07/25/2002
The amendments clarify that failure by a Member Firm that is a Clearing Member to comply with an arbitration award or to pay the full amount of the award to the Exchange as escrow agent pending a good faith consideration of appeal rights, within ten (10) days of such member's receipt of the award, in any arbitration proceeding involving a delivery obligation shall be deemed by the Exchange to constitute a failure of the Clearing Member to discharge an obligation to the Clearing House. These amendments are consistent with Exchange policy and with the Exchange's historical role of guaranteeing financial performance for transactions executed on the Exchange.