Although we have put robust pre-trade risk tools in place, unfortunately, emergency situations can occur. When they do, it's important for Clearing Members to be able to take immediate action to limit further exposure.

To arm members for this eventuality, we provide our Clearing Members with a Stop button that they can use to cut off Trading Participants from the market.

When a "Stop" is used on a Trading Participants the following occurs:

• All open orders and quotes are deleted.
  
• All Block auction requests and quotes are deleted.
  
• Open Trade Entries as well as give-ups/take-ups cannot be approved by their counterparties.
  

When a Clearing Member triggers a stop, it has the following implications for the affected Trading Participant:

• Entry and modification of orders and quotes will be rejected.
  
• Entry of Block Auction requests and quotes will be rejected.
  
• Transaction or position adjustments cannot be performed.
  

The stop will remain in effect until the Clearing Member releases the member in question.