Stop Button for Clearing Members

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 Non-Clearing Members from the market.

When a "Stop" is used on a Non-Clearing Member the following occurs:

• All open orders and quotes are deleted
• All Block auction requests and quotes are deleted
• Open Wholesale 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 Non-Clearing Member:

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

The "Stop" will remain in effect until the Clearing Member releases the Member in question.