(a)           Qualifying Clearing Member – Each non‑clearing member or non-member with a direct connection who enters transactions through the e-cbot system must obtain authorization from a qualifying clearing member. The qualifying clearing member shall guarantee and assume financial responsibility for all such transactions traded through e-cbot under its Clearing Member Mnemonic. The qualifying clearing member shall be liable upon all such trades made by the non-clearing member or non-member.

(b)           Other Clearing Members – A non-clearing member or non-member with a direct connection may be authorized to enter transactions through the e-cbot system by one or more clearing members, in addition to its qualifying clearing member, in accordance with the requirements of Rule 903, provided that written permission has been granted by its qualifying clearing member. Such other clearing member shall be liable upon all e-cbot trades made by the non-clearing member or non-member under its Clearing Member Mnemonic.

(c)           Revocation of Clearing Authorization – A clearing member that provides e-cbot trading authorization to a non-clearing member or non-member may revoke such authorization without prior notice. Written notice of the revocation of clearing authorization shall be immediately provided to the Exchange, which shall thereby terminate such connection and cancel all orders of the non-clearing member or non-member in the e-cbot system under the revoking clearing member’s Mnemonic. If the revocation is by the qualifying clearing member, all e-cbot connections of the non-clearing member or non-member shall be terminated until another clearing member has designated itself as the qualifying clearing member. Unless otherwise specified by the qualifying clearing member, a member whose connection to e-cbot has been terminated shall not automatically be denied access to the Floor of the Exchange during open auction trading hours. (11/29/07)