Clearing Firm Agreement means an agreement between the SEF and a Clearing Firm that includes (i) a list of the DCOs of which the Clearing Firm is a member, (ii) a list of the Persons for whom the Clearing Firm provides clearing services and (iii) if the Clearing Firm does not clear at all such DCOs for all such Persons, a per-Person list of the DCOs at which it does clear for such Person. The Clearing Firm shall be entitled to update this information in its sole discretion by written notice to the SEF and upon receipt of such notice, the SEF shall take such action necessary to effect the Clearing Firm’s modifications as promptly as practicable. For the avoidance of doubt, notwithstanding that such notice has not yet been provided or such modifications made, if the Clearing Firm has ceased to provide clearing services to a Person on any or all DCOs, the Clearing Firm may reject all such Person’s trades during the pre-execution credit check described in Rule 4017.
Examples of Clearing Firm Agreement in a sentence
Each Participant intending to trade Cleared Swaps for its own account must either be (i) Self-Clearing with respect to the DCO where the Cleared Swaps it will trade are cleared, or (ii) if it is Non-Self-Clearing, have a clearing account with a Clearing Firm and be listed in the Clearing Firm Agreement as being permitted to clear such Swaps at such DCO through such Clearing Firm.