Whole Section

  • 7.24 Failure to Comply with Emergency Orders

    • 7.24.1

      In the event of the failure of a Clearing Member to deposit additional margins or to comply with the order of transfer of positions or to deposit additional funds as required under Rule 7.23, the Clearing House may direct and the Clearing Member shall in such event forthwith comply with any such direction that the Clearing Member forthwith liquidate all or part of the positions on its books.

      Amended on 27 March 200627 March 2006.

    • 7.24.2

      If there is a failure to so effect the required reduction in positions by the next Business Day, the Clearing House shall thereupon order the liquidation of all or the required part of the Clearing Member's position with due consideration to the positions in Customer Accounts and Affiliate Accounts. Any Clearing Member whose trades are thus liquidated shall provide for the payment of any loss to the Clearing House on the next settlement cycle by the Clearing House pursuant to Rule 7.12 or 7.13.

      Amended on 27 March 200627 March 2006 and 2 May 20162 May 2016.