Business Conduct

Regulatory Compliance. No Participant or any of its Authorized Users and no Clearing Member shall engage in conduct that is a violation of the CEA or CFTC Rules, the Rules of the Exchange or the rules of the Clearinghouse and will conduct its business in accordance with all applicable laws, regulations, tariffs and rules, and in good faith, with a commitment to honest dealing.

Fraud. No Participant or any of its Authorized Users and no Clearing Member shall engage or attempt to engage in any fraudulent act or engage or attempt to engage in any scheme to defraud, deceive, trick or mislead in connection with or related to any Exchange or Clearinghouse activity.

Good Faith. No Participant or any of its Authorized Users shall knowingly enter, or cause to be entered, bids or offers into the system other than in good faith for the purpose of executing bona fide transactions.

Transaction Integrity. Participants and their Authorized Users shall honor the terms and conditions of the Participant Agreement and will transact in Contracts only for legitimate business purposes, such as managing business risk or that otherwise have economic substance.

Antitrust. No Participant or any of its Authorized Users and no Clearing Member shall collude with other market participants to affect the price or supply of any commodity or Contracts, or otherwise unlawfully restrain competition.

Risk Management. Participants and Clearing Members shall adopt, adhere to and enforce risk management and other policies and structures that are designed to ensure that trading activities are conducted in accordance with the Rules.