Trading Appendix 1 / Clearing Appendix 1

Definitions
Commodity Derivatives

Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB

Effective date: 15 July 2023

Trading Appendix 1 / Clearing Appendix 1 - Definitions

DEFINITIONS

Account Holder means any person holding one or more Clearing Accounts in its
own name for registration of Clearing Transactions with the
Clearinghouse, and includes all General Clearing Members,
Clearing Members and Direct Clearing Clients.

Affiliate shall in relation to a person mean any legal entity or other

business organisation anywhere in the world in which the
applicable person or its ultimate parent company holds a 25%
(twenty-five per cent) or higher equity interest whether directly
or indirectly, and whether the interest is shares, debentures or
otherwise, voting or non- voting.

Allocation Deadline means the time specified in the Trading and Clearing Schedule,
marking the deadline for when all Transactions in an Intraday
Account must be allocated to another Clearing Account.

Allowance means an EU Allowance (EUA), an EU Aviation Allowance (EUAA),

a Certified Emissions Reduction (CER), and/or an Alternative
Allowance as further specified in the Contract Specifications.

Allowance Contract means a Contract whose Contract Base is directly correlated to

Allowances pursuant to the Contract Specifications.

Allowance Settlement means the settlement of an Allowance Contract in accordance with

Section 3.3 in Part B of the Contract Specifications.

Approved Settlement Bank means a bank which is approved as a settlement bank by the
Clearinghouse and is identified as such in the List of the Approved
Settlement Banks, Clearing Appendix 11.

Average Rate Future means a Contract specified as such in the Contracts Specifications
and which is subject to Daily Market Settlement, for the purchase
and sale of a particular quantity of an asset or the cash equivalent
of the asset against a Contract Base or Fix, at a predetermined
price at a specified future time or time period. Any combination
term incorporating “Average Rate Future” shall, unless otherwise
defined herein, be understood as referring to Average Rate Future
Contracts in addition to any other terms designated by such
combination. The Average Rate Future contract is tradable in the
Spot Reference Period. On the Expiration Day the Daily Market
Settlement will be calculated using the Expiration Day Fix for
Average Rate Contracts.

Average Rate Option means a Contract specified as such in the Contract Specifications
for the potential purchase and sale of a specific quantity of a
Contract Base (as set out in the Contract Specifications) at a
stipulated future date, and according to which the Option Holder,
against payment of the Option Premium, has the right, but not
the obligation, to buy (in case of a call) or to sell (in case of a put)
such quantity of the Contract Base against payment of the Option
Exercise Price. Any combination term incorporating “Option” shall,
unless otherwise defined herein, be understood as referring to
Option Contracts in addition to any other terms designated by
such combination. The Average Rate Option contract is tradable
in the Spot Reference Period. On the Expiration Day the Option
Exercise Settlement will be calculated using the Option Fix for
Average Rate Option Contracts.

Bank Day means a day (other than a Saturday or Sunday), on which

commercial banks in Norway, or such other country specified in
the Contract Specifications of the relevant Product, are generally
open for business.

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Trading Appendix 1 / Clearing Appendix 1 - Definitions

Base Collateral Requirement means the Clearinghouse’s initial requirement for Collateral from
an Account Holder, to be posted before Clearing may commence.
The Base Collateral Requirement will be quoted in such currency
as agreed between the Clearinghouse and the Account Holder.

Base Currency means any of DKK, EUR, GBP, NOK, SEK or USD as may be chosen
by an Account Holder in respect of any of its Margin Requirement
Account and linked Collateral Custody Accounts.

Benchmark Event Means an event as described in the Joint Appendix 2 Contract

Specifications, part A, section 6.2.

Benchmark Regulation Means Regulation (EU) 2016/1011 of the European Parliament

and of the Council of 8 June 2016 on indices used as benchmarks
in financial instruments and financial contracts or to measure the
performance of investment funds and amending Directives
2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014,
as amended from time to time.

Block Broker Member means a person (other than the Exchange) being party to a valid
and effective Block Broker Membership Agreement.

Block Broker Membership means a sign–on agreement, substantially corresponding to

Agreement Trading Agreement C, between the Exchange and another party,
granting the other party the right to access the Block Trade
Facility to enter Block Trade(s) as an Exchange Member.

Block Trade means a Transaction organised and executed in relation to Block

Trade Contracts pursuant to the Trading Rules.

Block Trade Contract means an Exchange Listed Product designated by the Exchange
as eligible for trading as a Block Trade pursuant to the Trading
Rules (but excluding, for the avoidance of doubt, EFPs, EFSs and
Non Exchange Transactions).

Block Trade, EFP and EFS means Clearing Appendix 14.

Clearing Procedures

Block Trade Facility means the facility established by the Exchange which permits
Exchange Members to organise and submit Transactions in
relation to the trading of Block Trade Contracts, EFPs and EFSs
pursuant to the Trading Rules.

Capital means the capital of an applicant or Account Holder as calculated

in accordance with the Capital Requirements Guidelines.

Capital Requirements means the Clearinghouse’s policies, procedures and/or guidelines

Guidelines in relation to the capital requirements for Account Holders.

Cascading means that the Open Positions in a Series are transformed into
Open Positions in one or more other Series as specified in the
Contract Specifications.

Cash Collateral means Collateral in the form of cash in a Permitted Currency.

Cash Collateral Bank Account means a bank account designated by an Account Holder, opened
and held at an Approved Settlement Bank with respect to a
Permitted Currency.

Cash Excess Amount means the amount of Cash Collateral in a Permitted Currency that
an Account Holder has notified to the Clearinghouse that it wishes
to keep in respect of a Margin Requirement Account on its linked
Collateral Custody Account.

Cash Optimization Account means a notional account created by the Clearinghouse for an
Account Holder which allows for the aggregation of payments due

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Trading Appendix 1 / Clearing Appendix 1 - Definitions

to or from such Account Holder across each of its Clearing

Accounts as further set out in Section 6.4 of the General Terms.

Cash Optimization Service means the service provided by the Clearinghouse, in accordance
with Section 6.4 of the General Terms.

Cash Settlement means the due settlement of a Clearing Transaction through

payment of the Cash Settlement Amount, as calculated in
accordance with the Clearing Rules including the Contract
Specifications.

Cash Settlement Amount means the amount calculated in accordance with the Clearing
Rules including the Contract Specifications in order to settle a
Clearing Transaction by payment by one contracting party to the
other.

Cash Settlement Report means the data produced by the Clearinghouse and made
available to each Account Holder in respect of each Margin
Requirement Account outlining the Cash Settlement Amount to be
paid in respect of each Clearing Transaction to which Cash
Settlement applies.

CCP Recovery and Resolution means Regulation (EU) 2021/23 of the European Parliament and
Regulation of the Council of 16 December 2020 on a framework for the
recovery and resolution of central counterparties.

CET means the local time in Oslo, Norway.

Chief Trader Procedure or CTP means the procedure where the Exchange can determine a
theoretical Daily Fix in each Series based on prices provided by
external parties in accordance with Section 4.4.5 of Part A of the
Contract Specifications.

Clearing means a clearing-by-novation process where the Clearinghouse

enters into the Transaction as central counterparty pursuant to
the Clearing Rules, and thus becomes Counterparty to the
Account Holders involved, including all processes relating to the
registration of a Clearing Transaction and the subsequent
novation, margining, netting, settlement, delivery or any other
services or processes carried out pursuant to or as a direct
consequence of the Clearing Transaction by a Counterparty until
such time as settlement and/or delivery has been performed and
the Counterparties’ obligations against each other have been
finally discharged in accordance with the Clearing Rules.

Clearing Account means an Account Holder’s account with the Clearinghouse for
registration of Clearing Transactions. References to a Clearing
Account shall be deemed to include the associated Intraday
Account, Direct Clearing Account and all associated Clearing
Portfolios where relevant.

Clearing Agreements means the template agreements specified as such in the Table of
Contents of the General Terms of the Clearing Rules, or a sign-on
agreement with individual Account Holders or Collateral Providers
based upon such template document, or such other document to
the same effect as the Clearinghouse in its discretion has agreed
to substitute any of the foregoing.

Clearing Appendices means the documents specified as such in the Table of Contents
of the General Terms of the Clearing Rules.

Clearing Complaint Deadline means the time specified in the Trading and Clearing Schedule,
marking the deadline for when a complaint must be filed with the
Clearinghouse.

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Trading Appendix 1 / Clearing Appendix 1 - Definitions

Clearing Confirmation means a confirmation from the Clearinghouse to the General

Clearing Member(s), Clearing Member(s), Direct Clearing Agent
or Direct Clearing Client (as applicable) involved, that the
Clearinghouse will provide Clearing of a Transaction. In case of
Exchange Transactions entered into through the ETS or MTS or
RFQS, the Transaction Confirmation from the Exchange also
serves as a Clearing Confirmation.

Clearing Listed Products means Products that are admitted for Clearing, but which are not
necessarily Exchange Listed Products. The individual Contract
Specification specifies whether a Product is a Clearing Listed
Product or an Exchange Listed Product or both.

Clearing Member means a person (other than the Clearinghouse) being party to a
valid and effective Clearing Membership Agreement.

Clearing Membership means a sign-on agreement, in substantially the format of

Agreement Clearing Agreement B, between the Clearinghouse and another
party, providing the other party with access to Clearing as a
Clearing Member.

Clearing Portfolio means a sub-account to a Clearing Account containing information

relating to a set of the Clearing Transactions registered to that
Clearing Account.

Clearing Request means a request for Clearing of a Transaction, as set out in

Section 4 of the General Terms of the Clearing Rules.

Clearing Rules means the Clearinghouse’s rules for Clearing of Transactions in

Exchange Listed Products and Clearing Listed Products consisting
of the General Terms and the Clearing Appendices, as may be
amended from time to time.

Clearing System means the Clearinghouse’s system for registration and processing
of Clearing Transactions and Clearing Requests as further defined
in the Clearing System User Terms.

Clearing System User Terms means Clearing Appendix 5.

Clearing Transaction means a Transaction that is registered and approved for Clearing
by way of a Clearing Confirmation.

Clearinghouse means Nasdaq Clearing AB, a Swedish company with reg. no

556383-9058 in the Swedish company register, acting through its
Norwegian branch Nasdaq Clearing Oslo (branch) with reg. no
994 583 352 in the Norwegian company register.

Clearinghouse Business Day means each day the Clearinghouse is open for business as set out
on the Clearinghouse website.

Clearinghouse Opening Hours means 07:00 CET until 19:00 CET, or such other time as
designated by the Clearinghouse from time to time.

Client means any client (including any NCM) of a General Clearing

Member or, where applicable, any client of a Clearing Member or
where applicable, any client of a Direct Clearing Client.

Client Clearing Account means a Clearing Account of a General Clearing Member or, where
applicable, a Clearing Member, which has been designated as a
Client Clearing Account, to which only Client Transactions may be

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Trading Appendix 1 / Clearing Appendix 1 - Definitions

allocated and registered. A Client Clearing Account is either an

Omnibus Account or an Individual Client Segregated Account.

Client Transaction means a Transaction that a General Clearing Member, Clearing

Member or Direct Clearing Client registers for Clearing on behalf
of a Client and which between the General Clearing Member,
Clearing Member or Direct Clearing Client and the Client (as
applicable) is on the account and risk of the Client.

Close-Out Transaction means a Clearing Transaction to be (wholly or partially) off-set

against an Open Position in the same Series.

CMS System means the Clearinghouse application that enables Account

Holders to view and administer Collateral and Settlement with
respect to their accounts with the Clearinghouse.

Collateral means assets in the form of cash in the Permitted Currencies

and/or the eligible securities, as specified in the Collateral List
from time to time.

Collateral Custody Account means an account opened by an Account Holder with the
Clearinghouse in accordance with the Collateral Custody Account
Agreement for provision of Collateral.

Collateral Custody Account means an agreement between the Clearinghouse and an Account
Agreement Holder setting out the terms and conditions for the Collateral
Custody Account.

Collateral Deficiency means the amount equal to the shortfall of the Collateral Sum
against the Margin Requirement.

Collateral List means Clearing Appendix 10 setting out Collateral and Eligible
Funds approved by the Clearinghouse and provisions regarding
valuation of such collateral and Eligible Funds, as amended from
time to time.

Collateral Provider means in relation to Bank Guarantees the issuer of such

Collateral, and in relation to other Collateral the Account Holder.

Collateral Receipt Cut-Off Time means the time set out in the Procedures by which the
Clearinghouse must receive Cash Collateral and Non-Cash
Collateral in order for such Cash Collateral and Non-Cash
Collateral to be taken into account for the determination of the
Collateral Sum prior to the operation of the Cash Optimization
Service.

Collateral Sum means the value of Collateral provided in respect of a Margin

Requirement Account at a specific time valued in accordance with
the Collateral List.

Collateral Surplus means the amount equal to the excess of the Collateral Sum over
the Margin Requirement.

Combination Order means an Order to concurrently buy and/or sell Contracts in two
or more different Series.

Compliance Responsible means a natural person assigned by an Exchange Member to be

responsible for compliance.

Contact Person means a natural person (not a legal entity) appointed and
authorised as such in accordance with the Clearing Rules (in
respect of Clearing).

Contract means an agreement giving rise to rights and obligations in an

Exchange Listed Product or Clearing Listed Product.

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Trading Appendix 1 / Clearing Appendix 1 - Definitions

Contract Base means the asset or other value (underlying property) on which a
Product, including all resulting Contracts, is based as specified in
the Contract Specifications. In case of Option Contracts the
Contract Base refers to the specific asset(s) that an Option
Contract conveys the right to buy (in the case of a call) or sell (in
the case of a put).

Contract Price or Price means the cash value price agreed for each Contract in a
Transaction, which the Buyer is obligated to pay and the Seller is
entitled to receive, expressed in the relevant currency and
excluding VAT and Relevant Taxes. Any combination term
incorporating “Price” shall, unless otherwise defined herein, be
understood as referring to the applicable Contract Price in addition
to any other terms designated by such combination.

Contract Specifications means the joint Trading Appendix 2 and Clearing Appendix 2 and,
where relevant, Clearing Appendix 2A, as applicable to each
Product.

Contract Time means, in respect of Block Trades, the point in time where the
seller and the buyer enter into the original transaction that is to
be entered on to the Exchange via the Block Trade Facility, and in
respect of EFP or EFS, the point in time when the seller and the
buyer entered into the original transaction that is to be cancelled
and replaced with an EFP or EFS, and in respect of all other
transactions, the point in time where the seller and the buyer
enter into a Transaction, regardless of the form or format used to
facilitate such agreement. In respect of Clearing Transactions,
Contract Time refers to the relevant time of the original
Transaction that is subject to Clearing.

Contract Volume means the trade lot volume of each Contract, as expressed in the
applicable measurement unit of the applicable Product (e.g. MW
for Electricity Contracts).

Contributed Assets has the meaning ascribed to “Contributed Assets” in the Default
Fund Rules.

Contribution Day has the meaning ascribed to “Contribution Day” in the Default
Fund Rules.

Co-Operating Exchange Nasdaq Stockholm AB

Counterparty means the buying or selling party in a Clearing Transaction (as

applicable), and includes the Clearinghouse acting as central
counterparty in all Clearing Transactions.

Credit Score means the credit score of an applicant or Account Holder as

calculated in accordance with the Credit Scoring Guidelines.

Credit Scoring Guidelines means the Clearinghouse’s policies, procedures and/or guidelines
in relation to the credit scoring criteria applicable to Account
Holders.

Cross Order means an order submitted in the ETS following the Cross Request
functionality.

Cross Request means a function in the ETS to enable a Cross Order giving rise
to a Cross Trade.

Cross Trade means a Trade concluded in the ETS following the Cross Request
functionality.

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Trading Appendix 1 / Clearing Appendix 1 - Definitions

Direct Clearing Account See Section 3.3 of the Clearing Rules. For the avoidance of doubt,
the Direct Clearing Account is a Clearing Account.

Direct Clearing Agent A General Clearing Member, a Clearing Member or a Non-Clearing

Member who has been appointed to act as an agent under the
Direct Clearing Client Agreement(s).

Direct Clearing Client means a person (other than the Clearinghouse) being party to a
valid and effective Direct Clearing Client Agreement in capacity as
such and who is entitled to participate in the clearing activities of
the Clearinghouse (i) on its own behalf, or (ii) on behalf of a Client
regarding Transactions Registered on a Direct Clearing Account.

Direct Clearing Client An agreement between the Direct Clearing Client, the Direct
Agreement Clearing Agent and the Clearinghouse with respect to the clearing
services offered by the Clearinghouse. For the avoidance of doubt,
the Direct Clearing Client Agreement is a Clearing Agreement.

Daily Cash Settlement means a Cash Settlement between the Clearinghouse and Account
Holders for the Daily Cash Settlement Amount.

Daily Cash Settlement Amount means the Cash Settlement Amount applicable to each relevant
Bank Day in accordance with Section 6.2 of the General Terms of
the Clearing Rules.

Daily Contracts means contracts that cover one day or parts of the relevant day.

Daily Fix means the closing price in each Series calculated for each Bank
Day in accordance with Section 4.4 in Part A of the Contract
Specifications.

Daily Market Settlement means a daily mark-to-market Cash Settlement to be performed

between the Counterparties in accordance with Section 5.1 in Part
A of the Contract Specifications.

Default Event is defined in Section 8.1.1 of the General Terms of the Clearing
Rules.

Default Fund means the member sponsored default fund administered by the
Clearinghouse, as further specified and defined in the Default
Fund Rules.

Default Fund Exit Date means the Contribution Day on which the relevant Default Fund
Participant is repaid its Contributed Assets by the Clearinghouse.

Default Fund Custody Account has the meaning ascribed to “Custody Account” in the Default
Fund Rules.

Default Fund Participant has the meaning ascribed to “Default Fund Participant” in the
Default Fund Rules.

Default Fund Rules means Clearing Appendix 9 relating to the governance, terms and
conditions of the Default Fund, including appurtenant
documentation and arrangements as applicable to each relevant
Account Holder.

Default Notification means the default notification procedures available online at

Procedures http://www.nasdaqomx.com/europeanclearing/nordicclearingtod
ay/riskanddefaultmanagement/defaultfund/proceduresagreemen
tspolicypapers/.

Delivery means the delivery and receipt of an asset (other than cash) in
furtherance of the Counterparties’ respective obligations under a

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Trading Appendix 1 / Clearing Appendix 1 - Definitions

Clearing Transaction in accordance with the Clearing Rules (as

may be further specified in respect of each type of asset).

Delivery Day means the calendar day specified in the Contract Specifications
by which Delivery shall take place under a Contract.

Delivery Period means the time period following the Expiration Day, when a Spot
Reference Settlement and Expiry Market Settlement shall be
conducted as specified in the Contract Specifications.

Delivery Point means the designated and approved point of Delivery for a
Counterparty in respect of its reception or delivery of an asset
other than cash (whether tangible or intangible) which is to be
Delivered under and in accordance with the Clearing Rules,
including any registries and repositories where such assets are
kept and/or maintained.

Directed Quote Acceptance means an acceptance from an RFQ Requestor to confirm that a
(DQA) DQR is acceptable and which concludes an Exchange Transaction.

Directed Quote Response means a binding and firm quote (Bid/Offer or both) provided in
(DQR) response to an RFQ by one or more Exchange Member(s).

DKK or Danish Krone means Danish Krone, being the lawful currency of Denmark.
References to øre in respect of DKK currency shall equal 1/100
DKK.

DS Future Contract or means a Contract specified as such in the Contract Specifications

DS Future for the purchase and sale of a particular quantity of an asset or
the cash equivalent of the asset’s value against a Contract Base
or Fix, at a predetermined price at a future time or time period.
Any combination term incorporating “DS Future” shall, unless
otherwise defined herein, be understood as referring to DS Future
Contracts in addition to any other terms designated by such
combination.

Due Diligence Questionnaire means the due diligence questionnaire required to be completed
by each Account Holder on an annual basis pursuant to Section
3.11.2 of the General Terms of the Clearing Rules, in order to
demonstrate compliance with the membership requirements set
out in these Clearing Rules.

Electricity Contract means a cash-settled Contract whose value is linked to a Contract

Base quoted for electric power pursuant to the Contract
Specifications.

El-Cert or Electricity Certificate means any Electricity Certificate unit representing one (1)
Electricity certificate issued for each (1) MWh of electricity
produced from renewable energy sources.

El-Cert or Electricity Certificate means a Contract whose Contract Base is directly correlated to El-
Contract Certs pursuant to the Contract Specifications.

El-Cert or Electricity Certificate means the settlement of an El-Cert Contract in accordance with
Settlement Section 4.4 in Part B of the Contract Specifications.

Electricity Price Area means a contract specified as such in the Contract Specifications,
Differential or EPAD and is the price difference, in the currency of the contract, for 1
MWh of electricity between the daily Elspot System Price for the
Nordic region or the Phelix German System price for the German
Austrian region and the applicable Area Price (as specified in the
Series Designation).

Eligible Funds means assets in the form of cash in the eligible currencies and/or
the eligible securities, as specified in the Collateral List from time

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Trading Appendix 1 / Clearing Appendix 1 - Definitions

to time, which a Default Fund Participant may use to fulfil its Fund
Requirement under the Default Fund Rules.

End of Day Margin Delivery 11.00 CET

Time

End of Day Margin means the calculation of the Margin Requirement and Collateral
Determination Sum undertaken by the Clearinghouse at the end of each
Clearinghouse Business Day.

Error Correction Deadline means the time specified in the Trading and Clearing Schedule,
when corrections of Transaction errors at latest must be effected
by the Exchange, upon which the registration of Transactions with
the Clearinghouse becomes final.

EMIR means Regulation (EU) No 648/2012 of the European Parliament

and of the Council of 4 July 2012 on OTC derivatives, central
counterparties and trade repositories.

EMIR Individual Segregated means an account meeting the requirements for individual client
Account segregation pursuant to Article 39(3) of EMIR.

EMIR Omnibus Account means an account meeting the requirements for omnibus client
segregation pursuant to Article 39(2) of EMIR.

ETS or EMP means the Exchange’s computerised system for registration and
processing of Orders and Exchange Transactions, as further
defined in the ETS User Terms.

ETS User Terms means Trading Appendix 5.

EUR or Euro means the lawful currency of the Member States of the European
Union that adopt the single currency in accordance with the Treaty
establishing the European Community, as amended by the Treaty
on the European Union. References to a “cent” in respect of Euro
currency shall equal 1/100 EUR.

EUR Contract means a Contract that is traded in EUR currency pursuant to the
Contract Specifications and that is traded and cleared on a
Norwegian trading calendar pursuant to the Trading and Clearing
Schedule. Any combination term incorporating “EUR” shall, unless
otherwise defined herein, be understood as referring to EUR
Contracts in addition to any other terms designated by such
combination.

EURIBOR means the interest rate for Euro deposits for a period of one
month that appears on Reuters Page EURIBOR01 (or such other
screen display or service as may replace it for the purpose of
displaying the interest rates for Euro deposits offered in the euro-
zone) as at 11.00 a.m. CET on the relevant due day, and where
the amount or any part of it remains overdue one month after the
due day such interest rate as appears on such page for such
deposits as at such time as at the day one month after the due
day and thereafter as at monthly intervals until the amount is no
longer overdue; or if no such interest rate appears on Reuters (or
such replacement), the arithmetic mean (rounded upwards to 3
decimal places) of the rates per annum at which each of not less
than two major banks in the Euro-zone interbank market quoted
that they were offering Euro deposits in an amount comparable
with that overdue amount to major banks in the Euro-zone
interbank market for a period of one month as at 11.00 a.m. CET
on the due day or as at the day one month after the due day or
as at monthly intervals thereafter as the case may be.

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Trading Appendix 1 / Clearing Appendix 1 - Definitions

European Trading Calendar means trading calendar open for trading on all days from Monday
throughout Friday besides Jan1, Good Friday, Easter Monday, Dec
24-26 and Dec31.

Exchange means Nasdaq Oslo ASA, a public limited company with company
number 965 662 952 in the company register of Norway.

Exchange Act means the Norwegian Act on Exchanges of 29 June 2007 No 74,
including any regulations pursuant to the act.

Exchange Appeal Committee means a committee independent of the Exchange appointed by

the Ministry of Finance, which is an appeal committee for decisions
made by the Exchange as further specified in the Exchange Act.

Exchange of Future for means a Transaction designated by the Exchange as eligible for
Physical or trading as an EFP pursuant to the Trading Rules (but excluding,
EFP for the avoidance of doubt, Block Trades, EFSs and Non Exchange
Transactions).

Exchange of Future for Swap means a Transaction designated by the Exchange as eligible for
or trading as an EFS pursuant to the Trading Rules (but excluding,
EFS for the avoidance of doubt, Block Trades, EFPs and Non Exchange
Transactions).

Exchange Listed Product means any Product admitted by the Exchange for Exchange
Trading, and includes Block Trade Contracts. The individual
Contract Specification specifies whether a Product is an Exchange
Listed Product and whether such Product is a Block Trade
Contract. Exchange Listed Products are always Clearing Listed
Products.

Exchange Member means a person (other than the Exchange) being party to a valid
and effective Exchange Membership Agreement, Non-Clearing
Membership Agreement or Block Broker Membership Agreement.

Exchange Membership means a sign-on agreement, substantially corresponding to

Agreement Trading Agreement A, between a the Exchange and another
party, granting the other party access to Exchange Trading as an
Exchange Member.

Exchange Opening Hours means 07:45 CET until 19:00 CET, or such other time as
designated by the Exchange from time to time.

Exchange Trader means a natural person (not a legal entity) appointed and
authorised by an Exchange Member in accordance with the
Trading Rules.

Exchange Trading means Trading in an Exchange Listed Product carried out by an

Exchange Member through the Trading System.

Exchange Transaction or means a Transaction that is entered into through the Trading
Exchange Trade Systems, including for the avoidance of doubt Block Trades, EFPs
and EFSs, and excludes its corresponding Clearing Transaction
unless specifically stated.

Exercise Price means the price set in the Contract Specifications for an Option
Series, which shall be applied in the Option Exercise Settlement
(commonly referred to as “strike price”).

Expiration Day means a day specified in relation to each applicable Series to be

the final day for Exchange Trading in that Series, triggering the
Settlements and possible Option Exercises as further provided for
in the Contract Specifications

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Expiration Fix means the closing price in each Series calculated on the Expiration
Day in accordance with Section 4.4 in Part A of the Contract
Specifications.

Expiry Market Settlement means a method of Cash Settlement to be performed between the
Counterparties in accordance with Section 5.2 in Part A of the
Contract Specifications.

Exposure Limit means the maximum exposure that an Account Holder may have
in respect of a certain Margin Requirement Account, as set by the
Clearinghouse from time to time. An Account Holder’s exposure is
calculated in accordance with the model applied by the
Clearinghouse from time to time.

Exposure Limit Breach is defined in Section 3.12.4 of the General Terms of the Clearing
Rules.

Exposure Limit Check means, in respect of a Clearing Request received by the

Clearinghouse, a check carried out by the Clearinghouse that an
Account Holder’s exposure that will result from the approval of
such Clearing Request does not exceed such Account Holder’s
Exposure Limit.

Exposure Limit Guidelines means the Clearinghouse’s policies, procedures and/or guidelines
in relation to the exposure limits applicable to Account Holders.

Extraordinary Margin means an amount calculated by the Clearinghouse at any time in

Requirement relation to a Margin Requirement Account as required to be
provided in accordance with Section 5.5 of the General Terms of
the Clearing Rules.

FC Breach is defined in Section 3.12.5 of the General Terms of the Clearing

Rules.

FC Risk Score means the financial crime score of an applicant or Account Holder
as determined in accordance with the FC Risk Scoring Guidelines.

FC Risk Scoring Guidelines means the Clearinghouse’s policies, procedures and/or guidelines
in relation to the financial crime scoring criteria applicable to
Account Holders.

Fee List means the joint Trading Appendix 7 and Clearing Appendix 7.

Financial Contract means a Contract that is subject to Cash Settlement only. Any
combination term incorporating “Financial” shall, unless otherwise
defined herein, be understood as referring to Financial Contracts
in addition to any other terms designated by such combination.

Fish Pool Rulebook means the rulebook for trading at Fish Pool ASA, as may be
amended from time to time.

Force Majeure Event means the occurrence of an event which (i) is outside the
reasonable control of the affected party and (ii) which prevents
such party from performing one or more of its obligations under
the Trading Rules or the Clearing Rules and (iii) such event or the
impact of such event on the party's performance of relevant
obligation(s) could not reasonably have been overcome or have
been prevented by such party within the time allowed for
performance of the relevant obligation(s). For the purposes of this
definition, acts of God or the public enemy, acts of a civil or
military authority, terrorist or other criminal action, civil unrest,
embargoes, fire, flood, labour dispute, unavailability or restriction
of computer or data processing facilities, or unavailability or
restriction of settlement systems or of bank transfer systems,
shall normally be deemed to be outside the reasonable control of

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a party, provided that the party has otherwise acted with such
prudence and care as could reasonably be expected of that party.

Futures Contract or Future means a Contract specified as such in the Contract Specifications,
and which is subject to Daily Market Settlement, for the purchase
and sale of a particular quantity of an asset, or the cash equivalent
of the asset against a Contract Base or Fix, at a predetermined
price at a specified future time or time period. Any combination
term incorporating “Futures” shall, unless otherwise defined
herein, be understood as referring to Futures Contracts in addition
to any other terms designated by such combination

GBP or Pounds Sterling means Great Britain Pound, being the lawful currency of the
United Kingdom. References to pence in respect of GBP currency
(including “GBp” and “GBX”) means pence sterling = 1/100 GBP.

GBP Contract means a Contract that is traded in GBP currency and that is traded
and cleared on a UK trading calendar or a European Trading
Calendar pursuant to the Contract Specifications. Any
combination term incorporating “GBP” shall, unless otherwise
defined herein, be understood as referring to GBP Contracts in
addition to any other terms designated by such combination.

General Clearing Member or means a person (other than the Clearinghouse) being party to a
GCM valid and effective General Clearing Membership Agreement.

General Clearing Membership means a sign-on agreement, substantially corresponding to

Agreement substantially corresponding to Clearing Agreement A, between the
Clearinghouse and another party, providing the other party with
access to Clearing as a General Clearing Member.

General Terms means a document titled as such, with standard terms for Trading
or Clearing constituting a part of either the Trading Rules or the
Clearing Rules respectively.

Give Up means a request by an Account Holder to transfer a Clearing

Transaction in whole or in part to the Clearing Account(s) of a
different Account Holder.

Gross Omnibus Segregated With respect to indirect clearing and each Client, an Omnibus
Account (GOSA) Account for Indirect Clients, to which at least one Single-client
Account is linked and in which the Clearinghouse shall keep
separate records of the positions of each Indirect Client, calculate
the Margin Requirement in respect of each Indirect Client and
collect the Collateral Sum on a gross basis.

Hedge Transaction means a Transaction that in the Clearinghouses opinion reduces

the market risk of an Open Position. A Hedge Transaction need
not be a Close-Out Transaction.

House Account means any Clearing Account of a General Clearing Member or

Clearing Member or a Direct Clearing Account of a Direct Clearing
Client.

Indirect Clearing Account Any of the following types of accounts: a Net Omnibus Segregated
Account (NOSA) or a Gross Omnibus Segregated Account (GOSA).

Indirect Clearing Arrangement The set of contractual relationships between providers and
recipients of indirect clearing services provided by a Client, a
Direct Clearing Client’s Client, an Indirect Client or a Second
Indirect Client in accordance with the Indirect Clearing RTSs.

Indirect Clearing RTSs The Commission Delegated Regulation (EU) 2017/2154 of 22

September 2017 supplementing Regulation EU No 600/2014 of
the European Parliament and of the Council with regard to

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regulatory technical standards on indirect clearing arrangements;

and the Commission Delegated Regulation (EU) 2017/2155 of 22
September 2017 amending Delegated Regulation (EU) No
149/2013 with regard to regulatory technical standards on
indirect clearing arrangements.

Indirect Client The client of a Client or, with respect to a Direct Clearing Client,
its Client’s client.

Individual Client Segregated means a Clearing Account of a General Clearing Member or, where
Account (ICA) applicable, a Clearing Member, which has been designated as an
Individual Client Segregated Account, to which only Client
Transactions that reflect equivalent transactions made between
such member and an individual Client that has opted for such
account may be allocated and registered.

Information Breach is defined in Section 3.12.2 of the General Terms of the Clearing
Rules.

Insolvency Event is defined in Section 8.6 of the General Terms of the Clearing
Rules.

Instrument means any standardized contract, instrument or other facility,

whether physically or cash settled, whether cash settled or
physically settled, and whether in the form of a Futures Contract,
DS Future Contract, Option Contract or other type of facility,
through which (or through the acquisition of which) a person may
enter into contracts that are eligible for clearing with the
Clearinghouse as central counterparty.

Intraday Account Means a General Clearing Member’s or Clearing Member’s

Clearing Account for interim registration of Clearing Transactions.
An Intraday Account is part of either a House Account or a Client
Clearing Account, see Section 3.3.7 of the General Terms of the
Clearing Rules.

Intraday Margin Requirement means the determination by the Clearinghouse of a Margin

Requirement at a time during the Clearinghouse Business Day
other than in connection with the End-of-Day Margin
Determination in accordance with Section 5.5 of the General
Terms of the Clearing Rules.

Liquid Assets means the liquid assets of an applicant or Account Holder as

calculated in accordance with the Liquid Assets Guidelines.

Liquid Assets Guidelines means the Clearinghouse’s policies, procedures and/or guidelines
in relation to the liquid assets requirements for Account Holders.

Locked Currency Limit means a minimum amount of Cash Collateral in each Permitted
Currency, as determined by the Clearinghouse, that must be
retained in the Collateral Custody Account at all times.

Longer Chains The Indirect Clearing Arrangement referred to in Articles 5(a)-(b)

and Articles 6-7, respectively, of the Indirect Clearing RTSs.

Loss means an amount that a Counterparty reasonably determines in

good faith to be its total losses and costs (or gain, in which case
expressed as a negative number) in connection with the
termination of Transactions under the Clearing Rules in respect of
an Insolvency Event or Default Event, including any loss of
bargain, cost of funding (based on the actual costs of the
Counterparty whether or not greater than market costs) or, at its
election but without duplication, loss or cost incurred as a result
of its terminating, liquidating, obtaining or re-establishing any
hedge or related trading position (or any gain resulting from any

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of them). Loss includes losses and costs (or gains) in respect of

any payment or Delivery required to have been made and not
made on or before the termination day. The Counterparty may
(but need not) determine its Loss by reference to quotations of
average relevant rates or prices from two or more leading brokers
in the trading market who are independent of the Clearinghouse.

Manual Exercise means the Option Exercise pursuant to an Exercise Order from an
Option Holder, in accordance with the Contract Specifications.

Margin Requirement means an amount calculated by the Clearinghouse as the sum of

each margin component (including any applicable Base Collateral
Requirement and any margin component in connection with an
Extraordinary Margin Requirement having been issued by the
Clearinghouse from time to time), as determined in respect of all
Clearing Transactions recorded on the Clearing Account(s)
associated with a particular Margin Requirement Account.

Margin Requirement Account means an account for calculation of the Margin Requirement in
respect of Clearing Transactions recorded on the Clearing
Account(s) associated with it.

Margin Requirement Report means the data produced by the Clearinghouse and made
available to each Account Holder in respect of each Margin
Requirement Account setting out the Margin Requirement, the
Collateral Sum and the Collateral Surplus or Collateral Deficiency
for that Margin Requirement Account.

Market Conduct Rules means joint Trading Appendix 6 and Clearing Appendix 6.

Market Maker means an Exchange Member who has undertaken towards the
Exchange to quote binding Bids and Offers in Exchange Listed
Products as further specified in the applicable Market Maker
Agreement.

Market Maker Agreement means an agreement entered into between the Exchange and
another party, entitling and obliging the other party to act as
Market Maker.

Market Maker Hours means time interval during Opening Hours when Market Makers
are required to quote Orders in the relevant Series.

Market Maker Spread means the maximum quotable net spread for Bids and Offers for
a Market Maker in a Series at any time.

Market Maker Volume means the minimum contract volume to be quoted by a Market
Maker in a Series at any time.

Market Surveillance means the unit of the Exchange responsible for monitoring
compliance with the Market Conduct Rules and such other matters
as set out in the Market Conduct Rules.

Material Default Event is defined in Section 8.1.2 of the General Terms of the Clearing
Rules.

Material Non-Compliance is defined in Section 7.2 of the General Terms of the Trading
Event Rules.

Member Portal Means the web based portal used and designated by the Exchange
and the Clearinghouse for notifications management, action
management, operational request management, user
administration and contract and document management in
connection with the Exchange Members’, General Clearing
Members’, Clearing Member’ or applicants’ interactions with the
Exchange and/or Clearinghouse in connection with membership

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or a process to become member at the Exchange and/or the

Clearinghouse.

Membership Requirements means Clearing Appendix 8.

Membership Requirements is defined in Section 3.12.3 of the General Terms of the Clearing
Breach Rules.

Month Contract means contracts that cover one calendar month or parts of the
relevant month.

Monthly Settled means contracts that cover one calendar month or parts of the
relevant month.

MTS or MPS means the Exchange’s telephone based service for Exchange
Trading.

Natural Gas Contract means a cash-settled Contract whose value is linked to a Contract
Base quoted for natural gas pursuant to the Contract
Specifications.

Net Omnibus Segregated With respect to indirect clearing and each Account Holder, an
Account (NOSA) Omnibus Account for Indirect Clients, Second Indirect Clients or
Third Indirect Clients of that Account Holder.

Net Position see Open Position.

NOK or Norwegian Krone means Norwegian Krone, being the lawful currency of Norway.
References to øre in respect of NOK currency shall equal 1/100
NOK.

NOK Contract means a Contract that is traded in NOK currency pursuant to the
Contract Specifications and that is traded and cleared on a
Norwegian trading calendar pursuant to the Trading and Clearing
Schedule. Any combination term incorporating “NOK” shall, unless
otherwise defined herein, be understood as referring to NOK
Contracts in addition to any other terms designated by such
combination.

Non-Cash Collateral means any Collateral other than Cash Collateral.

Non-Clearing Member or NCM means a person (other than the Exchange) being party to a valid
and effective Non-Clearing Membership Agreement.

Non-Clearing Membership means a sign-on agreement, substantially corresponding to

Agreement Trading Agreement A, between the Exchange and another party,
granting the other party access to Exchange Trading as a Non-
Clearing Member.

Non-Compliance Event is defined in Section 7.1 of the General Terms of the Trading
Rules.

Non Exchange Clearing means Clearing Appendix 4.

Procedures

Non Exchange Trading means Trading (other than Third Party Exchange Trading) that is
carried out outside the Trading System but for the avoidance of
doubt does not include Block Trades, EFPs or EFSs.

Non Exchange Trading Broker means a person which has entered into a Non Exchange Trading
Broker Agreement with the Clearinghouse for reporting of Non
Exchange Transactions for Clearing on behalf of Account Holders
(but not as Account Holder)

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Non Exchange Trading Broker means an agreement to be entered into between the
Agreement Clearinghouse and another person (the Non Exchange Trading
Broker) in accordance with Clearing Agreement F.

Non Exchange Transaction means a Transaction entered into through Non Exchange Trading
and designated by the Clearinghouse as eligible for Clearing as a
Non Exchange Transaction pursuant to the Clearing Rules but
excluding, for the avoidance of doubt, Third Party Exchange
Transactions.

Omnibus Account means a Clearing Account of a General Clearing Member or, where
applicable, Clearing Member, which has been designated as an
Omnibus Account, to which only Client Transactions that reflect
equivalent transactions made between such member and such
group of its Clients that have opted for such account may be
allocated and registered.

Open Interest means the aggregated net balance of Open Positions in a Series,
as registered by the Clearinghouse.

Open Position or Net Position means a net position created by aggregating and netting all
purchase or sales Transactions in a Series within the same
Clearing Account, as calculated and notified by the Clearinghouse
to the Account Holder.

Opening Hours means the time interval during a Bank Day when Exchange
Transactions and/or Clearing Requests relating to a Series are
received and processed by the Exchange and/or the
Clearinghouse, as further specified in the Trading and Clearing
Schedule and the Contract Specifications.

Operational Requirements means the Clearinghouse’s policies, procedures and/or guidelines

Guidelines in relation to the operational requirements for Account Holders.

Opposite Positions means offsetting Transactions in the same Series.

Option Contract or Option means a Contract specified as such in the Contract Specifications
for the potential purchase and sale of a specific quantity of a
Contract Base (as set out in the Contract Specifications) at a
stipulated future date, and according to which the Option Holder,
against payment of the Option Premium, has the right, but not
the obligation, to buy (in case of a call) or to sell (in case of a put)
such quantity of the Contract Base against payment of the Option
Exercise Price. Any combination term incorporating “Option” shall,
unless otherwise defined herein, be understood as referring to
Option Contracts in addition to any other terms designated by
such combination.

Option Exercise or Exercise means an Option Holder’s exercise of its rights under an Option
Contract, either through Automatic Option Exercise or Manual
Option Exercise.

Option Exercise Settlement or means the Settlement in accordance with Section 5.5 in Part A,
Exercise Settlement Sections 5.6 and 5.7 in Part B of Appendix 2 of the Contract
Specifications or Sections 1.6 or 2.6 in Part B of Appendix 2A of
the Contract Specifications.

Option Exercise Time or means the time when an Option Exercise must be exercised in
Exercise Time order to become effective, and will become effective in case of
Option Exercise, pursuant to the Contract Specifications.

Option Fix means a price calculated on the Expiration Day for each Option
Series in accordance with Section 4.5 of Part A of the Contract
Specifications, to be used for Automatic Option Exercise purposes.

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Option Holder or Option Buyer means the party to an Option Contract who is entitled to perform
an Option Exercise (i.e. to buy and receive the Contract Base in
case of a Call Option and to sell and deliver the Contract Base in
case of a Put Option) against payment of the Option Exercise
Price.

Option Premium means the Contract Price payable from the Option Holder to the
Option Writer under an Option Contract.

Option Premium Settlement or means the Option Holder’s payment of the Option Premium to the
Premium Settlement Option Writer in accordance with Section 4.4 in Part A of the
Contract Specification.

Option Settlement means Premium Settlement and Option Exercise Settlement.

Option Writer or Option Seller means the party to an Option Contract who is obliged, in case of
an Option Exercise, to perform its rights and obligations under the
Option Contract (i.e. to sell and deliver the Contract Base in case
of a Call Option and to buy and receive the Contract Base in case
of a Put Option) against receipt of the Option Exercise Price.

Order means an offer to sell or buy an Exchange Listed Product that an

Exchange Member registers in ETS or calls in to MTS.

Payments Report means the data produced by the Clearinghouse and made
available to each Account Holder setting out the net payment due
in each relevant Permitted Currency pursuant to the Cash
Optimization Service.

Pending Settlement means Settlements calculated by the Clearinghouse that is not

due at the current time.

Permitted Currency means the currencies which the Clearinghouse accepts as

Collateral pursuant to the Collateral List.

Position Management Controls means the activity of the Exchange to control the management of
open interest positions in commodity derivatives traded on the
Exchange.

Position Policy means a document setting out the objective and transparent
criteria used by the Exchange for the application of Position
Management Controls.

Power of Attorney means a power of attorney authorizing an Approved Settlement

Bank to execute payment instructions issued by the
Clearinghouse on the designated Cash Collateral Bank Account(s).

Prenovation Check means, in respect of a Clearing Request received by the

Clearinghouse, a check carried out by the Clearinghouse that the
Account Holder, at the Clearinghouse’s sole discretion has
sufficient Collateral in the relevant Custody Account(s) to cover
the Margin Requirement that will result from the approval of such
Clearing Request in accordance with the Clearinghouse’s routines.

Principal Trading means an Exchange Member's Trading through one or more

Principal Transactions.

Principal Transaction means a Transaction entered into by an Account Holder at its own
account and risk.

Procedures means the document which, alongside the Clearing Rules, sets out
the details of the Cash Optimization Service and its operational
process, including, but not limited to, the form and manner at
which Collateral is to be provided to the Clearing house. Such
document shall be made available on the Clearinghouse website.

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Product Calendar means a listing of the specific terms for each Series (dates,
volume, trading period, Series Specification etc), as from time to
time may be updated, amended and published on the Exchange’s
website and/or through the ETS.

Product means an Instrument for Exchange Listed Products or Clearing

Listed Products. References to any individual Product (or
Instrument) shall be deemed to comprise all Series and Contracts
based on the same individual Contract Specifications, even though
certain terms such as Delivery Day and/or Delivery Period and/or
the Expiration Day may differ.

Quarterly Contracts means contracts that cover one calendar quarter or parts of the
relevant quarter.

Quotation List means Part C of the Contract Specifications.

Registration means the process leading to a Transaction being deemed

registered and created as a Clearing Transaction pursuant to the
Clearing Rules, and “Registered” shall be construed accordingly.

Registration Error means, in respect of Non Exchange Clearing, that the registered
Clearing Transaction does not conform to the Clearing Request or
that a Clearing Request has not been Registered in accordance
with the Non Exchange Clearing Procedures.

Regulatory Body means any governmental or regulatory body with jurisdiction over
the Exchange and/or the Clearinghouse under applicable law.

Regulatory Position Limit means limits set by a Regulatory Body, on the size of a position
which a person can hold at all times in commodity derivatives
traded on the Exchange.

Relevant Tax means any present or future tax, levy, impost, duty, charge,
assessment or fee of any nature (including interest or penalties)
that is imposed by any government or other taxing authority
directly in respect of any payment or transfer request under the
Trading Rules and/or the Clearing Rules other than stamp,
registration, documentation or similar tax. Relevant Tax does not
include, without limitation, income tax, taxes on Allowances or the
activities giving rise to Allowances or taxes imposed generally on
a Counterparty’s business, or Value Added Tax.

Required Authorisations means all governmental and other licences, authorisations,

permits, consents, contracts and other approvals (if any) that are
required to enable the party to fulfil any of its obligations under
the Trading Rules and/or the Clearing Rules.

Request for Quote (RFQ) means a non-binding message sent from one Exchange Member
to other Exchange Member(s) in order to solicit a Directed Quote
Response.

RFQ Requestor An Exchange Member who submits an RFQ.

RFQ Responder An Exchange Member who submits a DQR in response to an RFQ.

RFQS means the Exchange’s computerised system for submitting and

processing of a RFQ and Direct Quote Response(s) that may
conclude an Exchange Transaction.

Risk Currency means the agreed currency (either Euro, NOK, Pounds Sterling,
SEK, DKK or USD, depending on the Account Holder’s choice) in
which the Margin Requirements for a Clearing Account are made.

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Seasonal Contracts means contracts that cover two quarter contracts; Summer
Season is defined as Apr1 throughout and including Sep30 and
Winter Season is defined as Oct1 throughout and including Mar31.

Second Indirect Client The client of an Indirect Client.

Security Settlement System means a Security Settlement System under Norwegian Law
pursuant to the Norwegian Payment Systems Act of 17 December
1999 no 95 (implementing EU Directive 98/26/EC on Settlement
Finality in Payment and Securities Systems), as may be amended
from time to time.

SEK or Swedish Krona means the Swedish Krona, being the lawful currency of Sweden.
Reference to öre in respect of SEK currency shall equal 1/100 SEK.

SEK Contract means a Contract that is traded in SEK currency pursuant to the
Contract Specifications and that is traded and cleared on a
Norwegian trading calendar pursuant to the Trading and Clearing
Schedule. Any combination term incorporating “SEK” shall, unless
otherwise defined herein, be understood as referring to SEK
Contracts in addition to any other terms designated by such
combination.

Series means all Contracts based upon the same Product, which have
the same contractual terms except for the Contract Price (i.e.
same Delivery Period, Term etc) and which share the same Series
Specification.

Series Specification means the alphanumeric identifier assigned to a Series in the ETS
and/or the Clearing System.

Settlement means that cash payment is made and received between the
Counterparties, against Delivery and receipt of the relevant asset
where applicable, in fulfilment of the Counterparties’ respective
obligations pursuant to one or more Clearing Transactions.

Settlement Day means the Bank Day when the relevant Settlement shall take
place for a Series pursuant to the Contract Specifications.

Single-client Account means a sub-account to a Gross Omnibus Segregated Account

(GOSA) as set out in Sections 3.3.16 and 3.3.17 of the Clearing
Rules General Terms.

SONIA means the rate that reflects the wholesale unsecured overnight
borrowing costs of banks in the British sterling market, published
no later than 08:00 CET on each relevant day on the Refinitiv
Screen (or such other screen display or service as may replace it
for the purpose of displaying wholesale unsecured overnight
borrowing costs of banks in the British sterling market).

Spot Reference Fix Means a price determined on each day of the Delivery Period and
the Spot Reference Period in respect of applicable Products, by
reference to the value of the Contract Base on that day as set out
in Section 4.2 in Part A of the Contract Specifications.

Spot Reference Settlement means a method of Cash Settlement to be performed between the
Counterparties in accordance with Section 5.3 in Part A of the
Contract Specification.

Spread means the difference between the best bid price and the best offer
price in a Series registered in the ETS at the relevant time.

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Standard Exercise means the exercise of an Option Contract on the Expiration Day
by the Clearinghouse on behalf of an Option Holder in accordance
with the Contract Specifications.

Supplemental default rules for means Clearing Appendix 12 setting out rules regarding, among
Clearing Transactions other things, porting of Clearing Transactions registered on Direct
recorded on Direct Clearing Clearing Accounts in connection with a Material Default Event in
Accounts respect of an Account Holder.

Surplus Cash Collateral means that amount of Cash Collateral in a particular Permitted
Currency that is in excess of the amount required to meet all
obligations arising in respect of that Permitted Currency for that
Collateral Custody Account, as determined in accordance with the
Procedures.

Take Up means a Clearing Request in the form of an acceptance of a

request for Give Up.

Tick Size means the minimum price step when increasing or decreasing the
price of an Order in the ETS.

Third Indirect Client The client of a Second Indirect Client.

Third Party Exchange means an exchange (other than, for the avoidance of doubt, the
Exchange or the Co-Operating Exchange) which has entered into
an agreement with the Clearinghouse for trades entered into on
such exchange to be cleared through the Clearinghouse.

Third Party Exchange means Clearing Appendix 15.

Transaction Clearing
Procedures

Third Party Exchange Trading means the process of the buyer and seller entering into a Third
Party Exchange Transaction on a Third Party Exchange.

Third Party Exchange means a Transaction that is entered into on a Third Party
Transaction Exchange, and excludes its corresponding Clearing Transaction
unless specifically stated.

Trade Information means any aggregated information on Orders and Transactions

registered with or called in or reported to the Exchange and/or
the Clearinghouse, in raw or enhanced form, including Daily Fix
and other index values, daily volume, open balance and historical
information on such matters.

Trade Repository means a trade repository registered in accordance with Article 55

of EMIR or recognised in accordance with Article 77 of EMIR.

Trade Lot or Lot Size means the minimum Contract Volume of each Product, as
specified for the relevant Series as set out in the Contract
Specifications. The volume of each Order must be divisible into
whole Trade Lots.

Trading means the process of the buyer and seller entering into a
Transaction by Exchange Trading, Third Party Exchange Trading
or Non Exchange Trading.

Trading Account means an Exchange Member’s account with the Exchange for
registration of Exchange Transactions.

Trading Agreements means a template agreements specified as such in the Table of

Contents of the Trading Rules, or a sign-on agreement based upon
such template document, or such other document to the same
effect, as the Exchange in its discretion has agreed to substitute
any of the foregoing.

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Trading and Clearing Schedule means the joint Trading Appendix 3 and Clearing Appendix 3.

Trading Appendices means the documents specified as such in the Table of Contents
of the General Terms of the Trading Rules.

Trading Contact Person means a natural person (not a legal entity) appointed and
authorised as such in accordance with the Trading Rules.

Trading Procedures means Trading Appendix 4.

Trading Rules means the rules issued by the Exchange in respect of Exchange
Trading in Exchange Listed Products consisting of the General
Terms and the Trading Appendices, as may be amended from time
to time.

Trading System means the ETS and/or the MTS and/or the RFQs and/or the Block
Trade Facility, as the context requires.

Transaction means any agreement for one or more Contracts entered into as
an Exchange Transaction, a Third Party Exchange Transaction or
Non Exchange Transaction, and includes any corresponding
Clearing Transaction(s).

Transaction Confirmation means the Exchange’s confirmation of Exchange Transactions to

an Exchange Member in ETS, MTS, RFQS or through the Block
Trade Facility.

Transaction Volume means the aggregated Contract Volume of a single Transaction.

UKLT means the local time in London.

USD or US$ means the United States Dollar, being the lawful currency of the
United States of America. Reference to cent in respect of USD
currency shall equal 1/100 USD.

USD Contract means a Contract that is traded in USD currency pursuant to the
Contract Specifications and that is traded and cleared on a United
Kingdom or a United States trading calendar pursuant to the
Trading and Clearing Schedule. Any combination term
incorporating “USD” shall, unless otherwise defined herein, be
understood as referring to USD Contracts in addition to any other
terms designated by such combination.

Value Added Tax or VAT means any value added tax imposed in an applicable jurisdiction,,
or any replacement or other tax levied by reference to value
added to a transaction.

Violation Charge means the fee that the Exchange may charge in the event of a
breach of the Market Conduct Rules, as further specified in the
Market Conduct Rules.

Week End Contracts means contracts that cover one week end normally Saturday and
Sunday. However, Week End Contracts can also include Fridays
and/or Mondays if these days are Bank holidays.

Weekly Contracts means contracts that cover one calendar week normally Monday
throughout and including Sunday.

Working Day Week Contracts means normally a contract including Monday throughout and
including Friday, however Monday and/or Friday can be excluded
if bank holidays.

Yearly Contracts means contracts that cover one calendar year normally Jan1
throughout and including Dec31.

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[end of document]

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