178. Action taken under Default Rules

Past version: effective from 20/10/2015 - 19/10/2015
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(1) For the purposes of the definition of "Defaulter", where a Recognised Clearing House takes action under the rules referred to in the definition of "Default Rules", the action is to be treated as taken in respect of the Client providing the Indirect Clearing Services.
(2) If a Recognised Body takes action under its Default Rules in respect of a person, all subsequent proceedings under its rules for the purposes of or in connection with the Settlement of Market Contracts to which the Defaulter is a party shall be treated as done under its Default Rules.