergency Committee may take such professional advice as it sees fit in coming to any decision.

b. If in the opinion of the Trade Emergency Committee an excessive position or unwarranted speculation or any other undesirable situation or practice affecting or capable of affecting the Market is developing, or has developed, it may take any steps whatsoever to provide for, correct or check the further development of such situation or practice and may give directions to Members accordingly. Such steps may (without prejudice to the generality of this Rule), if the Trade Emergency Committee thinks fit, extend to trading which occurred before or on the date that such step is instigated.

c. A Member contravening a direction of the Trade Emergency Committee under this Rule shall be liable to the same sanctions (including expulsion or suspension from membership) as if a breach of the Rules were committed.

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