Transfers of Open Positions

Any transfer of a Contract shall be subject to the following:

1. Administrative and Other Transfers. Trades and positions in Contracts may be transferred on the books of one Clearing Member or between Clearing Members provided that:

   1. The transfer constitutes a change from one account to another where the underlying ownership in the accounts remains the same;

   2. The transfer was made to correct an error in the clearing of a trade and is completed within two business days from the trade date;

   3. The transfer is in connection with, or is the result of, a merger, asset purchase, consolidation or similar non-recurring transaction between two or more entities where one or more entities become the successor in interest to one or more other entities; or

   4. if, in the judgment of the Clearinghouse, the situation so requires and such interest is necessary to maintain market stability.

2. Transfer Records. Any transfer permitted by the Clearinghouse shall be recorded and carried on the books of the receiving Clearing Member at the original prices and trade dates.

3. Customer Portfolio Transfers. The Clearinghouse will promptly transfer all or a portion of a customer's portfolio of positions in Contracts, and related funds as necessary, from the carrying Clearing Member to another Clearing Member, without requiring the close-out and re-booking of the positions prior to the requested transfer, provided that:

   1. The customer has instructed the carrying Clearing Member to make the transfer;

   2. The customer is not currently in default to the carrying Clearing Member;

   3. The transferred positions will have appropriate margin at the receiving Clearing Member;

   4. Any remaining positions will have appropriate margin at the carrying Clearing Member; and

   5. The receiving Clearing Member has consented to the transfer.