Companies Act 1989

2(1)This Schedule applies to the following descriptions of contract connected with a recognised investment exchange or recognised clearing house.

The contracts are referred to in this Schedule as “market contracts”.

(2)In relation to a recognised investment exchange, this Schedule applies to—

(a)contracts entered into by a member or designated non-member of the exchange which are—

(i)made on or otherwise subject to the rules of the exchange,

(ii)on terms expressed to be as traded on the exchange, or

(iii)on the same terms as those on which an equivalent contract would be made on the exchange; and

(b)contracts subject to the rules of the exchange entered into by the exchange for the purposes of or in connection with the provision of clearing services.

A “designated non-member” means a person in respect of whom action may be taken under the default rules of the exchange but who is not a member of the exchange.

(3)In relation to a recognised clearing house, this Schedule applies to contracts subject to the rules of the clearing house entered into by the clearing house for the purposes of or in connection with the provision of clearing services for a recognised investment exchange.

This includes contracts effected under or in consequence of action taken by the clearing house under its default rules.

Commencement Information

I1Sch. 22 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch.