Trading Member is one of nine Exchange participant classes.
The Exchange refers to this class as GX-TM. It sits in the Trading & Liquidity group and carries the obligations set out below in addition to the requirements common to every participant.
Admission test: Fitness and propriety review of directors, a clearing agreement with an admitted General Clearing Member, and completion of the Exchange conduct programme.
Exchange Designation
Class Group
Public Register Entry
Rule Change Notice
Obligations of the Class
What it does
Trading Members are the operators who actually transact — producers, aggregators, refiners and offtakers. They hold trading rights in named corridors and are bound directly by the rulebook and by Exchange surveillance.
Clearing relationship
Every Trading Member names a General Clearing Member. If that relationship lapses, trading rights are suspended the same session and positions are managed down under Exchange supervision.
Conduct obligations
Order entry, cancellation and amendment are all attributable to a named natural person. Members retain communications relating to Exchange business and produce them to surveillance on request.
Corridor scope
Trading rights are granted corridor by corridor. Admission to one corridor does not carry across; each carries its own product terms, delivery points and assurance requirements.
Standing
Published
Admission, restriction, suspension and withdrawal for this class are published on the participant register with the effective date and the rulebook section relied on.
Reviewed annually
Standing is reviewed every year against the admission test, and at any time on a material change in the participant's circumstances.
Appealable
Adverse decisions may be referred to the Exchange review panel, which sits independently of the desk that made the original determination.
