(c) NGX provides clearing and settlement services for contracts negotiated through the trading system and on third-party markets. ICE NGX conducts a non-reciprocal direct clearing operation, in which all market participants make direct compensation without an external countervailing member. In order to guarantee the compensation transaction against the failure of one or more parties, several contingencies constitute the compensation structure of the ICE NGX. 1. When the clearing house is a central counterparty, it strictly controls the risks it takes. This provides complete cycle anonymity for virtually all transactions and introduces a neutral third party that ensures performance on both sides. There is no mutual or legal relationship between the counterparties and all the guarantees provided by or for the contracting party are used only for that party and its partners. Authorization of participation and product — The clearing house: (i) appropriate accreditation and sustainability standards for its members or participants (including appropriate minimum financial requirements) and (ii) appropriate standards for determining the eligibility of products, agreements, contracts or transactions submitted to the clearing house. NGX is required by its recognition orders (as defined below) to conclude and comply with the terms of all appropriate information exchange agreements. As such, NGX has mechanisms in place to ensure that it is able to cooperate and cooperate by exchanging information or other means with the CSO and its employees and other appropriate regulatory authorities.
In accordance with the 2009 order, NGX provides the CSO with copies of all messages and reports it provides to the CSA or files. In addition, a participant must declare that they have access to a transportation system (to the extent that the participant wishes to make physical transactions), that they enter into any transactions related to their business, that they are a “legitimate swap participant,” a “licensed participant” and a “legitimate business entity” within the meaning of the Commodity Exchange Act (U.S.), that they are accredited under the National Instrument 45-106 , when he is a resident of Ontario. and will make all transactions as a client and not as an agent for another party. (d) do not enter into contracts, agreements or agreements that may limit its ability to comply with existing securities rules or this provision; NGX provides different types of billing procedures depending on the type of contract.