Participants

The Exchange has two classes of Participants: Direct Access Participants and Indirect Access Participants. Each Participant will have the right to access the Exchange within the parameters of its class, directly or, in the case of an Indirect Access Participant, through the systems of its Sponsoring Member. A Direct Access Participant has the right to place Orders for each of its proprietary accounts and on behalf of its Customers, including any Indirect Access Participant whose account it carries. An Indirect Access Participant has the right, through its Sponsoring Member, to place Orders in Perpetual Futures for its own account. Each Participant is entitled to the Exchange's fee schedule and any incentive, rebate or fee program available to Participants of its class, in each case on terms that do not discriminate among Participants of the same class. The access rights of a Participant hereunder may not be transferred, assigned, sold or leased.

A Participant will not become a partner, shareholder or limited liability company member of the Exchange or the Clearinghouse and will not obtain any equity, ownership or other interest in the Exchange or Clearinghouse, including voting rights or rights to receive any dividends or other distributions, whether arising from a dissolution, merger or consolidation involving the Exchange, the Clearinghouse, or otherwise.

The Exchange formally recognizes each Participant as a member, with the privileges of membership on the Exchange as a contract market, with respect to transactions for its own account, other than for a commodity pool operated by a commodity pool operator that is an NFA Member. An Indirect Access Participant is recognized as a member for Perpetual Futures only, and in its capacity as an Indirect Access Participant may only enter into Contracts on Perpetual Futures. Recognition under this Rule 302.3 takes effect upon admission under Rule 303 and ends upon the earlier of termination of the Participant's status and, in the case of an Indirect Access Participant, the date on which no Sponsoring Member carries its account.