Ministerieel besluit tot goedkeuring van de verrekeningsregels van het verrekeningsorganisme aangeduid door Euronext Brussels N.V.

(1)complying with Chapter II of Title IV of the General Rules of the Conseil des Marchés Financiers. Clearnet is incorporated in France and may have branches in other countries in which it operates. Article 1.1.0.18 « Client » : any Person which has opened an account in the books of a Clearing Member, other than a Trading Member or an Associated Trading Member. Article 1.1.0.19 « Collateral » : any Security, cash, or central bank guarantee, as specified in an Instruction, pledged, granted or transferred outright to Clearnet by the Clearing Member or to the Clearing Member by its Clients, Trading Members or Associated Trading Members, in order to secure the performance of obligations. Article 1.1.0.20 « Commodities Dealer » : Trading Member of a derivative market which is authorised to trade commodities. Article 1.1.0.21 « Competent Authority » : any authority recognised by its home member state as such under the terms of Capital Adequacy Directive or of Investment Services Directive. Article 1.1.0.22 « Credit Institution » : any credit institution as defined in Article 1

(1)of EU Directive 2000/12/EC of the European Parliament and of the Council of March 20, 2000 relating to the taking up and pursuit of the business of Credit Institutions. Article 1.1.0.23 « Derivative » : any Financial Instrument of one of the following categories : (

1. i)options and futures contracts in respect of Securities or commodities, including equivalent cash-settled instruments; (
2. ii)warrants or similar Financial Instruments entitling the holder to acquire any Security or basket of Securities or to receive a cash amount determined by reference to a future price or value of such Security or basket. Warrants can also be considered as Securities, depending on the local jurisdiction; (iii) any other Financial Instrument, the value of which is determined by reference to prices of Financial Instruments or commodities, interest rates or yields, foreign exchange rates or other indices or measures which, subject to relevant National Regulations, as the Relevant Euronext Market Undertaking may determine to be eligible for trading on a Euronext Market for Derivatives. Article 1.1.0.24 « Designated Clearnet Gateway » : any system, designated as such by a Notice, providing a service for the execution or matching of Transactions which are not concluded on one of Euronext Markets and which may be cleared by Clearnet. Article 1.1.0.25 « Euronext » : the corporate group consisting of Euronext N.V., a corporation (« naamloze vennootschap ») organised under the laws of the Netherlands, and its subsidiaries, or any corporation or entity belonging to such group, as the context requires. Article 1.1.0.26 « Euronext Amsterdam » : Euronext Amsterdam N.V., a corporation (« naamloze vennootschap ») organised under the laws of the Netherlands, operator of a Securities exchange and Derivatives exchange (« houder van een effectenbeurs ») authorised pursuant to Article 22 of the Dutch Securities Markets Supervision Act of 1995 (« Wet toezicht effectenverkeer 1995 »). Article 1.1.0.27 « Euronext Brussels » : Euronext Brussels S.A./N.V., a corporation (« société anonyme », « naamloze vennootschap ») organised under the laws of Belgium, operator of a Securities exchange authorised by Article 7, § 2, of the Belgian Law of April 6, 1995 on securities markets (« Loi relative aux marchés secondaires, au statut des entreprises d'investissement et à leur contrôle, aux intermédiaires et conseillers en placements »). Article 1.1.0.28 « Euronext Market » : any market for Financial Instruments operated by any Euronext Market Undertaking. Article 1.1.0.29 « Euronext Market Undertakings » : Euronext Amsterdam, Euronext Brussels and Euronext Paris, collectively. Article 1.1.0.30 « Euronext Paris » : Euronext Paris S.A., a corporation (« société anonyme ») organised under the laws of France, authorised as a market undertaking (« entreprise de marché ») within the meaning of Article 40 of the French Financial Activity Modernisation Act n°96-597 of July 2, 1996 (« Loi de modernisation des activités financières »)

(2). Article 1.1.0.31 « Financial Instrument » : any Security or Derivative. Article 1.1.0.32 « General Clearing Member » : a Clearing Member authorised to clear Transactions which have been dealt for its own account, or allocated to it, or have been dealt for the account of Clients, Trading Members or Associated Trading Members. Article 1.1.0.33 « Home State » : the State in which a Person has its registered office or, absent a registered office, its head office or, in the case of an individual, the State in which such individual has its principal place of business. Article 1.1.0.34 « Implementation Date » : the date specified by Clearnet in a Notice for full implementation of the IT clearing system "Clearing 21". Article 1.1.0.35 « Individual Clearing Member » : a Clearing Member authorised to clear Transactions which have been dealt for its own account, or allocated to it or have been dealt for the account of its Clients. Article 1.1.0.36 « Initial Margin » : the amount calculated by Clearnet to cover the risk resulting from a Clearing Member's Open Positions in Financial Instruments as a result of Transactions registered with Clearnet in the name of such Clearing Member. Article 1.1.0.37 « Instruction » : any document issued as such by Clearnet, as amended from time to time, whereby the provisions of this Clearing Rule Book are interpreted or implemented and which is binding upon Clearing Members generally or to any category of Clearing Members in particular. Article 1.1.0.38 « Investment Services Directive » : EU Council Directive 93/22/EEC of May 10, 1993 on investment services in the securities field. Article 1.1.0.39 « IPU » or « Index Participation Unit » : a dematerialised tradable Financial Instrument based on an underlying index. The holder of an IPU has an optional right either to receive the counter-value of the exercised IPU in cash or, as appropriate, to receive all the underlying Financial Instruments which are the constituent elements of the underlying index. Article 1.1.0.40 « Letter of Credit » : a letter of credit issued by a Credit Institution (garantie à première demande), which shall substantially be in the form of the model of the letter of credit agreement issued by the International Chamber of Commerce ( »ICC »), as amended from time to time, or in the form of the model issued by Clearnet in an Instruction. Article 1.1.0.41 « Local Part" : Title II and/or III and/or IV of the Clearing Rule Book as the context requires Article 1.1.0.42 « Margin » : Initial Margin and Variation Margin, calculated daily by Clearnet for each Clearing Member on the basis of this Clearing Rule Book. Article 1.1.0.43 « Member State » : any of the Member States of the European Economic Area. Article 1.1.0.44 « National Regulations » : any and all laws and regulations applicable in the jurisdiction of the Relevant Euronext Market Undertaking. Article 1.1.0.45 « Notice » : any document issued as such by Clearnet, as amended from time to time, informing Clearing Members generally, or a particular category of Clearing Members, of specific matters of relevance with respect to the proper functioning of the clearing of Transactions and which is binding upon such Clearing Members. Article 1.1.0.46 « Off-Exchange Transaction » : Transactions, including Prof Trades, not concluded on a Regulated Market, between a buyer and a seller that can be Clearing Members, Trading Members or Associated Trading Members. Article 1.1.0.47 « Open Position » : all the obligations of a Clearing Member vis-à-vis Clearnet, either to deliver or pay for Financial Instruments which have not yet been met, either in full or in part. Article 1.1.0.48 « Person » : any individual, legal entity, corporation, partnership, association, trust or entity as the context admits or requires. Article 1.1.0.49 « Product Group » : all products of a particular category of Financial Instruments and in particular : Securities, Derivatives and any Financial Instruments traded through Designated Clearnet Gateways. Article 1.1.0.50 « Prof Trades » : Transactions in Derivatives between two Clearing Members with the same contract specifications as the Euronext Market specifications for Derivatives, which are not traded on a Regulated Market but may be cleared by Clearnet in accordance with the terms of an Instruction issued by Clearnet. Article 1.1.0.51 « Regulated Market » : any organised market for Financial Instruments specified as such in the list published by the European Commission in accordance with Article 16 of the Investment Services Directive. Article 1.1.0.52 « Relevant Euronext Market Undertaking » : the Euronext Market Undertaking which has admitted the relevant Financial Instrument to listing or trading on a Euronext Market, or with which the relevant application for admission to listing or trading is pending, as the case may be. Article 1.1.0.53 « Security » : any Financial Instrument of one of the following categories : (

1. i)shares or other equity securities of corporations; (
2. ii)certificates or depositary receipts in respect of such shares or other equity securities; (iii) bonds or other debt securities, whether or not convertible into shares or other equity securities; (
3. iv)warrants or similar Financial Instruments entitling the holder to acquire any Security or basket of Securities or to receive a cash amount determined by reference to a future price or value of such Security or basket. Warrants can also be considered as Derivatives, depending on the local jurisdiction; (
4. v)units in collective investment undertakings; (
5. vi)any other Financial Instrument which, subject to relevant National Regulations, the Relevant Euronext Market Undertakings may decide to be eligible for trading on a Euronext Market for Securities. Article 1.1.0.54 « Systems and Operations » : all parts and components of the technical system, including hardware and software that is operated and maintained by or on behalf of a Clearing Member to clear Transactions together with the procedures that are in place to operate such system, including risk management provisions. Article 1.1.0.55 « Trading Member » : any Person which has been admitted as member on a Regulated Market in one or both capacity of broker/dealer, and whose membership has not been terminated. Article 1.1.0.56 « Transaction(
6. s)» : any purchase, sale or exchange of Financial Instruments, including a repurchase agreement or a securities loan or a buy and sell-back, and the terms "buyer" and "seller" used in this Clearing Rule Book shall be construed accordingly. Article 1.1.0.57 « Transfer Date » :the day when the assets and liabilities of the former Clearing Houses (BXS Clearing, AEX Effectenclearing, AEX Optieclearing) are transferred to Clearnet. Article 1.1.0.58 « Transition Period » : the period starting from the Transfer Date up to December 31st 2002, or such earlier date as may be determined by Clearnet in a Notice. Article 1.1.0.59 « Variation Margin » : the amount calculated by Clearnet resulting from the daily revaluation to the market price of Clearing Member's Open Positions. CHAPTER 2. - General provisions Section 1.2.1. - General Article 1.2.1.1 References to any law, regulation or directive shall be construed as those in force from time to time. Article 1.2.1.2 Chapter or Section headings in this Clearing Rule Book or in the Instructions are for ease of reference only; they are not part of the content of the relevant Chapter or Section and may not in any way affect the interpretation thereof. Article 1.2.1.3 Capitalised terms used in this Clearing Rule Book shall be construed to be of such number as the context admits or requires. Article 1.2.1.4 Capitalised terms defined in Chapter 1 and used but not otherwise defined in Instructions or in other communications of Clearnet shall have the same meaning as set forth in Chapter 1. Section 1.2.2. - Fees Article 1.2.2.1 Clearing Members shall pay to Clearnet Admission Fees and Clearing Fees. Section 1.2.3. - Governing Law Article 1.2.3.1 The Rules shall be governed by and construed in accordance with the laws of France unless explicitly stated otherwise. Section 1.2.4. - Settlement of disputes Article 1.2.4.1 Any dispute between Clearnet and a Clearing Member that may arise under any of the Rules or the Admission Agreement shall be directly referred to arbitration and finally settled in accordance with the Rules of Arbitration of EuroArbitration. This provision will be applicable at a date and under conditions set out in an Instruction. Article 1.2.4.2 Each Clearing Member agrees that any dispute between a Clearing Member and a Client or a Trading Member or an Associated Trading Member that may arise in relation to one or more Transactions shall be settled in accordance with the Rules of Arbitration of EuroArbitration if the Client or Trading Member or Associated Trading Member so requests, at any time before the matter is referred to a court (other than through summary proceedings for interim relief). This provision will be applicable at a date and under conditions set out in an Instruction. Section 1.2.5. - Currency Article 1.2.5.1 If a specific currency is replaced by another currency, such as the euro for example, in pursuance of the amendment of existing legislation or the coming into effect of new legislation, the clearing of all the financial obligations of Clearing Members arising under these Rules and which are denominated in the currency that is replaced shall take place in the substitute currency as from the effective date of such replacement. Article 1.2.5.2 If substitution of a specific currency involves a period of transition, clearing by Clearing Members during this period of transition will take place in the currency as specified by Clearnet by Notice. Article 1.2.5.3 If necessary, Clearnet shall establish the conversion rate of the substitute currency and the currency due to be replaced as well as the applicable rounding rules, subject to the applicable laws and regulations. Section 1.2.6. - Local time Where reference is made in the Rules to a time or deadline, it shall be understood to mean the Central European Time (CET). Section 1.2.7. - Local Parts Article 1.2.7.1 The provisions set out in the Local Parts apply in addition to, and not in lieu of, the provisions contained in Title I to the Dutch, Belgian and French Clearing Members respectively. Article 1.2.7.2 In case of any inconsistency between the provisions set out in Title I and the Local Parts, the latter provisions will prevail. CHAPTER 3. - Legal framework Section 1.3.1. - Scope of Clearnet activities Article 1.3.1.1 Transactions executed on any Regulated Market or executed or matched on any Designated Clearnet Gateway may be cleared by Clearnet if Clearnet has signed an agreement with the operator of the Regulated Market or Designated Clearnet Gateways. Article 1.3.1.2 Where so specified in a Notice, Clearnet can also clear Off-Exchange Transactions that are not executed on a Designated Clearnet Gateway. Section 1.3.2. - Decisions of Clearnet Article 1.3.2.1 This Clearing Rule Book sets out the general conditions governing the organisation and operation of the clearing activities of Clearnet. Article 1.3.2.2 General or specific decisions which are provided by the Clearing Rule Book to fall within the authority of Clearnet shall be adopted in accordance with the conditions established by the board of directors of Clearnet. Article 1.3.2.3 The Clearing Rule Book shall be implemented and interpreted through Instructions and by Notices, issued by Clearnet and published in accordance with Section 1.3.3. Article 1.3.2.4 The Clearing Rule Book may be modified from time to time by decision adopted by Clearnet. Clearing Members will be informed of each change in writing or by such other means as may be specified by Clearnet. Such modifications shall become effective and binding on all Clearing Members upon publication thereof by Clearnet or at such subsequent date as is specified in such publication. Article 1.3.2.5 If any modification of the Rules, other than a modification required by European Community or national law, materially adversely affects the rights or obligations of the Clearing Members generally or of any category of Clearing Members, then any Clearing Member so affected may terminate its membership by notification in writing given to Clearnet within 10 Clearing Days from the date of publication of the relevant modification. Section 1.3.3. - Publication Article 1.3.3.1 Clearnet shall ensure publication of the Clearing Rulebook, Instructions, Notices and other decisions of general application to its Clearing Members or to the relevant category of Clearing Members through dissemination via posting on its website, publication in its weekly bulletin or individual notification as appropriate. Section 1.3.4. - General Obligations of Clearnet Article 1.3.4.1 In accordance with this Clearing Rule Book, Clearnet registers Transactions, supervises the positions of its Clearing Members, calculates the associated risk, calls Margins to cover this risk, guarantees the proper settlement of positions as central counterparty, manages the default procedures, transmits settlement instructions to the settlement provider and performs all other functions specified by the Rules. Section 1.3.5. - Central Counterparty Article 1.3.5.1 Clearnet acts as a central counterparty between the Clearing Member of the buyer and the Clearing Member of the seller. Article 1.3.5.2 From the matching of the Transaction, Clearnet guarantees that the Transaction will be registered in the clearing system unless otherwise provided in a Notice. Clearnet will not be liable if a Transaction is not registered or is improperly registered in the clearing system in case of third party's fault or force majeure. Article 1.3.5.3 Upon registration by Clearnet of a Transaction submitted to it by or on behalf of its original counterparties, the original Transaction is novated and Clearnet therefore becomes exclusively entitled to the rights and subject to the obligations arising under the Transaction in place of each of the original counterparties. Article 1.3.5.4 Submission by the original counterparties of a Transaction for clearing by Clearnet signifies the acceptance by the two original counterparties of the novation. Article 1.3.5.5 Novation takes place with respect to individual gross obligations of each Clearing Member. At the end of the trading day or at another time as may be published in a Notice, Clearnet aggregates individual registered gross obligations with respect to payment of cash or delivery of Securities, into net payment and delivery obligations. Section 1.3.6. - Clearnet's guarantee Article 1.3.6.1 Upon registration, Clearnet guarantees each Clearing Member the final settlement of netted Open Positions registered in its name, subject to the timely performance by such Clearing Member of its own obligations. Article 1.3.6.2 If the market in a given Financial Instrument does not allow delivery of the instruments concerned, Clearnet can decide that a cash amount determined by it will be paid in lieu of delivery, or that, depending on the type of asset or Financial Instrument involved, another asset or Financial Instrument can be delivered in substitution. Article 1.3.6.3 For net Open Positions settled through payment of a price difference, the Clearnet guarantee applies to such difference. Article 1.3.6.4 The guarantee covers : - for Transactions in Securities : the payment of cash and the delivery of the Securities; the Local Parts set out the circumstances in which Clearnet may perform its delivery obligation at a later time than the time originally specified for the relevant Transaction. - for Transactions in option contracts : - payment of option premia pursuant to Transactions and of cash amounts resulting from exercise and assignment; - payment of cash and delivery pursuant to the settlement of positions in the underlying Financial Instruments or asset resulting from exercise and assignments; - for Transactions in futures contracts (including commodities) : payment of Variation Margin and, in the case of deliverable financial futures, delivery of assets or Financial Instruments versus payment. - for Transactions in IPUs : - payment of the dividend equivalent; - payment of premia pursuant to Transactions and of cash amounts resulting from exercise and assignments. CHAPTER 7. - Membership Section 1.4.1. - Admission of clearing members A - STATUS Article 1.4.1.1 A Clearing Member is a legal person admitted as such by Clearnet and authorised, subject to the Rules, to submit Transactions for registration, pursuant to an Admission Agreement between Clearnet and itself. Article 1.4.1.2 The following entities are eligible to become a Clearing Member : - Legal persons authorised to become members of Regulated Markets; - Credit Institutions whose program of activity for clearing has been approved by their national Competent Authority or which are duly authorised by their Competent Authority to provide clearing activities; - Legal persons, whose principal or sole object is the clearing of Financial Instruments, duly authorised by their national Competent Authority. Such entities must be under their home country Competent Authority's supervision. Article 1.4.1.3 A Clearing Member can operate as : - Individual Clearing Member; or - General Clearing Member. The Admission Agreement specifies, inter alia, the Product Group and the membership category which the Clearing Member is authorised to clear. B - APPLICATION PROCEDURE Article 1.4.1.4 The items to be included in the admission application are specified in an Instruction. The Admission Agreement is concluded on the basis of the identity of the relevant Clearing Member and so cannot be assigned or transferred without Clearnet's prior written approval. Article 1.4.1.5 Clearnet shall examine the information in the admission application and inform the applicant of its admission decision by ordinary mail within one month following the date of receipt of all documents to be included in the application. Should the information contained in the application be incomplete or unsatisfactory, Clearnet shall have the right to require additional information from the applicant. The period within which the applicant must be informed of the decision of Clearnet shall run from the receipt of the complete admission application, including any additional information required by Clearnet. Article 1.4.1.6 In the case of the approval of an application, Clearnet may impose conditions or limitations on the exercise of certain rights under these Rules provided that such conditions or limitations are imposed without discrimination. Article 1.4.1.7 Whilst the application is pending, the Applicant must notify Clearnet in advance in writing of every change in the data supplied with the application and of facts and circumstances concerning the applicant which may be of importance in the context of the application or of the ability of the applicant to perform its obligations under the Rules and the orderly conduct of its activities as a Clearing Member. Article 1.4.1.8 If Clearnet has not made a decision on a particular application within one month following the date on which the complete application was filed with Clearnet, Clearnet shall be deemed to have rejected the application. Article 1.4.1.9 Clearnet may refuse an admission to membership if it considers that such admission may adversely affect the operation of the clearing and settlement system, or when the applicant does not comply with its obligations resulting from its admission to another clearing house or Central Securities Depository. On the request of the Applicant that was not admitted, Clearnet shall duly motivate its decision within one month after the request. Any Applicant facing a refusal decision from Clearnet is able to contest such decision before an appeal comity. The appeal procedure and the constitution of such comity are set out in an Instruction. Article 1.4.1.10 If the Applicant has been approved as a Clearing Member, it shall before commencing operations : - return the signed Admission Agreement signifying its acceptance of the Rules as a contracting party; - pay to Clearnet its Admission Fee. Article 1.4.1.11 A Clearing Member must commence operations within six months after admission, unless Clearnet grants an extension. Failing this, the admission decision shall be automatically revoked and any new admission will require compliance with the provisions of this Section. Section 1.4.2. - Specific requirements A - ORGANISATIONAL REQUIREMENTS Article 1.4.2.1 A General Clearing Member who clears Transactions for one or more Trading Members or Associated Trading Members must have signed a Clearing Agreement with each such Trading Member or Associated Trading Member. The provisions which are required to be included in the Clearing Agreement are outlined in an Instruction and include provisions on the reciprocal obligations of the (Associated) Trading Member and the Clearing Member, the terms for Margin calls by the Clearing Member on the (Associated) Trading Member, the methods by which transactions are registered, the applicable law, and the procedure to be followed in the event of default of one of the signatories. A General Clearing Member may only enter into a Clearing Agreement with a (Associated) Trading Member which has not yet entered into a Clearing Agreement with another General Clearing Member for that Product Group or for Financial Instruments traded on the same Euronext Market. Article 1.4.2.2 The Clearing Agreement to be entered into by a General Clearing Member shall be submitted for prior approval to Clearnet. If Clearnet deems changes or additions to the Clearing Agreement submitted to it appropriate, it will inform the General Clearing Member which shall make the required amendments. Clearnet may stipulate that approval of the Clearing Agreement is valid for a specific period only. Article 1.4.2.3 Clearnet shall not be liable for any damage arising from the Clearing Agreement, whether sustained by the General Clearing Member or by a third party. The General Clearing Member shall comply with the Clearing Agreement as approved by Clearnet. Any amendment to the provisions required by Clearnet to be included in the Clearing Agreement shall be subject to prior approval by Clearnet. Article 1.4.2.4 Any Applicant wishing to be admitted as a Clearing Member by Clearnet should satisfy the following conditions :
7. a)be validly incorporated;
8. b)undertake to accept the Rules by executing the Admission Agreement;
9. c)be the subject of supervision by its Competent Authorities, or of comparable local supervision, if the Applicant was incorporated outside the EEA;
10. d)meet the financial requirements as determined by Clearnet from time to time and specified in Section 1.4.2, and also meet any further requirements as to liquidity and/or solvency as may be set by Clearnet;
11. e)meet the quality requirements as specified in an Instruction;
12. f)satisfy Clearnet that it has sufficient expertise in relation to clearing activities, that its technical systems and related organisational structure are operationally reliable and that its risk management policy is adequate;
13. g)ensure that the persons who represent the Applicant fulfil the requirements of expertise and ability determined by Clearnet in Articles 1.4.2.6 to 1.4.2.8, and ensure that its organisation and the persons competent to take decisions will be accessible to Clearnet during working hours of every Clearing Day;
14. h)submit details of duly existing accounts for the purposes of payment of cash amounts and deliveries of Financial Instruments, as well as evidence that a power of attorney has been issued in favour of Clearnet to allow the debiting or crediting of such accounts for the settlement of Transactions cleared by Clearnet;
15. i)irrevocably authorise such persons as may be specified by Clearnet, to inspect its facilities, interview its staff, audit its Systems and Operations, check the proposed procedures (as recorded in writing) and inspect its books, papers and other data, for the purpose of determining whether the Rules are being properly complied with;
16. j)satisfy such other requirements as may be imposed by Clearnet generally or for a category of Clearing Members. Article 1.4.2.5 Applicants that are not established under the laws of France, Belgium or the Netherlands, or any other country that may be specified by Clearnet are obliged to provide Clearnet, at their earliest convenience, with all relevant information on rules and regulations that are in force in their Home State, which deal with clearing activities, and especially those rules and regulations that concern the registration of Transactions and the resolution of delivery fails between Clearing Members and their Clients. B - AUTHORISED REPRESENTATIVES Article 1.4.2.6 All individuals who wish to perform clearing functions on Regulated Markets under the authority or on behalf of a Clearing Member must be authorised by Clearnet. Clearnet grants such authorisation upon the terms and subject to the conditions specified in an Instruction. Article 1.4.2.7 Before granting the authorisation, Clearnet will assess the applicant's professional knowledge and ability, if necessary by means of an examination. Clearnet may revoke or suspend the authorisation in the circumstances specified in the Instruction referred to in Article 1.4.2.6. Article 1.4.2.8 The Clearing Member shall provide Clearnet with a list of persons whose activities require such authorisation. Applications for authorisation are submitted by the Clearing Member, which is responsible for their proper submission. Article 1.4.2.9 A Clearing Member cannot disavow the acts or omissions of any person acting or appearing to act on its behalf on the basis that such person was not duly authorised. C - FINANCIAL REQUIREMENTS Article 1.4.2.10 In order to clear Transactions dealt on a Regulated Market, an Individual Clearing Member must at all times maintain a Capital of at least EUR 10 million. If the Clearing Member is not able to fulfil this requirement, a guarantee may be accepted in the conditions set forth below to cover the shortfall. Article 1.4.2.11 An Individual Clearing Member with Capital between EUR 5 and EUR 10 million, must provide a Letter of Credit in favour of Clearnet to cover the shortfall, unless such Clearing Member can demonstrate, in a manner which is acceptable to Clearnet, a guarantee of one or more group company covering its obligations under these Rules. In either case the identity of the issuer must be satisfactory to Clearnet. In the latter case, the form and substance of the guarantee must be satisfactory and the level of Capital is assessed on a consolidated basis. Article 1.4.2.12 In order to clear Transactions dealt on a Regulated Market, a General Clearing Member must at all times maintain a Capital of at least EUR 25 million. The required amount increases, depending on the number of Trading Members cleared by the General Clearing Member, as follows : - EUR 30 million from the tenth Trading Member cleared, - EUR 33.75 million from the fifteenth Trading Member cleared, - EUR 37.5 million from the twentieth Trading Member cleared and above. If the Clearing Member is not able to fulfil this requirement, a guarantee may be accepted in the conditions set forth below to cover the shortfall. Article 1.4.2.13 A General Clearing Member with a Capital below the amounts stipulated in Article 1.4.2.12, but in excess of EUR 15 million, must provide a Letter of Credit in favour of Clearnet to cover the shortfall, unless such Clearing Member can demonstrate, in a manner which is acceptable to Clearnet, a guarantee of one or more group company covering its obligations under these Rules. In either case the identity of the issuer must be satisfactory to Clearnet. In the latter case, the form and substance of the guarantee must be satisfactory and the level of Capital is assessed on a consolidated basis. Article 1.4.2.14 The requirements set out in Sub-Section C of this Section shall also be applicable to Clearing Members clearing Prof Trades. Clearnet can also apply the provisions of this Section to the Members clearing Transactions in Financial Instruments executed on a market which does not have the status of Regulated Market if all Financial Instruments may be traded on that market are traded elsewhere on a Regulated Market. Article 1.4.2.15 Any Letters of Credit that have been issued in favour of Clearnet to cover the obligations of another Clearing Member, pursuant to Articles 1.4.2.11 and 1.4.2.13, shall reduce the issuer's Capital pro tanto. Article 1.4.2.16 In the case of Business Combinations, the minimum Capital shall be determined by adding the Capital of each Person in such combination which is jointly and severally liable, and subtracting any cross-shareholdings between such Persons. The total Capital must at all times be at least equivalent to the minimum amounts set forth in these Rules. Article 1.4.2.17 A Clearing Member whose Capital at any point falls below the required amount is obliged to immediately ensure it is brought back up to the minimum requirement, without prejudice to the powers of Clearnet specified in Section 1.4.4. D - LOCATION OF OFFICES Article 1.4.2.18 A Clearing Member may locate the human and technical resources needed to carry on its clearing and back office activities wherever it chooses in the EEA, provided that it can satisfy Clearnet that such activities are carried out in a country in which on-site inspections by or on behalf of Clearnet are practicable and permitted by applicable laws and regulations. In any case, the head office and the registered office of the Clearing Member must be located in the same member state. Article 1.4.2.19 A Clearing Member may subcontract all or part of its clearing activities, to another Clearing Member, or to a company in the same group with the prior authorisation of Clearnet, provided that such arrangements shall not relieve the subcontracting Clearing Member of any of its obligations under these Rules. The request for authorisation must give all appropriate details as to the organisation, structure and procedures of the subcontractor and as to the means of control and supervision available to the subcontracting Clearing member. Article 1.4.2.20 Clearnet may require from a subcontractor the same information as may be required from a Clearing Member pursuant to these Rules. To that effect Clearnet may require in advance a written undertaking by the subcontractor which will include a provision authorising Clearnet and any Person acting on its behalf to perform inspections at the premises in which the clearing activities actually take place. Article 1.4.2.21 A Clearing Member that relies on an outside contractor to operate its information systems agrees to inform Clearnet of the control mechanisms pertaining to the hardware and software used or made available by the contractor. Such communications do not constitute approval by Clearnet; neither do they relieve the Clearing Member of any of its obligations under these Rules. The Clearing Member alone is answerable to the Clearnet for the proper execution of operations. Section 1.4.3. - Other continuing obligations A - GENERAL Article 1.4.3.1 Clearing Members shall at all times comply with the requirements set out in Section 1.4.2 and any additional conditions and limitations imposed upon admission and with any other stipulation of these Rules. In particular, they must pay any Clearing Fees and contribute to the Clearing Fund as set forth in Chapter 6 of this Title. Article 1.4.3.2 Clearing Members must ensure that they are able to effect the settlement of Financial Instruments irrespective of the currency in which they are settled. Article 1.4.3.3 Clearnet may furnish, within the limits of the legal provisions applicable, any information provided to it to exchanges, clearing organisations and Competent Authorities to the extent that these exchanges, clearing organisations and Competent Authorities are responsible for the organisation of markets, the clearing, settlement or the supervision of other activities of Clearing Members. Before furnishing the information, Clearnet may require that the exchange, clearing organisation or Competent Authorities concerned confirms that the information will be treated in confidence and that it will not be used for any purpose other than that for which it has been furnished. Notwithstanding such confirmation, the exchange, clearing organisation or Competent Authorities concerned shall have the right to provide the information furnished by Clearnet to third parties if it is legally empowered or obliged to do so. B - INFORMATION Article 1.4.3.4 The Clearing Member shall respond to all requests for information from Clearnet concerning its clearing activities and exposure to general and financial risks (Transactions, positions, fails, Clients, etc.). B1 - Financial information Article 1.4.3.5 Clearing Members must send the following information to Clearnet : * Annually : - audited financial statements balance sheet, profit and loss account, and notes to the annual financial statements; - audited consolidated financial statements balance sheet, profit and loss account, and notes to the financial statements; * At the intervals required by the Competent Authority or by the regulations of the Home State : - interim balance sheet; - profit and loss account; - documents concerning prudential supervision of market risks, prepared on a consolidated or unconsolidated basis; - statements concerning core capital (tier 1) and supplementary capital (tier 2) as defined by the said authority or regulations. Article 1.4.3.6 Clearing Members shall send Clearnet an annual update to a questionnaire relating to, inter alia : - the ownership of the Clearing Member's Capital, and a group organisation chart; - an updated description of the technical resources and personnel that are assigned to clearing functions; - a description of the structure and procedures in place, particularly in regard to the audit and back office functions. B2 - Complementary information Article 1.4.3.7 A Clearing Member must notify Clearnet in advance in writing of every change in the data supplied in its application for admission and of any facts and circumstances concerning the Clearing Member which may significantly affect the exercise of its duties or the orderly conduct of its activities as a Clearing Member. Such developments without limitation include in particular : - those which could or are likely to result in the Clearing Member no longer being able to comply with its obligations under these Clearing Rules; - any significant change in its financial situation, in particular where shareholders' equity or Letters of Credit have declined by more than 10% compared with the amounts previously reported or if shareholders' equity and Letters of Credit fall below the amount specified in Sub-Section C of Section 1.4.2 of these Rules; - any other change which has or could have a significant impact on their financial position, reliability or operations; - any change in their legal status or structure, including change of address, office or object under their Articles of Association; - changes in the power of control (shareholders) over their business with respect to the appointment and dismissal of their personnel, changes in the composition of their management or executive bodies, in their accounting system or organisation, in the holders of a qualified participating interest their business, in the participating interests they hold or the joint ventures or alliances they have entered into; - any event occurring between the reporting dates set out in Article 1.4.3.6 that would significantly reduce the Clearing Members' Capital. The obligation to notify becomes effective at the time the Clearing Member anticipates or becomes aware of the events, or, if earlier, at the time at which the Clearing Member ought reasonably to have anticipated or become so aware. Article 1.4.3.8 Clearing Members shall send Clearnet a copy of all injunctions, formal notifications or sanctions imposed on it by any Competent Authority. Article 1.4.3.9 The obligation of Clearing Members to provide information also covers information about their Clients, including personal particulars concerning the identity, trading activities and positions of Clients. Clearnet shall have the right to furnish this information to the same persons as mentioned in Article 1.4.3.3 and on the same terms. C - RECORD KEEPING Article 1.4.3.10 Clearing Members must keep accurate and full accounting records of all the Transactions they have entered into. These accounting records should, where applicable, disclose at least the following particulars : - the Trading Member on the relevant market with which a Clearing Agreement has been entered into; - in respect of each Trading Member on the relevant market with which a Clearing Agreement has been entered into, all the rights and obligations arising from the Transactions entered into by a General Clearing Member for the account of the Trading Member concerned; - any further requirements as may be specified by Clearnet. Article 1.4.3.11 The Clearing Member is required to keep all data relating to its clearing activity for at least five years and must make the data available to Clearnet upon demand throughout that period. D - INVESTIGATION Article 1.4.3.12 The Clearing Member authorises Clearnet to request all relevant information regarding its payment-delivery commitments in the payment and settlement systems used by Clearnet, either directly or through another organisation. Article 1.4.3.13 The Clearing Member agrees to submit to inspections by Clearnet, whether on the latter's initiative or at the request of a national Competent Authority, and to respond to all requests by Clearnet for information on a regular or exceptional basis. Article 1.4.3.14 The Clearing Member authorises Clearnet, or any person or entity that has been duly designated, to make an audit of its Systems and Operations. Further, it undertakes to provide all information needed to complete such an audit. Clearnet reserves the right, upon completion of the audit, to require any modifications that may prove necessary. The Clearing Member hereby agrees to implement such modifications as soon as possible. Article 1.4.3.15 For the purpose of this Clearing Rule Book, Clearnet may delegate its investigation powers to any suitable body which it shall see fit. Section 1.4.4. - Suspension revocation Article 1.4.4.1 Without prejudice to the possible applicability of the provisions set out in Chapter 7 of this Title I, if Clearnet is of the opinion that specific developments could or are likely to result in a situation in which a Clearing Member no longer satisfies one or more of the requirements set in Section 1.4.2, or endangers the proper functioning of the clearing system, or can no longer comply with its obligations under these Rules, Clearnet may : - suspend or revoke its membership; - refuse to register Transactions; - submit registration of Transactions to specific conditions, or impose additional conditions which Clearnet deems appropriate in the circumstances and notifies in writing to the Clearing Member. Article 1.4.4.2 Before exercising any such power, however, Clearnet may, without any commitment on its part, enter into consultations with the Clearing Member, which may result in Clearnet specifying the latest date and time limit on which the Clearing Member must have remedied the situation. Article 1.4.4.3 In any event, Clearnet can decide the temporary suspension of the Clearing Member's activities, or revoke its membership as a Clearing Member, with immediate effect without any further act or notification being required. Article 1.4.4.4 When a Clearing Member's membership is suspended, Clearnet shall suspend the registration of any new Transactions in the Clearing Member's name. However, Clearnet may decide, in view of the particular circumstances to only suspend the registration of a new Transaction increasing the Clearing Member's Open Position. The Clearing Member will continue to be required to provide Collateral and settle netted Open Positions as they fall due. Article 1.4.4.5 When a Clearing Member's membership is revoked, Clearnet shall discontinue registration of any new Transactions in the Clearing Member's name and transfer to another Clearing Member or liquidate the Clearing Member's Open Position(s). Article 1.4.4.6 Suspension or revocation of membership shall be promptly notified to the Clearing Members by publication in a Clearnet Notice. Clearnet will also promptly notify the Competent Authorities and the operator of the markets concerned. Article 1.4.4.7 In addition to the foregoing, Clearnet shall have the right at any time to terminate in writing a Clearing Member's membership, subject to a period of notice which is reasonable in the circumstances. The Clearing Member will be informed of the reason for the termination. Section 1.4.5. - Withdrawal Article 1.4.5.1 A Clearing Member shall have the right at all times to terminate its membership as a Clearing Member as specified in the Admission Agreement. Article 1.4.5.2 The announcement of termination of membership does not relieve a Clearing Member from any of its obligations arising from Transactions entered into prior to such announcement. When the Clearing Member shall have satisfied all of his obligations vis-à-vis Clearnet, the latter will refund any remaining cash and Collateral belonging to the Clearing Member in question, including its contribution to the Clearing Fund. Section 1.4.6. - Transitional provisions A - GRAND FATHER CLAUSE Article 1.4.6.1 As of the Transfer Date, all Clearing Members of BXS Clearing, AEX Effectenclearing and AEX Optieclearing, duly authorised at that time are automatically admitted to membership of Clearnet as Individual or General Clearing Member, in the relevant Product Group(s). For that purpose, they have to sign an appropriate Admission Agreement with Clearnet. At the same time Clearnet becomes automatically the central counterparty of all the Open Positions of such Clearing Members and the beneficiary of all associated Collateral. Article 1.4.6.2 As of the Transfer Date, upon notification as provided below, Clearnet will automatically grant an authorisation to all individuals, duly authorised at that date by BXS Clearing, AEX Effectenclearing and AEX Optieclearing, carrying out clearing functions for Clearing Members, subject only to the relevant Clearing Members notifying Clearnet the names of individuals concerned by this provision within 3 months after the Transfer Date. B - TRANSITION PERIOD Article 1.4.6.3 From the Transfer Date until December 31st, 2002, existing Clearing Members which do not meet the status, the organisational or financial requirements as set out in these Rules, are allowed to carry on their business exclusively for the clearing of Financial Instruments that they have been authorised previously, on the basis set out below. Article 1.4.6.4 Any such Clearing Member, which wants to carry on its clearing business after the Implementation Date, must commit to fulfilling the financial requirements set out in Sub-Section C of Section 1.4.2 of this Clearing Rule Book before December 31st, 2002 at the latest. For that purpose it will submit to Clearnet for approval a financial forecast to show how it will be able to meet the financial requirements. This forecast must be submitted to Clearnet as soon as possible after the Transfer Date and not later than the Implementation date. An Instruction sets out the main criteria which Clearnet will take into account to approve or not such forecast. Article 1.4.6.5 If Clearnet approves the financial forecast, the Clearing Member is automatically authorised, at the Implementation Date, to clear all Transactions executed on any Euronext Markets. Article 1.4.6.6 After the approval of the forecast by Clearnet, and as long as the Clearing Member's Capital is still below the level which would otherwise be required, the Clearing Member shall report its Capital to Clearnet on a quarterly basis and have to cover its risks by : - either providing Clearnet with a Letter of Credit covering the amount which Clearnet deems appropriate; or - paying an « extra individualised margin » which should equal the difference between the calculated margin and a stress calculated margin. The stress calculation should be determined once a month, based on the highest risk exposure of the previous month. The extra individualised margin should be maximised with the difference between the required level of Capital and the present Capital of that Clearing Member. Article 1.4.6.7 If Clearnet does not approve the financial forecast, or if the Clearing Member considers that it will not be able to fulfil the financial requirement set out in Sub-Section C of Section 1.4.2 of this Clearing Rule Book at the latest on December 31st, 2002, or if the Clearing Member fails to perform in accordance to the forecast, Clearnet may revoke the membership. All the Open Positions and associated Collateral of such Clearing Member, will be transferred at the same time to a General Clearing Member designated by such Clearing Member. Article 1.4.6.8 From Transfer Date until they fulfil the financial requirements set out in these Rules, the Clearing Members, must comply either with the financial requirements defined in the Local Parts or with the financial requirements that were in force at December 31st, 2000 and that were applicable to the membership category they belonged to at the same date. Clearing Members that satisfy the financial requirements set out in Sub-Section C of Section 1.4.2 of this Clearing Rule Book, either at the effective date of this Clearing Rule Book or in due course, must continuously observe the new obligations defined above. Article 1.4.6.9 As of January 1st, 2003 all Clearing Members have to comply with the above mentioned status, organisational and financial requirements. CHAPTER 5. - Margin requirements and risk supervision Section 1.5.1. - Margin Article 1.5.1.1 Initial Margins as well as Variation Margins are called to protect Clearnet against Clearing Member default. Article 1.5.1.2 Variation Margin is debited or credited by Clearnet on a daily frequency. Article 1.5.1.3 Based on the Open Positions of Clearing Members at any time during the day, Clearnet shall have the right during the day to re-determine or to call Margin upon Clearing Members and to inform them accordingly. If this results in a higher Margin, the Clearing Member in question shall be obliged to ensure that the difference between the previous Margin and the newly determined Margin is transferred or, as the case may be issued, within one hour of it having been informed thereof. Article 1.5.1.4 Clearnet shall at all times have the right to impose upon a Clearing Member such additional Margin as it reasonably deems useful or necessary. This can be done either on an individual basis or based on the nature of the Financial Instruments to which the relevant positions relate. Article 1.5.1.5 Clearnet shall publish in an Instruction : - the method and parameters used to calculate Initial Margin; - any price fluctuation limits; - the type of Securities, assets or bank guarantees to be accepted as Collateral to meet Initial Margin or Variation Margin calls by Clearnet and by Clearing Members; - any discount (« haircut ») to be applied to the market value of such Collateral, depending on its nature and maturity. Article 1.5.1.6 Clearing Members shall call Margin from their Clients and Trading Members having positions on Derivatives in an amount based on the same parameters and methodology as the Clearnet Margin. For Transactions on Securities markets, the provisions concerning Margin on Securities Positions are set forth in the Local Parts. Section 1.5.2. - Collateral Article 1.5.2.1 A Clearing Member shall provide sufficient Collateral to Clearnet or via a cross guarantee arranged with a central bank as security for the performance of the obligations of the Clearing Member. The amount of Collateral is determined by Clearnet. Article 1.5.2.2 Any Margin required to be provided by a Clearing Member must be provided not later than the time set by Clearnet, on the Clearing Day following the day of the Transaction. Where the Clearing Member is to provide Collateral in the form of the issuance of a guarantee by a central bank, it must fulfil its obligation to provide eligible Collateral to the central bank by the time stipulated in the relevant guarantee agreement so that the central bank can issue its guarantee to Clearnet by the same time as specified above. Article 1.5.2.3 Where Collateral is due to Clearnet, Clearnet reserves the right to exclude certain types of Collateral on the grounds, inter alia, of illiquidity or insufficient outstandings, and may accept other assets on the terms specified by Clearnet in a Notice. Section 1.5.3. - Risk supervision and Accounting Article 1.5.3.1 At Clearnet's request, Clearing Members shall communicate to Clearnet all information concerning the identity, the positions, and the solvency of the Clients whose accounts they hold. Article 1.5.3.2 Clearnet can request daily information of the Clearing Member in order to continuously monitor the risk management as performed by the Clearing Member. Article 1.5.3.3 Clearnet shall keep accounting records of the positions of all Clearing Members concerning the Financial Instruments they are due to receive and deliver and of the related rights and obligations, by means of an account which Clearnet opens in its books in the name of each Clearing Member. The minimum requirement of the account structure at Clearnet level is set out in the respective Local Part until the Implementation Date. Article 1.5.3.4 Clearnet requires Clearing Members to open position sub-accounts, in order to separately record the positions of Trading Members and those of the Clearing Member's Clients under the conditions set out in an Instruction. Article 1.5.3.5 Position limits and limits on risk exposure applicable to Clearing Members and Clients are set out in an Instruction. Article 1.5.3.6 When these limits are reached, Clearnet may refuse to register any Transaction which would increase the Open Position of the Clearing Member, Trading Member or the Client, after informing the operators of the market or Designated Clearnet Gateways. Clearnet can also increase the Collateral requirement in respect of the Clearing Member's or the Client's Open Positions. Article 1.5.3.7 In addition, Clearnet may order a Clearing Member to reduce its own, its Client's or Trading Member's Open Position within a stipulated time limit. If the Open Position is not reduced within the time limit, Clearnet can automatically liquidate the Open Positions of the Clearing Member(
17. s)that exceed the authorised limits. Further Clearnet can also establish a market position limit and can require that, from a specified date onwards, only closing orders will be accepted. CHAPTER 6. - Clearing fund Section 1.6.1. - Contribution to the Fund Article 1.6.1.1 A Clearing Member is obliged to contribute to the Clearing Fund : - by providing to Clearnet in a form approved by Clearnet either by means of Letter of Credit or outright transfer of Collateral; - or by transferring Collateral to a central bank as Collateral for the issuance of a guarantee in favour of Clearnet; - by any other means identified in the Local Parts or published in an Instruction. In the second case, the Clearing Member must ensure the performance of the central bank's obligations by entering into arrangements acceptable to Clearnet for the issuance of such guarantees. Article 1.6.1.2 The amount to be contributed by a Clearing Member to the Clearing Fund shall be correlated with the risk associated with the Open Positions (uncovered risk). Article 1.6.1.3 Once a month Clearnet shall determine the size of the Clearing Fund and the level of each individual Clearing Member's contribution. The total amount that may initially be called shall at least cover the price risk run by the Clearing Member in respect of its largest uncovered risk. The method of calculation of such contribution is specified in an Instruction. Section 1.6.2. - Calls upon the Fund Article 1.6.2.1 Calls may be made on the Clearing Fund in the event that a Clearing Member is declared by Clearnet in default in order to cover the defaulting Member's obligations under these Rules. Article 1.6.2.2 The defaulting Clearing Member's share in the Clearing Fund shall be used in the first instance. Article 1.6.2.3 If a need remains thereafter, the other Clearing Member's shares in the Clearing Fund shall be used pro rata to their respective contributions for that monthly period. The Clearing Member's contribution thus calculated shall not exceed the total Clearing Fund contribution set for that period. Article 1.6.2.4 Following a call, funds received from a central bank pursuant to any guarantees issued in favour of Clearnet as provided in Article 1.6.1.1 shall provide a valid discharge of the amount owed by the respective Clearing Members. Article 1.6.2.5 If Clearnet calls upon the Clearing Fund, it shall use the sums provided to perform its obligations pursuant to its guarantee under Section 1.3.6 and any related loans, expenses, damages, interest charges and other expenditure. Article 1.6.2.6 Should there be any surplus after such performance, or profits earned from the performance of its obligations, then such amounts shall be repaid by Clearnet to Clearing Members in proportion to their respective contributions either directly, or where applicable, via the central bank. Section 1.6.3. - Further Contributions Article 1.6.3.1 If a Clearing Member is declared in default under the Rules and a call has been made on the Clearing Fund, each Clearing Member (including the Clearing Member in default) shall be required to contribute further to the Clearing Fund to restore their contributions and raise the Clearing Fund to the required level in such time as notified by Clearnet. Following that, Clearnet shall not be allowed to make further calls on the Clearing Fund in respect of the same default. Article 1.6.3.2 Payment of the amounts referred to in this Chapter shall not affect the obligation of the defaulting Clearing Member to properly perform its obligations and pay compensation for any damage caused by its default. Article 1.6.3.3 From time to time, Clearnet will report on and account for any withdrawals made from the Clearing Fund. Article 1.6.3.4 The Clearing Fund described in this Chapter shall be segregated to the effect that there will exist two separate Dutch Clearing Funds as described in Title II on the one hand, and a separate Clearing Fund for Belgian and French Clearing Members on the other hand, until a date that will be published in a Notice and no later than the end of the Transition Period. CHAPTER 7. - Event of default Liability - Force majeure Article 1.7.0.1 In the interests of the clearing system, Clearnet may, in co-ordination with the Competent Authority, take any measure it deems necessary in relation to the organisation and the operation of the clearing and settlement system, whether or not these measures are set out in the Rules. Section 1.7.1. - Definition default Article 1.7.1.1 If the Clearing Member appears to Clearnet to be unable, or to be likely to become unable, to meet its obligations in respect of one or more Transactions or otherwise under the Rules, Clearnet declares such event as an event of default. Clearnet may take the view that an event of default has happened in the light of the occurrence of inter alia any of the following events : - failure to pay or deliver any or all balances, Financial Instruments, or assets owed to Clearnet in respect of Open Positions registered in the name of the Clearing Member with Clearnet, within the stipulated deadlines; - failure to pay Initial Margin, Variation Margin or any additional Margin as indicated in article 1.5.1.4, imposed by Clearnet or failure to make a required contribution to the Clearing Fund, within the stipulated time limits; - being subject to a suspension of payments, bankruptcy, administration or amicable settlement, or similar proceedings (excluding attachment procedures). Section 1.7.2. - Measures in case of a default Article 1.7.2.1 Upon the occurrence of an event of default, Clearnet, without any notification being required, may declare the Clearing Member in default and/or take any measures that may be needed or useful for the protection of the clearing system, in particular any one or more of the following, or any other measure as may be provided elsewhere in the Rulebook or Admission Agreement : (
18. i)to refuse to register any new Transactions in the Clearing Member's name or to agree to register only under specific conditions if, in the opinion of Clearnet, there are good reasons for this; (
19. ii)to require Clearnet's authorisation for the registration of any new Transaction in the Clearing Member's name; (iii) to demand compliance by the Clearing Member of its obligations in the manner as determined by Clearnet; (
20. iv)to impose further requirements as regards Collateral to be furnished to secure the Clearing Member's compliance with its obligations; (
21. v)to claim damages and costs; (
22. vi)to declare one or more of the obligations of the Clearing Member to be due and payable immediately; (vii) to buy, borrow or sell Securities for the account of the Clearing Member to secure compliance with the Settlement obligations of the Clearing Member; (viii) in compliance with the obligations of the Clearing Member under these Rules to sell off the Collateral furnished by the Clearing Member; (
23. ix)to effect cash settlement of any Open Positions in the name of the defaulting Clearing Member; (
24. x)to express the obligations of the Clearing Member or Clearnet, as the case may be, in money to be valued at the Settlement Price of that day and to set off reciprocal balances so that these obligations, in so far as set off, will have been met; (
25. xi)to liquidate some or all of the Transactions registered in the Clearing Member's own account and that of companies in its corporate group; (xii) to liquidate the Open positions of Clients or Trading Members which cannot or do not wish to maintain their positions with the new Clearing Member; (xiii) to transfer to another Clearing Member designated by the beneficiary the Open Positions, including positions of its Clients or Trading Members; (xiv) to act in lieu of the defaulting Clearing Member to pay funds and deliver Securities due; (
26. xv)to obtain any advice or assistance, as Clearnet may reasonably require in connection with the default at the expense of the defaulting Clearing Member; (xvi) to impose a penalty for late delivery or payment, in the circumstances and a rate set out in an Instruction. Section 1.7.3. - Liability of clearing members Article 1.7.3.1 The Clearing Member shall be liable for any damage which Clearnet suffers directly or indirectly as a consequence of event of default without any notice of default by Clearnet being required. Article 1.7.3.2 All expenses incurred by Clearnet to process the default shall be deducted from the Margins of the defaulting Clearing Member or where relevant any other funds deposited by such Member with Clearnet. Any remaining balance shall be remitted to the Clearing Member after Clearnet has discharged all its obligations. Article 1.7.3.3 If the defaulting buying Clearing Member's Open Positions are liquidated, any excess Collateral is refunded to the defaulting buying Clearing Member only once the following conditions are met : - Clearnet has paid the selling Clearing Member; - Clearnet has closed out the buying Clearing Member's Open Positions and has calculated all costs, including inter alia the Transaction costs. Any profit on the sale of the Securities received from the selling Clearing Member is applied against amounts payable to Clearnet. Article 1.7.3.4 The balance of the regular Margin and additional Margin called after allocation of the results of the Securities buy-in and any costs incurred in processing the default is refunded to the defaulting selling Clearing Member only once the following conditions are met : - The buying Clearing Member has either taken delivery or has received the cash settlement in lieu of delivery; - Clearnet has calculated all costs, in particular, that Clearnet has no outstanding borrowings related to its settlement of the default; - Any profit on the buy-in and delivery of Securities to the Clearing Member buyer is applied against amounts payable to Clearnet. Section 1.7.4. - Liability of Clearnet - Force majeure Article 1.7.4.1 In no circumstance shall Clearnet incur any liability for any breach of the Rules by a Clearing Member. Article 1.7.4.2 The Clearing Member buyer's Open Position is no longer carried in clearing once he has received delivery of Securities tendered either by Clearnet or the Clearing Member seller. The Clearing Member buyer can assert no claim to compensation for the late receipt of Securities. Article 1.7.4.3 Clearnet shall be liable for damage arising from non-compliance with its delivery or payment obligation under Transactions it has entered into with Clearing Members unless such non-compliance is the result of a force majeure event. Article 1.7.4.4 Force majeure is to be given its construction under French law, that is to say extraordinary events independent of the Parties' will that cannot be foreseen or avoided by them even with due diligence, being beyond their control preventing the Parties to comply with their obligations undertaken in these Rules or in the Admission Agreement. Disasters, such as hurricane, earthquake, international conflicts, stroke of lightning and war, are inter alia to be considered as such events. If circumstances as referred to in the previous paragraph occur or are in danger of occurring, Clearnet or Clearing Members, as the case may be, will take such measures as may be reasonably demanded of them in order to limit as much as possible the detrimental consequences for the other party resulting from these circumstances. Article 1.7.4.5 For damage arising from obligations other than those referred to in article 1.7.4.4 above, Clearnet will under no circumstances be held liable unless such damage is a direct result of gross negligence or an intentional act or omission on the part of Clearnet. Article 1.7.4.6 Clearnet will not be held liable for any detrimental consequences of abnormal or fraudulent use of the clearing system or for any detrimental consequences of acts or omissions of third parties. Clearnet will under no circumstances be liable for consequential loss suffered by the Clearing Member such as loss of custom, profit or revenues believed by the Clearing Member to be the consequence of a total or partial failure to perform the Rules or the Admission Agreement. TITLE II. - LOCAL PROVISIONS FOR DUTCH CLEARING MEMBERS THIS TITLE ISN'T APPLIED IN BELGIUM TITLE III. - LOCAL PROVISIONS FOR BELGIAN CLEARING MEMBERS CHAPTER 1. - Definitions Article 3.1.0.1. Belgian Clearing Member Belgian Clearing Members are those Clearing Members : - who were admitted as a Clearing Member by BXS-Clearing before the Transfer Date; - who benefit from the grand father clause as set out in article 1.4.6. A of Title I and who clear Transactions carried out on Euronext Brussels; - who will be admitted as such by Clearnet during the Transition Period and who clear Transactions carried out on Euronext Brussels. Where in the chapters of Title III reference is made to the term `Clearing Member(s)', it has to be understood as `Belgian Clearing Member(s)' unless the context requires otherwise. Article 3.1.0.2. CIK CIK is the Belgian company referred to in Article 1 of the Royal Decree number 62 of November 10, 1967, executing the settlement instructions received from Clearnet for Financial Instruments listed on Euronext Brussels and assuring the « delivery versus payment » principle. This means transferring the Financial Instruments and settling the cash between the account of the Clearing Member-buyer and the Clearing Member-seller. Article 3.1.0.3. Cash Call The Cash Call is the amount of cash that Clearnet will ask from the Clearing Member when the Collateral and the cash being deposited by him with Clearnet are insufficient to cover his Margins. Article 3.1.0.4. Client Ratio The Client Ratio is the percentage of the Qualified Capital of a Clearing Member clearing Derivatives that determines the maximum amount of Margins he can hold for his Clients' Open Positions and the Clients' Open Positions of the Trading Members and the Non-member Intermediaries clearing through him. Article 3.1.0.5. Contingent Liabilities The Contingent Liabilities are the total of the obligations that has to be covered by the Belgian Clearing Member in the form of Securities and/or cash. Article 3.1.0.6. House Ratio The House Ratio is the percentage of the Qualified Capital of a Clearing Member clearing Derivatives that determines the maximum amount of Margins he can hold for his house and/or dealer Open Positions, the house accounts of the Trading Members who clear through him and the house accounts of Non-member Intermediaries who clear through him. Article 3.1.0.7. Lending & Borrowing System The Lending & Borrowing System is a system administrated by Clearnet that fulfils the requirements of a centralised system of the lending and borrowing of Securities as set out in article 2 of the Royal Decree of November 29, 2000. The Lending & Borrowing System implies that for eligible Securities, an automatic borrowing of Securities will take place if the Clearing Member-seller is not able to deliver on the settlement date and on condition that all requirements have been fulfilled. Article 3.1.0.8. Non-member Intermediary A Non-member Intermediary is a Person meeting the conditions to be admitted as a Trading Member of the Derivatives Market of Euronext Brussels but actually not being a Trading Member and, according to his or its status, allowed to act for the account of Clients. Article 3.1.0.9. PPS : Protected Payment System PPS is an automatic debit/credit system used by Clearnet for settling cash amounts (such as those between the Clearing Members and itself) and via which Clearnet asks for the daily Cash Calls. Via this system the Clearing Members can also be repaid the excess cash they are holding. Article 3.1.0.10. Public Auction Market The Public Auction Market is a market which does not constitute an official list within the meaning of the Council Directive 79/27/EEC of 5 March 1979 co-ordinating the conditions for admission of Securities to the official listing of a stock exchange, and on which are carried out Transactions bearing on Financial Instruments not admitted to the listing or the negotiation on a market organised by Euronext Brussels. Article 3.1.0.11. Qualified Capital The Qualified Capital of the Clearing Member consists of the funds paid in by the shareholders plus the reserves, subordinated loans and bank guarantees callable on demand, minus formation expenses, intangible assets and tangible fixed assets, financial fixed assets and other assets that cannot be realised in the short term and other deductible items. Article 3.1.0.12. Realised Liabilities The Realised Liabilities are the realised profits and losses of the Clearing Member. Those Realised Liabilities can only be covered in cash. CHAPTER 2. - General provisions Section 3.2.1. - General Article 3.2.1.1. The provisions of this Title III only apply to the clearing by Belgian Clearing Members of 1. Financial Instruments listed on the markets organised by Euronext Brussels, whether or not the trading of those Financial Instruments are carried out on those markets;2. Financial Instruments not listed on the Regulated Markets organised by Euronext Brussels, whether or not the trading of those Financial Instruments is carried out on those markets. The provisions of this Title III apply in addition to those contained in Title I. Article 3.2.1.2. The provisions in this Title III do not, directly, indirectly or by way of reference, apply to Clearing Members that do not qualify as Belgian Clearing Members. Article 3.2.1.3. The provisions in this Title III will be completed by Instructions and Notices, issued by Clearnet. Those Instructions and Notices will have the same applicability as mentioned in article 3.2.1.1. of this Title III. Article 3.2.1.4. The provisions of this Title III will be replaced in stages, i.e. one by one. Once replaced they will automatically be defunct. Article 3.2.1.5. In addition to the provisions of this Title the clearing activities mentioned under Article 3.2.1.1. of this Title are also governed by the provisions relating to BXS-Clearing or to the « Coöperatieve tot Vereffening van de Markten van de Effectenbeursvennootschap van Brussel C.V.B.A./Coopérative de Liquidation des Marchés de la Société de la Bourse de Valeurs Mobilières de Bruxelles S.C.R.L. », including the clearing procedures, circulars etc., which were applicable before the Transfer Date and which are not inconsistent with the provisions of Titles I or III and are not redundant. As from the Transfer Date these provisions form part of the provisions governing the above-mentioned clearing activities, provided that the terms BXS-Clearing or the « Coöperatieve tot Vereffening van de Markten van de Effectenbeursvennootschap van Brussel C.V.B.A./Coopérative de Liquidation des Marchés de la Société de la Bourse de Valeurs Mobilières de Bruxelles S.C.R.L. » are understood as referring to Clearnet S.A.. These provisions can be repealed or amended by documents adopted as specified in subsection 1.3.2. of Title I and in Article 3.2.1.3. of this Title III. Article 3.2.1.6. In case of any inconsistency between Title I and Title III of this Rule Book, the provisions of Title III shall prevail. Article 3.2.1.7. Capitalised terms used in this Title III shall have the same meaning as set forth in chapter 1 of Title I of this Rule Book and chapter 1 of this Title III. Section 3.2.2. - Applicable Law Article 3.2.2.1. By departure from article 1.2.3.1. of Title I, the Lending & Borrowing System is governed by Belgian Law. Article 3.2.2.2. For the purpose of the Clearing Rule Book, warrants are in Belgium considered as Securities. Article 3.2.2.3. The Belgian Common Civil Law Provisions are applicable for determining the moment of the transfer of the ownership of Transactions in Financial Instruments. CHAPTER 3. - Legal framework Section 3.3.1. - Central Counterpart Article 3.3.1.1. By exception of sub-section 1.3.5. of Title I, Clearnet does not act for Euronext Brussels as a central counterpart between the Clearing Member of the buyer and the Clearing Member of the seller in case of Transactions executed on the Public Auctions Market. Section 3.3.2. - Clearnet Guarantee Article 3.3.2.1. By exception of sub-section 1.3.6. of Title I, Clearnet does not guarantee : the proper completion in the case of Transactions executed on the Public Auctions Market. Article 3.3.2.2. In addition of sub-section 1.3.5. and 1.3.6. of Title I, Clearnet shall guarantee the loans granted in the framework of the Lending & Borrowing System according to the terms of the `Agreement of Loan of Securities' signed between Clearnet and the lender. The functioning and organisation of this system is explained in an Instruction. Article 3.3.2.3. According to article 1.3.6.4. (
27. a)of Title I, Clearnet will publish the circumstances in which it may perform its delivery obligation at a later time than had been specified in the original Transaction in an Instruction. CHAPTER 4. - Membership Section 3.4.1. - Requirements Article 3.4.1.1. Notwithstanding the application of the grand father clause and the transitional provisions described in sub-section 1.4.6. of the Title I, each Clearing Member of BXS-Clearing will become Clearing Member of Clearnet if he fulfils the technical, organisational and financial requirements mentioned under article 3.4.1.3. of this Title III and under the Instructions taken in execution thereof and if he complies with the continuing obligations mentioned in sub-section 3.4.2. of the same Title III. Article 3.4.1.2. The Clearing Members that will be admitted as such by Clearnet during the Transition Period and which clear Transactions carried out on Euronext Brussels, will, in addition to the requirements and continuing obligations mentioned in Title I, have to comply with requirements (
28. a)till (
29. d)mentioned in article 3.4.1.3. of this Title III. Article 3.4.1.3. The supplementary requirements as mentioned in article 3.4.1.1. and 3.4.1.2. above, are the following : (
30. a)Each Clearing Member has to participate to the PPS-system.The functionality of this system and the modalities of this participation are set forth in an Instruction; (
31. b)Each Clearing Member is mandatory automatic borrower in the Lending & Borrowing System;(
32. c)Each Clearing Member has to join the IT clearing system « DVP-ONLINE » for the clearing of the Securities and of the warrants and/or the IT clearing system « ARCH (Automated Recognised Clearing House) » for the clearing of the Derivatives; Access to the « ARCH » clearing system will only be granted to persons who have successfully passed the theoretical and practical clearing exam organised by Clearnet; (
33. d)Each Clearing Member clearing Securities and warrants has to open a cash account with the Belgian National Bank (Banque Nationale de Belgique/Nationale Bank van Belgïe) and a securities account with CIK in order to ensure proper settlement of his obligations vis-à-vis Clearnet;(
34. e)Each Clearing Member clearing Derivatives must comply with the underneath liquidity requirements.These conditions are expressed as the Qualified Capital of the Clearing Member. The calculation of the Qualified Capital is set out in an Instruction; - An Individual Clearing Member only clearing his own Clients' Derivative Transactions must have a Qualified Capital of at least 125.000 EUR; - An Individual Clearing Member clearing both his own Clients' and house Derivative Transactions as well as Client Derivative Transactions of Non-member Intermediaries must have a Qualified Capital of at least 625.000 EUR; - An Individual Clearing Member clearing his own Clients' and house Derivative Transactions as well as Client and house Derivative Transactions of Non-member Intermediaries and/or Dealers must have a Qualified Capital of at least 1.250.000 EUR; - A General Clearing Member Derivatives must have a Qualified Capital of at least 12.500.000 EUR. (
35. f)Each Clearing Member clearing Derivatives must choose one of the « House and Client » ratio combinations listed below. Voor de raadpleging van de tabel, zie beeld After approval by Clearnet of one of these combinations, the Clearing Member clearing Derivatives may not exceed either of the two concerned ratios. A request to amend the combination can only be submitted after analysis and approval by Clearnet. Section 3.4.2. - Continuing obligations A - GENERAL Article 3.4.2.1. The Clearing Members shall at all times comply with the requirements mentioned in sub-section 3.4.1 of this Title III. Article 3.4.2.2. A Clearing Member clearing Derivatives must at all times be able to prove that he meets the minimum liquidity requirements as mentioned in article 3.4.1.3. (
36. e)of this Title III. B - OBLIGATION OF THE CLEARING MEMBER VIS-A-VIS ITS CLIENTS Article 3.4.2.3. A Clearing Member clearing Derivatives Transactions for Clients must have signed a written agreement with each of his Clients. The Clearing Members clearing Derivatives must send Clearnet a copy of the written agreement concluded with a Non-member Intermediary within 5 Clearing Days following the execution of the first order. On condition of the approval of the Clearing Member clearing Derivatives, the written agreement may also be concluded with a third party, non-member, acting in its own name but for the account of the Client. The minimum provisions to be dealt with in those written agreements are the following : - the identity of the Trading Members accepted by the Clearing Member to execute Transactions for the Client; - the opening of the Client's personalised account with the Clearing Member and the method of transmission of information. If the Client is a NMI, the opening of the accounts with the Clearing Member, whilst making a distinction between his Client accounts and his own accounts, and the method of transmission of information; - if the Client is a NMI, the obligation of the NMI to make a distinction between his Client accounts and his own accounts in his books; - the determination and the method of payment of the amounts to cover the risks linked to the Open Positions held by the Client with regard to the Clearing Member; - the procedure to be followed in the event of an exercise or assignment; - the duration of the agreement and the method of its termination; - the consequences of the default of the Clearing Member or the Client; - the applicable Law and the competent Court. Article 3.4.2.4. A Clearing Member sends to the Client or the Trading Member, at the Client's or Trading Member's request and apart from that at least every three months, a statement of account mentioning the movements of funds relating to the Client's or Trading Member's account(
37. s)or their sub-account(s); this statement also indicates the balance of the account(
38. s)and the Client's or Trading Member's situation regarding his Open Positions and the Collateral and cash deposited to guarantee these Open Positions. Section 3.4.3. - Suspension and revocation Article 3.4.3.1. The provisions fixed in sub-section 1.4.4. of Title I are also applicable when a Clearing Member does not respect the requirements mentioned in sub-section 3.4.1. of this Title III and if he does not comply with the specific continuing obligations mentioned in sub-section 3.4.2. of this Title III. CHAPTER 5. - Margin requirements and risk supervision Section 3.5.1. - Margin requirements Article 3.5.1.1. In accordance with article 1.5.1.5. of Title I, Clearnet will publish in an Instruction the method and parameters to calculate the Margins, the accepted Collateral and the discount to be applied to the market value of the Collateral. Article 3.5.1.2. In addition to article 1.5.1.6. of Title I, Clearnet can, concerning the Open Positions the General Clearing Member clearing Derivatives holds for the house account of a Trading Member or the house account of a Non-member Intermediary, authorise other terms after having checked that the conditions required by the General Clearing Member clearing Derivatives are adequate regarded the risks it assumes. Article 3.5.1.3. In accordance with article 1.5.1.6. of Title I, a Clearing Member clearing Securities ensures that his Client or Trading Member provides him at any time the Collateral he considers necessary as to the proper completion of the Client's or Trading Member's Open Positions. Section 3.5.2. - Collateral Article 3.5.2.1. Clearing Members must at all times be able to justify the existence and allotment of the Collateral and cash entrusted to them by their Clients or Trading Members to guarantee their Open Positions; these amounts must be recorded in their books on the accounts or sub-accounts opened in the name of each of these Clients or Trading Members. Section 3.5.3. - Risk supervision and accounting Article 3.5.3.1. A Clearing Member who acts as a General Clearing Member clearing Securities must open a separate DVP account for each Trading Member clearing with him. Article 3.5.3.2. The account structure of the Clearing Members clearing Derivatives in the clearing system must be established in such a way as to make possible at any moment the distinction between, on the one hand, the assets deposited as a guarantee and the movements related to the own Open Positions of the Clearing Member and, on the other hand, the assets deposited as a guarantee and the movements related to the Open Positions of Clients or Trading Members. CHAPTER 6. - Clearing fund Article 3.6.1.1. The Belgian Clearing Members will contribute to the Clearing Fund according to the terms and conditions laid out in an Instruction issued by Clearnet. CHAPTER 7. - Event of default - Liability Section 3.7.1. - Measures in case of default Article 3.7.1.1. In case of settlement fails as defined in article 1.7.1.1., first indent of Title I, Clearnet continues to call Initial Margin for the failed Open Positions. No additional Initial Margin is required for these Open Positions. Article 3.7.1.2. In the same case of settlement fails, Clearnet will calculate Variation Margin on the failed Open Positions. The Variation Margin will have to be paid / received by the Clearing Members before 15h00 the day of the calculation. The detail of this calculation is set forth in an Instruction. Article 3.7.1.3. Clearnet will charge a penalty for late delivery of the Securities as set out in an Instruction. TITLE IV. - LOCAL PROVISIONS FOR FRENCH CLEARING MEMBERS THIS TITLE ISN'T APPLIED IN BELGIUM TITLE V. - CLEARING OF TRANSACTIONS EXECUTED ON OR REPORTED BY DESIGNATED CLEARNET GATEWAYS CHAPTER 1. - General provisions Article 5.1.0.1 The provisions set out in this Title apply in addition to those contained in Title I, but only for Transactions carried out on Designated Clearnet Gateways. In case of any inconsistency between the common provisions as set out in Title I and this specific Provisions, the specific Provisions will prevail. CHAPTER 2. - Membership Article 5.2.0.1 An Individual Clearing Member wishing to clear Transactions traded or matched via a Designated Clearnet Gateway must, unless otherwise permitted by the provisions of this Chapter, at all times maintain a Capital of at least EUR 30 million and belong to a corporate group that has received a long term rating of at least « A, Stable » from one of the main international rating agencies. Article 5.2.0.2 The following Individual Clearing Members may also clear Transactions matched via a Designated Clearnet Gateway : - those whose rating is lower than « A, Stable » but higher than, equal to or equivalent to « BBB » and which meet the minimum Capital requirement set out in Article 5.2.0.1. or - those having Capital of less than EUR 30 million but more than EUR 7.5 million and which satisfy the credit rating requirement set out in Article 5.2.0.1. Clearing Members thus qualified are subject to a requirement for Initial Margin that is 20% higher than the regular requirement for Initial Margin. Article 5.2.0.3 A General Clearing Member wishing to clear Transactions traded or matched via a Designated Clearnet Gateway must at all times maintain Capital of at least EUR 150 million and belong to a corporate group that has received a long term rating of at least « A, Stable » from one of the main international rating agencies. Article 5.2.0.4 Clearnet can adjust any of the requirements specified in Articles 5.2.0.1 and 5.2.0.3 to take into account the Clearing Member's consolidated financial situation, the quality of its shareholders, members or associates, and its legal structure. Article 5.2.0.5 If Clearnet considers a Regulated Market as insufficiently liquid, it may by a Notice apply the provisions of this Chapter to the clearing of Transactions executed on that market. CHAPTER 3. - Clearing Article 5.3.0.1 Clearnet may prescribe the criteria which Transactions executed on or reported by Designated Clearnet Gateways must meet in order for them to be registered. Article 5.3.0.2 For each Clearing Member Clearnet will net off all Transactions executed on or reported by any Designated Clearnet Gateway. Article 5.3.0.3 Upon registration by CLEARNET, Transactions governed by a national or international master agreement become immediately subject to the Clearing Rules, which override the provisions of such master agreement. Article 5.3.0.4 « Value-today Transactions » are not covered by the guarantee of final settlement. Article 5.3.0.5 CLEARNET may request a buyer to accept a partial delivery of Securities and if the latter fails to do so charges the buyer for the cost of capital of cash employed as a result of its refusal to do so. _______ Nota's

(1)L.442-1 of the Monetary and Financial Code (Code Monétaire et Financier).

(2)L.441-1 of The Monetary and Financial Code (Code Monétaire et Financier). De Clearing regels INHOUDSTAFEL Voor de raadpleging van de tabel, zie beeld TITEL I. - GEMEENSCHAPPELIJKE BEPALINGEN HOOFDSTUK

1. - Definities Artikel 1.1.0.
2. Voor de toepassing van deze Clearing Regels hebben de volgende met hoofdletters geschreven termen de volgende betekenis, tenzij uitdrukkelijk anders bepaald : Artikel 1.1.0.
3. « Toelatingsovereenkomst » : de schriftelijke overeenkomst tussen Clearnet en een Clearing Member krachtens deel 1.4.
4. van deze Clearing Regels. Artikel 1.1.0.
5. « Toelatingsvergoeding » : de eenmalige vergoeding, zoals meegedeeld door Clearnet, die de Clearing Member verschuldigd is bij zijn toelating. Artikel 1.1.0.
6. « Aanvrager » : een rechtspersoon die vraagt toegelaten te worden als Clearing Member. Artikel 1.1.0.
7. « Associated Trading Member » : elke persoon die handelt via Erkende Clearnetpoorten en een Clearingovereenkomst heeft gesloten met een General Clearing Member. Artikel 1.1.0.
8. « Toegelaten vertegenwoordiger » : elke natuurlijke persoon toegelaten door Clearnet om clearingfuncties uit te oefenen op Gereglementeerde Markten, in opdracht van of voor een Clearing Member. Artikel 1.1.0.
9. « Business Combination » : één enkele afzonderlijke rechtspersoon die een of meer Personen in zich verenigt, die gemeenschappelijk en hoofdelijk aansprakelijk zijn en deel uitmaken van, en over het algemeen verondersteld worden te behoren tot, dezelfde bedrijfsgroep, waaronder, maar niet beperkt tot, de Europese Economische Samenwerkingsverbanden. Artikel 1.1.0.
10. « Eigen Vermogen » : Eigen vermogen dat is vastgesteld door Clearnet op basis van de CAD-richtlijn en bestaat uit het werkelijke eigen vermogen (rang 1) en het bijkomende eigen vermogen (rang 2). Artikel 1.1.0.
11. « Capital Adequacy Directive of CAD-richtlijn » : Richtlijn 93/6/EEG van de Raad van de Europese Gemeenschappen van 15 maart 1993 inzake de kapitaaltoereikendheid van beleggingsondernemingen en kredietinstellingen. Artikel 1.1.0.10 « Clearingovereenkomst » : de overeenkomst die krachtens artikel 1.4.2.
12. van deze Clearing regels moet worden gesloten tussen een General Clearing Member en een Trading Member of een Associated Trading Member. Artikel 1.1.0.11 « Clearingdag » : dag waarop TARGET geopend is. Artikel 1.1.0.12 « Clearingkosten » : kosten waarvan Clearnet nu en dan melding maakt. Artikel 1.1.0.13 « Clearingfonds » : het collectieve bijdragesysteem als bepaald in hoofdstuk
13. Artikel 1.1.0.14 « Clearing Member » : een door Clearnet toegelaten General Clearing Member of Individual Clearing Member, onder de voorwaarden als bepaald in hoofdstuk
14. Artikel 1.1.0.15 « Clearing Reglementering » : de regels gestipuleerd in het Clearingreglement, met inbegrip van alle Instructies en Mededelingen daaromtrent, zoals van tijd tot tijd gewijzigd. Artikel 1.1.0.16 « Clearing Regels » : dit document en zijn eventuele latere wijzigingen. Artikel 1.1.0.17 « Clearnet » : commerciële naam van « Banque Centrale de Compensation », een clearing house als bepaald in artikel 47-I van de Franse wet op de modernisering van de financiële activiteiten nr. 96-597 van 2 juli 1996

(1)(« Loi de modernisation des activités financières ») dat voldoet aan hoofdstuk II van Titel IV van het Algemeen Reglement van de Conseil des Marchés Financiers. Clearnet is gevestigd in Frankrijk en mag bijhuizen hebben in andere landen waar ze actief is. Artikel 1.1.0.18 « Cliënt » : elke Persoon die een rekening heeft geopend in de boeken van een Clearing Member en die geen Trading Member of Associated Trading Member is. Artikel 1.1.0.19 « Collateral » : Effecten, contanten of centrale bankgaranties, als bepaald in een Instructie, in borg gegeven aan, overgedragen aan of getransfereerd naar Clearnet door de Clearing Member of aan en naar de Clearing Member zelf door diens cliënten, Trading Members of Associated Trading Members, teneinde de uitvoering van de verplichtingen te waarborgen. Artikel 1.1.0.20 « Grondstoffendealer » : Trading Member van een markt voor Afgeleide Producten die gemachtigd is om termijncontracten op grondstoffen te verhandelen. Artikel 1.1.0.21 « Bevoegde Autoriteit » : elke autoriteit erkend door haar lidstaat krachtens de Capital Adequacy Directive of krachtens Richtlijn 93/22/EEG van de Raad van de Europese Gemeenschappen van 10 mei 1993 betreffende het verrichten van diensten op het gebied van beleggingen in effecten. Artikel 1.1.0.22 « Kredietinstelling » : elke kredietinstelling als bepaald in artikel 1

(1)van de Richtlijn 2000/12/EG van het Europees Parlement en de Raad van 20 maart 2000 betreffende de toegang tot en de uitoefening van de werkzaamheden van kredietinstellingen. Artikel 1.1.0.23 « Afgeleid Product » : elk Financieel Instrument dat behoort tot een van de volgende categorieën : (

1. i)opties en futures op Effecten of grondstoffen, inbegrepen de instrumenten waarvan de afwikkeling in contanten gebeurt; (
2. ii)warrants of gelijkaardige Financiële Instrumenten die de houder ervan recht geven elk Effect of elke effectenkorf aan te kopen of een bedrag in contanten te ontvangen bepaald op basis van de toekomstige prijs of waarde van dat Effect of die korf. Warrants kunnen ook worden beschouwd als Effecten, afhankelijk van de plaatselijke jurisdictie; (iii) elk ander Financieel Instrument waarvan de waarde wordt bepaald op basis van de prijzen van Financiële Instrumenten of grondstoffen, rentevoeten of rendementen, buitenlandse wisselkoersen of andere indexen of waarden waarvan de Euronext Marktonderneming bepaalt, afhankelijk van de Nationale wetgevingen, dat ze in aanmerking komen om te worden verhandeld op een Euronext Markt voor Afgeleide Producten. Artikel 1.1.0.24 « Erkende Clearnetpoorten » : elk in een Mededeling aangeduid systeem dat diensten verschaft voor de uitvoering of koppeling van Transacties die niet werden afgesloten op één van de Euronextmarkten en die kunnen verrekend worden door Clearnet. Artikel 1.1.0.25 « Euronext » : de bedrijvengroep die bestaat uit Euronext N.V., een naamloze vennootschap opgericht naar Nederlands recht, en haar dochterondernemingen, of elke onderneming of entiteit die deel uitmaakt van dergelijke groep, afhankelijk van de context. Artikel 1.1.0.26 « Euronext Amsterdam » : Euronext Amsterdam N.V., een naamloze vennootschap opgericht naar Nederlands recht, houdster van een effectenbeurs en een beurs voor Afgeleide Instrumenten, die een vergunning heeft verworven krachtens artikel 22 van de Nederlandse Wet toezicht effectenverkeer 1995. Artikel 1.1.0.27 « Euronext Brussels » : Euronext Brussels S.A./N.V., een naamloze vennootschap opgericht naar Belgisch recht, houdster van een Effectenbeurs en een beurs voor Afgeleide Instrumenten, die een vergunning heeft verworven krachtens artikel 7, § 2, van de Belgische wet van 6 april 1995Relevante gevonden documenten type wet prom. 06/04/1995 pub. 29/05/2012 numac 2012000346 bron federale overheidsdienst binnenlandse zaken Wet houdende inrichting van de parlementaire overlegcommissie bedoeld in artikel 82 van de Grondwet en tot wijziging van de gecoördineerde wetten op de Raad van State. - Officieuze coördinatie in het Duits sluiten inzake de secundaire markten, het statuut van en het toezicht op de beleggingsondernemingen, de bemiddelaars en beleggingsadviseurs. Artikel 1.1.0.28 « Euronextmarkt » : elke markt voor Financiële Instrumenten die wordt ingericht door een Euronext Marktonderneming. Artikel 1.1.0.29 « Euronext Marktonderneming » : Euronext Amsterdam, Euronext Brussels en Euronext Paris samen. Artikel 1.1.0.30 « Euronext Paris » : Euronext Paris S.A., een naamloze vennootschap opgericht onder Frans recht en erkend als marktonderneming (« entreprise de marché ») in de zin van artikel 40 van de Franse wet op de modernisering van de financiële activiteiten nr. 96-597 van 2 juli 1996 (« Loi de modernisation des activités financières »)

(2). Artikel 1.1.0.31 « Financieel Instrument » : om het even welk Effect of Afgeleid Product. Artikel 1.1.0.32 « General Clearing Member » : een Clearing Member die bevoegd is Transacties te verrekenen die werden verhandeld voor of toegewezen zijn aan zijn eigen rekening, of werden verhandeld voor rekening van zijn cliënten, Trading Members of Associated Trading Members. Artikel 1.1.0.33 « Land van Herkomst » : het land waar een Persoon zijn maatschappelijke zetel heeft of, indien hij geen maatschappelijke zetel heeft, zijn hoofdkantoor of, indien het om een natuurlijke persoon gaat, het land waar deze persoon zijn woonplaats heeft. Artikel 1.1.0.34 « Implementatiedatum » : de datum als bepaald door Clearnet in een Mededeling waarop het geautomatiseerde clearingsysteem « Clearing 21R » volledig wordt geïnstalleerd. Artikel 1.1.0.35 « Individual Clearing Member » : de Clearing Member die bevoegd is Transacties te verrekenen die werden verhandeld voor of toegewezen zijn aan zijn eigen rekening of werden verhandeld voor rekening van zijn Cliënten. Artikel 1.1.0.36 « Initiële Margin » : bedrag berekend door Clearnet om het risico te dekken van de Clearing Member zijn Open Posities in Financiële Instrumenten, die voortvloeien uit Transacties geregistreerd bij Clearnet op naam van de betreffende Clearing Member. Artikel 1.1.0.37 « Instructie » : elk door Clearnet uitgegeven document, en haar opeenvolgende wijzigingen, waarin de bepalingen van het Clearing Regels worden uitgelegd of ingevoerd en dat de Clearing Members in het algemeen of om het even welke categorie van Clearing Members in het bijzonder bindt. Artikel 1.1.0.38 « Investment Services Directive of ISD-richtlijn » : richtlijn 93/22/EEG van de Raad van de Europese Gemeenschappen van 10 mei 1993 betreffende het verrichten van diensten op het gebied van beleggingen in effecten. Artikel 1.1.0.39 « IPU » « Index Participation Unit » : een gedematerialiseerd verhandelbaar Financieel Instrument dat gebaseerd is op een onderliggende index. De houder van een IPU heeft het optioneel recht om ofwel de tegenwaarde van de uitgeoefende IPU te ontvangen in contanten ofwel om, in voorkomend geval, de onderliggende aandelen die de onderliggende aandelenindex samenstellen, te ontvangen. Artikel 1.1.0.40 « Waarborg op Eerste Verzoek » : een waarborg uitgegeven door een kredietinstelling die in wezen de vorm zal aannemen van het model van kredietovereenkomstbrief uitgegeven door de Internationale Kamer van Koophandel (« ICC »), zoals van tijd tot tijd gewijzigd, of van een model voorgeschreven door Clearnet in een Instructie. Artikel 1.1.0.41 « Plaatselijk deel » : Titel 2 en/of Titel 3 en/of Titel 4 van deze Clearing Regels afhankelijk van de context. Artikel 1.1.0.42 « Margin » : Initiële Margin en Variatie Margin die dagelijks door Clearnet worden berekend voor elke Clearing Member op basis van de bepalingen in deze Clearing Regels. Artikel 1.1.0.43 « Lidstaat » : elk van de lidstaten van de Europese Economische Regio. Artikel 1.1.0.44 « Nationale Wetgevingen » : alle wetten en reglementen van toepassing in het rechtsgebied van de desbetreffende Euronext Marktonderneming. Artikel 1.1.0.45 « Mededeling » : elk door Clearnet uitgegeven document, af en toe voor wijziging vatbaar, dat de Clearing Members in het algemeen of een categorie van Clearing Members in het bijzonder informeert over relevante specifieke onderwerpen met betrekking tot de goede werking van de clearing van Transacties en dat bindend is voor de betreffende Clearing Members. Artikel 1.1.0.46 « Buitenbeurstransacties » : Op een niet-Gereglementeerde Markt afgesloten Transacties, waaronder Professionele Transacties, tussen een koper en verkoper. Dat kunnen Clearing Members, Trading Members of Associated Trading Members zijn. Artikel 1.1.0.47 « Open Positie » : al de verplichtingen die een Clearing Member heeft tegenover Clearnet om de Financiële Instrumenten te betalen of te leveren en die nog niet of slechts gedeeltelijk werden nagekomen. Artikel 1.1.0.48 « Persoon » : elke natuurlijke persoon, rechtspersoon, onderneming, partnership, vennootschap, trust of entiteit al naargelang de context. Artikel 1.1.0.49 « Productgroep » : alle producten van een bepaalde categorie van Financiële Instrumenten en in het bijzonder : Effecten, Afgeleide Producten en Financiële Instrumenten verhandeld via Erkende Clearnetpoorten. Artikel 1.1.0.50 « Professionele Transacties » : Transacties in Afgeleide Producten, tussen twee Clearing Members, met dezelfde contractspecificaties als deze van de Euronextmarkt voor Afgeleide Producten die niet zijn uitgevoerd op een Gereglementeerde Markt maar die kunnen verrekend worden door Clearnet overeenkomstig de bepalingen in een door Clearnet uitgegeven Instructie. Artikel 1.1.0.51 « Gereglementeerde Markt » : elke georganiseerde markt voor Financiële Instrumenten die voorkomt op de door de Europese Commissie gepubliceerde lijst als voorzien in artikel 16 van de ISD-richtlijn. Artikel 1.1.0.52 « Betrokken Euronext Marktonderneming » : de Euronext Marktonderneming die het betrokken Financiële Instrument heeft toegelaten tot de notering of handel op een Euronextmarkt, of bij welke de onderhavige aanvraag om toelating tot de notering of tot de verhandeling onderzocht wordt, al naargelang het geval. Artikel 1.1.0.53 « Effect » : elk Financieel Instrument van een van de volgende categorieën : (

1. i)aandelen en andere waardepapieren van ondernemingen; (
2. ii)certificaten of certificaten die buitenlandse aandelen vertegenwoordigen (`depository receipt') met betrekking tot die aandelen of andere waardepapieren; (iii) obligaties of andere schuldinstrumenten, al dan niet converteerbaar in aandelen of andere waardepapieren; (
3. iv)warrants of gelijkaardige Financiële Instrumenten die de houder ervan recht geven elk Effect of elke effectenkorf aan te kopen of een bedrag in contanten te ontvangen bepaald op basis van de toekomstige prijs of waarde van dat Effect of die korf. Warrants kunnen ook worden beschouwd als Afgeleide Producten, afhankelijk van de plaatselijke jurisdictie; (
4. v)eenheden in instellingen voor collectieve beleggingen in effecten; (
5. vi)elk ander Financieel Instrument waarvan, afhankelijk van de relevante Nationale Wetgeving, de Euronextmarktonderneming kan beslissen dat het in aanmerking komt voor verhandeling op een Euronextmarkt voor Effecten. Artikel 1.1.0.54 « Systemen en Operaties » : alle stukken en onderdelen van het technische systeem, waaronder de hard- en software die worden gebruikt en in stand gehouden door of voor een Clearing Member om Transacties te verrekenen alsook de procedures om dat systeem te gebruiken, waaronder de voorzieningen voor risicobeheer. Artikel 1.1.0.55 « Trading Member » : elke Persoon die werd toegelaten als lid op een Gereglementeerde Markt in de hoedanigheid van broker of dealer of van allebei en wiens lidmaatschap niet beëindigd is. Artikel 1.1.0.56 « Transactie (
6. s)» : elke aankoop, verkoop of verhandeling van een Financieel Instrument, waaronder een terugkoopovereenkomst, een effectenlening of een `aankoopovereenkomst met verplichting tot wederverkoop', de termen `aankoper' en `verkoper' gebruikt in deze Clearing Regels zullen dienovereenkomstig worden opgevat. Artikel 1.1.0.57 « Transferdatum » : de dag waarop de activa en verplichtingen van de voormalige Clearing Houses (BXS Clearing, AEX Effectenclearing, AEX Optieclearing and NV Nederlandse Liquidatiekas) effectief worden getransfereerd naar Clearnet. Artikel 1.1.0.58 « Overgangsperiode » : de periode vanaf de Transferdatum tot 1 januari 2003, of vroeger indien door Clearnet bepaald in een Mededeling. Artikel 1.1.0.59 « Variatie Margin » : het door Clearnet berekende bedrag dat voortvloeit uit de dagelijkse herwaardering van de Open Posities van de Clearing Member ten opzichte van de marktprijs. HOOFDSTUK 2. - Algemene bepalingen Sectie 1.2.1. - Algemeen Artikel 1.2.1.1. Verwijzingen naar wetten, reglementen of richtlijnen worden opgevat als deze van kracht van tijd tot tijd. Artikel 1.2.1.2. Titels van hoofdstukken of delen in deze Clearing Regels of in de Instructies dienen enkel als verwijzing; ze maken geenszins deel uit van de inhoud van desbetreffend hoofdstuk of deel en kunnen geenszins de interpretatie ervan beïnvloeden. Artikel 1.2.1.3. De termen met hoofdletter in deze Clearing Regels worden opgevat als van zulk genus of getal zijnde als de context toelaat of vereist. Artikel 1.2.1.4. De termen met hoofdletter als bepaald in hoofdstuk 1 en gebruikt maar niet anders gedefinieerd in de Instructies of andere Mededelingen van Clearnet hebben dezelfde betekenis als deze gegeven in hoofdstuk 1. Sectie 1.2.2. - Kosten Artikel 1.2.2.1. Clearing Members betalen aan Clearnet de Toelatingsvergoeding en de Clearingkosten. Sectie 1.2.3. - Toepasselijke wetgeving Artikel 1.2.3.1 De Regels vallen onder en worden geïnterpreteerd volgens de Franse wetgeving, tenzij anders vermeld. Sectie 1.2.4. - Regeling van geschillen Artikel 1.2.4.1 Elk geschil tussen Clearnet en een Clearing Member over de Clearingreglementering of de Toelatingsovereenkomst wordt scheidsrechtelijk beslecht overeenkomst de Scheidsrechtelijke Regels van EuroArbitration. Deze bepaling worden van toepassing onder de voorwaarden en op de datum als bepaald in een Instructie. Artikel 1.2.4.2 Elk Clearing Member gaat ermee akkoord dat elk geschil tussen een Clearing Member en een Cliënt of een Trading Member of een Associated Trading Member met betrekking tot één of meer Transacties wordt geregeld overeenkomstig de Scheidsrechtelijke regels van EuroArbitration, indien de Cliënt, de Trading Member of de Associated Trading Member hierom verzoeken, alvorens de zaak naar de rechtbank wordt doorverwezen (op een andere wijze dan via korte rechtsplegingen voor tussentijds vonnis). Deze bepaling worden van toepassing onder de voorwaarden en op de datum als bepaald in een Instructie. Sectie 1.2.5. - Munteenheid Artikel 1.2.5.1 Indien een bepaalde munt vervangen wordt door een andere munt, zoals de euro bijvoorbeeld, ingevolge de wijziging van bestaande wetgeving of de inwerkingtreding van nieuwe wetgeving, vindt de clearing van alle financiële verplichtingen van de Clearing Members op wie deze Regels van toepassing zijn, die vermeld worden in de munt die is vervangen, plaats in de vervangen munt vanaf de effectieve datum van dergelijke vervanging. Artikel 1.2.5.2 Indien de vervanging van een munt een overgangsperiode met zich meebrengt, vindt de clearing door de Clearing Members tijdens deze overgangsperiode plaats in de munt als bepaald door Clearnet in een Mededeling. Artikel 1.2.5.3 Indien nodig stelt Clearnet de wisselkoers vast van de vervangen munt en de te vervangen munt alsook de toepasselijke afrondingsregels, afhankelijk van de van kracht zijnde wetten en reglementering. Sectie 1.2.6. - Plaatselijke tijd Artikel 1.2.6.1 Bij elke verwijzing in deze Clearing Regels naar tijd of tijdslimiet dient te worden verstaan de Standard European Time. Sectie 1.2.7. - Plaatselijke Delen Artikel 1.2.7.1 De bepalingen in de Plaatselijke Delen voor respectievelijk de Nederlandse, Belgische en Franse Clearing Members, moeten in principe worden toegepast naast en niet in plaats van de bepalingen in Titel I Artikel 1.2.7.2 Ingeval van enige onverenigbaarheid tussen de bepalingen van Titel I en deze van de Plaatselijke Delen, zullen deze laatste voorrang hebben. HOOFDSTUK 3. - Wettelijk kader Sectie 1.3.1. - Reikwijdte van de activiteiten van Clearnet Artikel 1.3.1.1 Transacties uitgevoerd op elke Gereglementeerde Markt of uitgevoerd of gekoppeld via elke Erkende Clearnetpoort kunnen worden verrekend door Clearnet indien Clearnet een overeenkomst heeft gesloten met de beheerder van de Gereglementeerde Markt of de Erkende Clearnetpoort. Artikel 1.3.1.2 Indien gespecificeerd in een Mededeling, mag Clearnet ook Buitenbeurstransacties verrekenen die niet zijn uitgevoerd via een Erkende Clearnetpoort. Sectie 1.3.2. - {dt}Beslissing{edt}en van Clearnet Artikel 1.3.2.1 De Clearing Regels stipuleren de algemene bepalingen van toepassing op de organisatie en werking van de clearingactiviteiten van Clearnet. Artikel 1.3.2.2 Algemene of specifieke beslissingen waarvoor de Clearing Regels voorzien dat ze onder de bevoegdheid van Clearnet vallen, worden goedgekeurd overeenkomstig de voorwaarden als vastgesteld door de raad van bestuur van Clearnet. Artikel 1.3.2.3 De Clearing Regels worden ingevoerd en geïnterpreteerd door middel van Instructies en Mededelingen uitgegeven door Clearnet en gepubliceerd overeenkomstig de bepalingen in deel 1.3.3. Artikel 1.3.2.4 De Clearing Regels mogen zo nodig worden gewijzigd op beslissing goedgekeurd door Clearnet. Clearing Members zullen over elke wijziging schriftelijk of op elke andere door Clearnet bepaalde wijze worden ingelicht. Die wijzigingen gaan in en zijn bindend voor alle Clearing Members op het ogenblik van de publicatie ervan door Clearnet of op een latere datum als bepaald in de publicatie. Artikel 1.3.2.5 Indien een wijziging van de Clearing Regels, die geen wijziging is opgelegd door de Europese Gemeenschap of door de nationale wetgeving, de rechten of plichten van de Clearing Members in het algemeen of van een categorie van Clearing Members in het bijzonder op ingrijpende en ongunstige wijze aantast, mag elk getroffen Clearing Member zijn lidmaatschap beëindigen door middel van een schriftelijke kennisgeving aan Clearnet binnen 10 Clearingdagen na de publicatiedatum van de betrokken wijziging. Sectie 1.3.3. - Publicatie Artikel 1.3.3.1 Clearnet staat in voor de publicatie van de Clearing Regels, de Instructies en Mededelingen alsook iedere andere algemeen toepasselijke beslissing gericht aan haar Clearing Members of een categorie van Clearing Members via, in voorkomend geval, verspreiding op haar website, publicatie in haar weekmagazine of individuele mededeling. Sectie 1.3.4. - Algemene verplichtingen van Clearnet Artikel 1.3.4.1 Overeenkomstig deze Clearing Regels, registreert Clearnet de Transacties, oefent ze toezicht uit op de posities van haar Clearing Members, berekent ze het daaraan verbonden risico, vraagt ze Margins om dit risico te dekken, garandeert ze als centrale tegenpartij de goede afloop van de posities, beheert ze de procedures bij het in gebreke blijven en geeft ze afwikkelingsinstructies aan het afwikkelingssysteem en vervult ze al de andere functies zoals bepaald in de Clearing Regels. Sectie 1.3.5. - Centrale tegenpartij Artikel 1.3.5.1 Clearnet treedt op als centrale tegenpartij tussen de Clearing Member van de aankoper en de Clearing Member van de verkoper. Artikel 1.3.5.2. Vanaf de matching van de Transactie garandeert Clearnet dat deze Transactie wordt geregistreerd in het clearingsysteem behalve indien anders werd gestipuleerd in een Mededeling. Clearnet is niet aansprakelijk wanneer een Transactie niet of foutief is geregistreerd in het clearingsysteem door een fout van derden of door overmacht. Artikel 1.3.5.3 Bij de registratie door Clearnet van een Transactie voorgelegd door of in naam van de originele tegenpartijen, gebeurt er een novatie van de oorspronkelijke Transactie en Clearnet maakt dan als enige aanspraak op de rechten en is onderworpen aan de plichten met betrekking tot deze Transactie in de plaats van elk van de oorspronkelijke tegenpartijen. Artikel 1.3.5.4 De voorlegging door de originele tegenpartijen van een Transactie voor clearing bij Clearnet, betekent de aanvaarding door de twee oorspronkelijke tegenpartijen van de novatie. Artikel 1.3.5.5. De novatie vindt plaats met betrekking tot de individuele bruto verplichtingen van elke Clearing Member. Aan het einde van de trading dag of op een ander tijdstip als gepubliceerd in een Mededeling, brengt Clearnet de individuele bruto verplichtingen wat betreft betaling van contanten of levering van Effecten terug tot netto betalings- en leveringsverplichtingen. Sectie 1.3.6. - Garantie van Clearnet Artikel 1.3.6.1 Bij de registratie garandeert Clearnet elke Clearing Member de uiteindelijke afwikkeling van de gecompenseerde Open Posities geregistreerd op hun naam, op voorwaarde dat de Clearing Member zijn eigen verplichtingen tijdig nakomt. Artikel 1.3.6.2 Indien de markt in een bepaald Financieel Instrument de levering van de betrokken instrumenten niet toelaat, kan Clearnet beslissen dat er een door haar vastgesteld bedrag in contanten wordt betaald in plaats van de levering of, afhankelijk van het type tegoed of Financieel Instrument, een ander activa of Financieel Instrument ter vervanging te leveren. Artikel 1.3.6.3 Voor netto Open Posities die zijn afgewikkeld door betaling van een prijsverschil, is de Clearnetgarantie van toepassing op dat verschil. Artikel 1.3.6.4 De garantie van goede afloop heeft betrekking op : - Voor Transacties in Effecten : de betaling van de contanten en de levering van de Effecten; de Plaatselijke Delen bepalen de omstandigheden waarin Clearnet haar leveringsverplichting op een latere datum mag nakomen dan initieel werd gespecificeerd in de betreffende Transactie - Voor Transacties in optiecontracten : - betaling van optiepremies m.b.t. Transacties en van bedragen in contanten voortvloeiend uit de uitoefening en toewijzing, - betaling van bedrag in contanten en levering van de posities in de onderliggende Financiële Instrumenten of tegoeden voortvloeiend uit de uitoefeningen en toewijzingen. - Voor Transacties in futures (waaronder grondstoffen) : betaling van d