SCHEDULES
F1 SCHEDULE 21
Annotations:
Amendments (Textual)
Part IIU.K. clearing houses
Default rules
I18
1
The clearing house must have default rules which, in the event of a member of the clearing house appearing to be unable to meet his obligations in respect of one or more market contracts, enable action to be taken to close out his position in relation to all unsettled market contracts to which he is a party.
2
The rules may authorise the taking of the same or similar action where a member appears to be likely to become unable to meet his obligations in respect of one or more market contracts.
Sch. 21 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 75(p)