Margins and Liquidations

The Clearinghouse shall establish minimum Margin requirements and Clearing Members shall collect Margins for Customer Accounts at or in addition to such minimum Margins in accordance with CFTC Rule 39.13(g)(8)(ii).

The Clearinghouse may change Margin requirements at any time superseding previous Margin requirements and post in accordance with CFTC Rule 39.13(g)(8).

The Clearinghouse shall accept US Dollars as Margin in a manner acceptable to the Clearinghouse and Approved Financial Institutions, such as wire transfer.

The Clearinghouse, at its sole discretion, may make a Margin call at any time for any Participant based on the Participant's open interest.

The Clearinghouse may direct a Participant or Clearing Member to liquidate positions or transfer positions to another Clearing Member if the Clearing Member fails to deposit Margin as required by the Clearinghouse. If transfer or liquidation instructions are not satisfied within one (1) hour, the Clearinghouse will originate orders to take such action directly.

Liquidation costs incurred with actions taken in accordance with the Rules will be included in the failed Participants losses and any financial obligations owed by a Clearing Member to the Clearinghouse after such liquidations or transfers may be assessed to that Clearing Member's financial resources available under Rule 907.