Collateral

(1) The Exchange Rules may provide that undertakings admitted to participate in exchange trading and specialists must provide sufficient collateral to be able at all times to satisfy the obligations arising from transactions concluded at the exchange and in an electronic trading system admitted at the exchange. The level of the collateral must be appropriately proportionate to the risks connected with the transactions concluded. The Exchange Rules determine the details of the type and manner of the collateral.
(2) Where the collateral required under the Exchange Rules is not provided, or subsequently ceases to be provided, the Exchange Rules may provide that suspension of admission may be ordered for a period of at most six months. The Exchange Rules may provide that undertakings admitted to participate in exchange trading may be restricted to acting as intermediaries where the collateral provided no longer satisfies the requirements laid down in the Exchange Rules. The Exchange Rules may also provide that the right of an exchange trader to conclude exchange transactions is suspended for the duration of the suspension of admission of the undertaking for which they conclude transactions at the exchange.
(3) The Exchange Rules may provide for rules limiting and monitoring the exchange liabilities of undertakings admitted to participate in exchange trading and specialists.
(4) The Trading Surveillance Office must monitor the collateral to be provided under subsection (1) and compliance with the rules under subsection (3). It has the powers of the exchange supervisory authority under section 3(4). It may in particular require from the respective settlement office the list of open transactions awaiting settlement and notification of negative price differences. Where the Trading Surveillance Office establishes that the collateral framework has been exceeded, the Management must take orders suitable to ensure the fulfilment of the obligations arising from the exchange transactions under subsection (1). It may in particular order that the undertaking admitted to participate in exchange trading and the specialist provide further collateral without delay and settle open transactions, or exclude them with immediate effect, wholly or in part and provisionally, from exchange trading. The Management must inform the exchange supervisory authority without delay of the exceeding of the collateral framework and of the orders taken.
(5) An objection and an action for annulment against measures under subsection (4) have no suspensive effect.