Resignation of Clearing Membership

Clearing Members may resign giving not less than three months after the date of the notice, although LCH.Clearnet Ltd (LCH.Clearnet) will be flexible insofar as possible to accommodate reduced periods of notice.

By the close of business on the termination date, the resigning Clearing Member shall ensure that all registered contracts in the resigning Clearing Member’s name have been closed-out or transferred so that there are no open registered contracts to which the they are party at the end of the termination date. Resigning Clearing Members should note that any and all exchange Non-Clearing Members or Dealers will be required to find alternative clearing arrangements by this date or will be unable to trade on the relevant exchange or cleared market.

In the event that the resigning Clearing Member has not closed out or transferred all registered contracts by the set termination date, LCH.Clearnet shall, at its sole discretion, be entitled to:

1. liquidate any such registered contracts in accordance with the rulebook; and

2. require that the Firm remains a member of LCH.Clearnet until such time as there are no registered contracts in existence to which the Firm is a party and the effective date of termination of this agreement shall be postponed until such time.