Chapter 8-F
Over-the-Counter Derivative Clearing
8F001.

SCOPE OF CHAPTER
This chapter sets forth the rules governing clearing and settlement of all products, instruments, andcontracts in Over-The-Counter Derivatives, including, but not limited to, swaps and forward rateagreements, that the Clearing House has designated as eligible for clearing, but excluding interest rate
swaps, which, for the avoidance of doubt, are governed by Chapter 8G. OTC Clearing Members arealso subject to all applicable Rules in the CME, CBOT, NYMEX and/or COMEX Rulebooks that apply to
CME, CBOT, NYMEX or COMEX Clearing Members as applicable, unless an exemption from such rulehas been granted by staff or the Clearing House Risk Committee. In the event there is a conflict
between a rule in this Chapter 8-F and another rule in the Rulebooks, the Chapter 8-F Rule shallsupersede the conflicting rule with respect to OTC Derivatives transactions.

8F002.

DEFINITIONSBASE OTC CLEARING MEMBERA Base OTC Clearing Member is an entity that has been approved by CME to clear OTC Derivatives
that are Base Guaranty Fund Products.
OTC FX CLEARING MEMBERAn OTC FX Clearing Member is a Clearing Member that has been approved by CME to clear OTC FX
Products, as defined in CME Rule 60002. Unless an OTC FX Clearing Member is also approved toclear other Base Guaranty Fund Products, such entity is not required to own, hold or lease any
Exchange membership solely as a precondition to OTC FX Clearing Membership. Notwithstanding theforegoing, an OTC FX Clearing Member that does not hold or lease one or more Exchange
memberships shall continue to be responsible for violations of Exchange Rules as a Base OTC Clearing
Member and agrees to have any disputes that relate to or arise out of any transaction cleared by the
Exchange during the time in which the entity is approved as a Base OTC Clearing Member resolved inaccordance with Exchange Rules, including but not limited to the arbitration provisions of Chapter 6. For
avoidance of doubt, each OTC FX Clearing Member is a ‘member’ as defined at Rule 601.A.4, a BaseOTC Clearing Member and an OTC Clearing Member.
OTC CLEARING MEMBERAn OTC Clearing Member is an entity that has been approved by CME to clear OTC Derivatives. An
OTC Clearing Member that is not also a CME, CBOT, NYMEX or COMEX Clearing Member may notclear CME, CBOT, NYMEX or COMEX transactions, as applicable, other than OTC Derivatives.
Subject to approval by CME Clearing or the Clearing House Risk Committee, CME, CBOT, NYMEX andCOMEX Clearing Members may be afforded full rights and privileges to trade and clear OTC
Derivatives that are listed for clearing by CME, CBOT, NYMEX or COMEX, as applicable. Such CME,
CBOT, NYMEX and COMEX Clearing Members shall then be considered “OTC Clearing Members,” asapplicable, for purposes of the Rules. This chapter shall be applicable to entities that are approved as“OTC Clearing Members” and CME, CBOT, NYMEX and COMEX Clearing Members approved to clear
OTC Derivatives.
OTC DERIVATIVESAgreements, contracts or transactions that the Clearing House clears as ‘swaps’, as that term is defined
under the Commodity Exchange Act. For purposes of this Chapter 8-F, the term ‘OTC Derivatives’ does
not include interest rate swaps cleared by the Clearing House.
OTC DERIVATIVE PRODUCT CATEGORY
Each category and sub-category of OTC Derivatives as determined by the Clearing House for default
management purposes.
CLOSE-OUT AMOUNTThe amount of losses and costs of the CME that are or would be incurred by the CME, net of any gains
incurred in replacing, or in providing the CME the economic equivalent of the material terms of theterminated OTC Derivatives, net of any gains incurred (if such net amount is positive), including (a) the
payments and deliveries that would, absent termination, have been required after the termination date,(b) any option rights in respect of the terminated transactions, (c) all unpaid amounts due to the CME
under the terminated transaction with the relevant Clearing Member less all unpaid amounts due to© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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such Clearing Member under the terminated transactions and (d) all related fees, costs and expenses
incurred by the CME.

8F003.

CLASSIFICATION OF POSITIONSOTC Derivatives submitted for clearing by an OTC Clearing Member for its proprietary account shall beassigned to and held in a proprietary account of such Clearing Member. All collateral deposited as
performance bond to support positions in the proprietary account of an OTC Clearing Member shall bedeemed the property of the OTC Clearing Member and shall be subject to the Clearing House’s lien andsecurity rights as described in Rule 8F008.
OTC Derivatives submitted for clearing for the account of a Clearing Member’s Cleared Swaps
Customers shall be assigned and held in a Cleared Swaps Customer Account of such Clearing
Member. All Clearing Members must comply with the requirements set forth in CME Rule 971 for such
Cleared Swaps Customer Accounts.
Notwithstanding the foregoing, if the CFTC issues an order permitting OTC Clearing Members tocommingle customer funds used to margin particular OTC Derivatives that are cleared by CME withother funds held in CEA Section 4d(a)(2) customer segregated accounts, such positions may be held in
the customer segregated accounts of an OTC Clearing Member and, if so held, all collateral depositedas performance bond to support such positions and all settlement variation payments made to suchaccounts shall be commingled with similar property of regulated customers. All Clearing Members mustcomply with the requirements set forth in CME Rule 971 for such customer segregated accounts.

8F004.

OTC CLEARING MEMBER OBLIGATIONS AND QUALIFICATIONSOTC Clearing Members are subject to all relevant CME, CBOT, NYMEX and COMEX Rules and theClearing House Manual unless an exemption has been granted by staff or the Clearing House Risk
Committee. OTC Clearing Members must execute all agreements and documents required by the
Clearing House. The qualifications and requirements to become an OTC Clearing Member are set forth
below.
An OTC Clearing Member clearing OTC Derivatives must satisfy the requirements set forth below.
1. An OTC Clearing Member must be in “good standing” under each applicable regulatory regime towhich it is subject at the time it applies for OTC clearing membership and it must maintain its goodstanding status while it is an OTC Clearing Member.
2. An OTC Clearing Member must be in compliance with all applicable regulatory capital requirements
and an OTC Clearing Member must maintain minimum capital of:i.
$5 million if it clears only agricultural OTC Derivatives; andii.
$50 million if it clears other OTC Derivatives, excluding interest rate swaps.
3. [Reserved]
4. [Reserved]
5. [Reserved]
6. An OTC Clearing Member and an OTC Clearing Member applicant shall be engaged in ordemonstrate immediate capacity to engage in the conduct of the business of an OTC Clearing Member
and to perform all other obligations of an OTC Clearing Member as described or referenced in theseRules, including the ability to properly risk manage OTC Derivatives, monitor OTC Derivatives
exposures and comply with default management obligations. In the event that an OTC Clearing Member
does not have the capabilities to perform such responsibilities or obligations, such OTC Clearing
Member may contract with a third-party (including an Affiliate) to fulfill certain operational or risk
requirements; provided that all agreements relating to such service shall be subject to the prior review
and approval by the Clearing House staff and consultation with the Clearing House Risk Committee, as
appropriate. The Clearing House may impose limitations on OTC Clearing Member utilization of service
providers, including limitations on the number of OTC Clearing Members to which a service provider
may provide services. Notwithstanding the above, each OTC Clearing member remains liable to theClearing House for failure to comply with the obligations of an OTC Clearing Member.
7. [Reserved]
8. An OTC Clearing Member must comply with the financial requirements set forth in CME Rule 970.
However, if the OTC Clearing Member is regulated by another regulatory authority, then it shall submit
to CME annual audited financial statements as well as all unaudited financial statements provided to its
primary regulator within five days after such statements are provided to its regulator. All financial© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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statements shall be in the English language.
9. The books and records of an OTC Clearing Member regarding OTC Derivatives cleared by the
Clearing House shall be made promptly available for inspection upon request by CME and such books
and records shall be subject to reasonable standards of confidentiality.
10. Each OTC Clearing Member that is a Futures Commission Merchant shall keep the types of
information and records that are described in Section 4g of the Commodity Exchange Act and CFTC
regulations thereunder including, but not limited to, Regulation 1.35, with respect to all OTC Derivatives
submitted for clearing.
11. Each Base OTC Clearing Member shall make at least two traders (one primary and one backup)
per OTC Derivative Product Category available to the Clearing House to participate in the Active BaseOTC Default Management Committee immediately upon notice from the Clearing House that it isconvening the Active Base OTC Default Management Committee for (i) a potential or actual default of aBase OTC Clearing Member and (ii) for OTC Derivative default drill exercises.
Upon acceptance as a Base OTC Clearing Member and upon any update request by Clearing House,each Base OTC Clearing Member shall provide a list of traders that the Base OTC Clearing Member
nominates for the Active Base OTC Default Management Committee. Any such trader shall have a title
at the level of Vice President (or equivalent title) and/or shall have the minimum level of experience theClearing House deems necessary for the relevant OTC Derivatives. Each Base OTC Clearing Member
shall make at least one trader per each OTC Derivative Product Category available to the Clearing
House to participate in the Active Base OTC Default Management Committee immediately upon noticefrom the Clearing House that it is convening the Active Base OTC Default Management Committee for(i) a potential or actual default of an OTC Clearing Member or (ii) for OTC default drill exercises. BaseOTC Clearing Members shall make traders available for each OTC Derivative Product Category as
requested by the Clearing House until the later of (i) the end of the relevant default management
process or drill or (ii) the end of such traders’ rotation.
12. Each OTC Clearing Member or a third-party approved to act on its behalf shall participate in OTC
Derivative default drill exercises as prescribed by the Clearing House.

8F005.

SUBSTITUTION AND TIMEFRAME OF ACCEPTANCE FOR CLEARINGAn OTC Derivative that is both executed and submitted to the Clearing House on the current businessdate at prevailing market prices, and in accordance with the rules governing such transaction shall be
guaranteed by the Clearing House once accepted at the Clearing House. An existing OTC Derivative(i.e., a backloaded trade) that is submitted to the Clearing House for clearing, shall be guaranteed by
the Clearing House at the time payment of initial settlement of mark to market, performance bond andany other applicable initial OTC cash flows for such OTC Derivative, in accordance with the procedures
set forth in Rule 814, is confirmed by the appropriate settlement bank for both OTC Clearing Members.
The Clearing House shall substitute itself as the counterparty to each party to the original transaction at
the time of guarantee.
With regard to an OTC Derivative submitted for clearing that is executed on or subject to the rules of a
Designated Contract Market or a Swap Execution Facility, the Clearing House shall accept or rejectsuch OTC Derivative for clearing in accordance with the time frames required under CFTC Regulation
39.12(b)(7)(B)(ii). Except with respect to a backloaded trade, an OTC Derivative submitted for clearingthat is not executed on or subject to the rules of a Designated Contract Market or a Swap Execution
Facility, or that is executed noncompetitively on or subject to the rules of a Designated Contract Market
or a Swap Execution Facility, shall be accepted or rejected for clearing in accordance with the timeframes required under CFTC Regulation 39.12(b)(7)(B)(iii).
The OTC Clearing Member shall be deemed the principal to the transaction when executed by that
Clearing Member for its own proprietary account, as a guarantor agent to the transaction when
executed by that Clearing Member for the account of a proprietary affiliate, or the agent when executedby the clearing member for the account of an authorized customer of that Clearing Member. After that
substitution, there shall be two equal and offsetting over-the-counter transactions as follows: one
between the buyer and the Clearing House, as seller; and an equal and offsetting transaction between
the Clearing House and the seller.

8F006.

CLEARING MEMBER DEFAULT
If an OTC Clearing Member fails promptly to discharge any obligation to the Clearing House, it shall bein default and the Clearing House may take all actions permitted by these Rules in the event of a

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default. All of the assets and collateral of an OTC Clearing Member that are available to CME including,but not limited to, its guaranty fund deposit and performance bond shall be applied by the Clearing
House to discharge the obligation. The Clearing House may engage in any commercially reasonabletransaction to eliminate or reduce the risk created by the default and all obligations, costs and expenses
incurred thereby shall be an obligation of the defaulting OTC Clearing Member to the Clearing House. If
the defaulting clearing member has proprietary or customer positions in contracts traded on an
execution platform with which CME has a clearing services agreement, the Clearing House, acting ingood faith and a commercially reasonable manner, will determine the appropriate default management
approach, which may include the determination to close out and cash settle all open positions incontracts executed on such execution platform.

8F007.

GUARANTY FUND DEPOSITAn OTC Clearing Members’ guaranty fund deposit may be used to cover losses incurred by the
Clearing House if a defaulting OTC Clearing Member’s assets, including amounts available pursuant toany guarantee from an affiliated Clearing Member, available to the Clearing House are insufficient tocover such loss, regardless of the cause of default.
The detailed guaranty fund deposit rules applicable to Clearing Members are set forth in Rule 816.

8F008.

LIEN ON COLLATERAL
Each OTC Clearing Member hereby grants to the Clearing House to secure obligations of such OTC
Clearing Member to the Clearing House a first priority and unencumbered security interest and lien
against any property, cash, securities or collateral deposited with, transferred or pledged to, or
otherwise where control is given to the Clearing House by the OTC Clearing Member. OTC Clearing
Members shall take any action that may be required by the Clearing House to create, preserve, perfect,
validate or enforce any such security interest.

8F009.

CUSTOMER REGISTRATIONAll OTC Derivatives including, but not limited to, give-ups or transfers that are cleared at CME shall beidentified with an account number which identifies the originator of that transaction, specifying whether
the transaction was executed as a proprietary transaction of the OTC Clearing Member or arises from atransaction by a customer. OTC Clearing Members shall register, on CME approved forms, all of the“ultimate” (or end) customer.

8F010.

RISK MANAGEMENTOTC Clearing Members will be subject to risk management and monitoring practices by CME relating totransactions submitted to the Clearing House. OTC Clearing Members shall promptly provide all
information requested by Clearing House staff, including, without limitation, information respecting risk,
settlement, liquidity, and operational issues. OTC Clearing Members shall make information anddocuments regarding their risk management policies, procedures and practices available to the CFTC
upon the CFTC’s request.
In limited circumstances, the Clearing House may decline to accept certain OTC Derivatives trades or
migration positions if the Clearing House determines in good faith that, based on the exercise of prudent
risk management standards, the Clearing House should not accept the OTC Derivatives trades or
migration positions. In the event that the Clearing House declines to accept certain OTC Derivativetrades or migration positions, it shall incur no liability with respect to the trades and positions that are
not accepted. It shall be the sole responsibility of the OTC Clearing Members who are parties to suchtrades or positions to take action as they deem necessary or proper for their own protection.
In addition, if the Clearing House determines in good faith that, based on the exercise of prudent risk
management standards, that an OTC Clearing Member poses undue risk to the Clearing House basedon its OTC Derivatives portfolio, the Clearing House may take any or all of the following actions withrespect to such OTC Clearing Member: 1) impose an additional performance bond requirement; 2)
prohibit the addition of any new OTC Derivative positions, or 3) require the reduction or unwinding of
OTC Derivatives positions.
OTC Clearing Members shall permit on-site risk reviews in accordance with CME Rules and subject toreasonable standards of confidentiality. OTC Clearing Members will also be subject to on-goingoversight by the Clearing House Risk Committee regarding their activities related to the CME Clearing
House. All such inquiries shall be conducted in a manner consistent with oversight of CME Clearing
Members and in accordance with reasonable standards of confidentiality.

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8F011.

FINANCIAL REQUIREMENTS
A.

B.

C.

8F012.

Subject to exceptions granted by CME staff regarding CME imposed financial requirements, OTC
Clearing Members must comply with the following:
1. Maintenance of minimum capital requirements;
2. Notification requirements to the Financial and Regulatory Surveillance Department when aclearing member:(i) Fails to maintain minimum capital requirements;(ii) Fails to maintain current books and records; or(iii) Changes its fiscal year.
CME staff may prescribe additional accounting, reporting, and other financial and/or operational
requirements and OTC Clearing Members must comply with such requirements. All OTC Clearing
Members must provide immediate notice to the Financial and Regulatory Surveillance Departmentof a failure to comply with the additional accounting, reporting, financial, and/or operational
requirements.
CME staff may grant exceptions to the financial requirements of Rule 970 if it is determined thatsuch exceptions will not jeopardize the financial integrity of CME.

SETTLEMENTAn OTC Clearing Member must demonstrate, at all times, the operational capabilities and infrastructurenecessary to meet all of the delivery requirements applicable to the OTC Derivatives cleared by such
OTC Clearing Member.

8F013.

INSOLVENCY AND LIQUIDATIONIn the event of a bankruptcy, insolvency or liquidation of an OTC Clearing Member or any other clearing
member carrying OTC Derivatives in its proprietary or customer accounts, the default Rules and risk
management procedures of CME shall apply, including, but not limited to, the provisions in Rule 975.
Upon the bankruptcy, insolvency or liquidation of such a clearing member, the Clearing House willterminate, or offset, any open OTC Derivatives of the bankrupt or insolvent Clearing Member and of its
customers, however, the Clearing House shall have discretion to transfer such customer positions to
one or more other Clearing Members. The Clearing House may mitigate or eliminate the risks incurredby it as a result of offsetting or terminating such open OTC Derivatives by any one or more of thefollowing means: 1) replace all or a portion of the OTC Derivatives of the defaulting clearing member byentering into a transaction with a solvent clearing member(s); 2) replace all or a portion of the OTC
Derivatives of the defaulting clearing member by entering into OTC Derivatives for its own account in
the open market; and/or 3) enter into OTC Derivatives (or exchange-traded contracts) to hedge theeconomic risks imposed on it as a result of offsetting or terminating such OTC Derivatives by any
commercially reasonable means. The Clearing House may also replace any OTC Derivatives it enters
into to replace or hedge economic risks from any terminated transaction by substituting a transaction
with a solvent clearing member(s) that offsets the original terminated transaction. All information
received by an OTC Clearing Member, its affiliate or customer in connection with the Clearing House’s
liquidation and default management processes shall be treated as confidential.
Any Close-out Amount incurred by the Clearing House in liquidating, transferring and establishing,adjusting and/or replacing positions resulting from the clearing member’s default will be deducted fromthe defaulting clearing member’s collateral held by CME. In the event the collateral of the defaulting
clearing member is not sufficient to satisfy the Close-Out Amount, the unsatisfied costs will be a claimby the Clearing House against the defaulting clearing member.

8F014.

MITIGATION OF LOSSES
In the event of a default of a Base OTC Clearing Member, all Base OTC Clearing Members shall work
cooperatively with their customers, other Base OTC Clearing Members and the Clearing House to
mitigate any losses that may occur as a result of such default and shall ensure that human resources
required to be provided by Base OTC Clearing Members to any Active Base OTC Default Management
Committee are promptly made available.
Base OTC Clearing Members shall, upon request from the Clearing House: 1) provide commerciallyreasonable bids in all auctions of the defaulted Base OTC Clearing Member’s portfolio containing OTC
Derivative Product Category cleared by the Base OTC Clearing Member and on the auction terms© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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prescribed by the Clearing House; and2) take any other action as reasonably requested by the
Emergency Financial Committee or Clearing House Risk Committee.

8F015.

TRADE SUBMISSION ON CME CLEARPORT
A. This rule governs all OTC Derivatives that the Clearing House has designated as eligible for clearingthat are submitted for clearing via CME ClearPort and that are not extinguished and replaced bypositions in regulated futures and options (“Transactions"). The parties to a Transaction and any person
authorized under Section C of this Rule with brokering capability or trade submission authority(generically defined as "Broker" or "Brokers") must comply with applicable registration procedures forparticipation in CME ClearPort and must continue to comply with applicable registration procedures for
OTC Derivatives, as may be amended from time to time. Transactions are also subject to the otherrules in this chapter.
B. Each Transaction must be submitted in accordance with the procedures established by the Clearing
House for this purpose, as amended from time to time. The parties to a Transaction and any Brokers
authorized to submit Transactions on such a party’s behalf to the Clearing House and authorized for
related activities shall be exclusively responsible, both individually and jointly, for accurately confirming
the details of the Transaction to the Clearing House. Once submitted, all Transactions shall be deemed
final. Neither the Clearing House nor a Clearing Member carrying the account of either party will have
any responsibility in the confirmation of trade terms for Transactions.
C. Each Clearing Member must register with the Clearing House staff in the manner required for any
customer authorized by the Clearing Member to submit transactions to the Clearing House pursuant tothis rule, and must also register with the Clearing House staff the applicable account numbers for eachsuch customer. For each such account, the Clearing Member carrying that account also must submit to
Clearing House staff in the manner provided the name of any Broker who has registered with Clearing
House staff for services provided under this rule, and who is authorized by the customer to act on its
behalf in the submission of Transactions pursuant to this rule and related activity. For any such Brokers
authorized by the customer and submitted to Clearing House staff by the Clearing Member, such
submission to Clearing House staff of the Broker’s information by the Clearing Member will notconstitute an endorsement or ratification of the customer's authorization of the Broker. Moreover,submission of a Broker authorized by a customer will not mean that the Clearing Member is in privity
with, has a relationship with or is otherwise standing behind any of the customer's authorized Brokers,
and the Clearing Member will have no responsibility for any such Brokers selected by the customer andno duty or obligation to supervise the activities of any such Brokers.
D. For each account number that has been registered with the Clearing House staff pursuant to Section
C of this rule, a credit check or explicit clearing member acceptance or rejection of a transaction mustoccur depending on the transaction type.

8F016.

FINANCIAL CALCULATIONS
Financial calculations required for OTC Derivatives will be performed by CME Clearing on the date such
OTC Derivatives are cleared in the Clearing House in accordance with CME Clearing’s procedures.
Financial calculations for OTC Derivatives that are received and processed after the daily clearing cycle
will be performed on the next Business Day.

8F018.

OTC FX OPTIONS INFORMATION SUBMISSIONS
1.

2.

Each OTC FX Options Clearing Member or a third-party approved to act on its behalf shall submit
the OTC FX Options Information Submission File on each Business Day at the time specified by the
Clearing House for all FX Options required by the Clearing House. The information submitted by
an OTC FX Clearing Member in the OTC FX Options Information Submission File shall beconsistent with the information used by the OTC FX Options Clearing Member for its internalvaluation of OTC FX Options.
During a calendar month that is not during a Base Cooling Off Period, an OTC FX Options Clearing
Member will be assessed a penalty per Failed OTC FX Options Submission based on the following
table:# of Failed OTC FX Options
Submissions for that month

Penalty per Failed OTC FX
Options Submission© Copyright Chicago Mercantile Exchange, Inc. All rights reserved.

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1

0

2

$5,0003$25,000

4+$50,000

During a Base Cooling Off Period, an OTC FX Options Clearing Member will be assessed a penalty per
Failed OTC FX Options Submission based on the following table:# of Failed OTC FX Options
Submissions for that month1

Penalty per Failed OTC FX
Options Submission02$15,000

3$75,000

4+$150,000

Penalties shall be assessed monthly and payable with the Base Guaranty Fund payment cycle. In addition,
the OTC FX Options Clearing Member may be referred to the Chief Regulatory Officer for potential
issuance of charges and further disciplinary action in accordance with Chapter 4 of this Rulebook.
1. As used herein:“Failed OTC FX Options Submission” means a failure to submit (i) all or a portion of an OTC FX
Options Information Submission File at or prior to the time designated by the Clearing House or (ii) theOTC FX Options Information Submission File in the proper format.
“OTC FX Options Clearing Member” means an OTC FX Clearing Member clearing OTC FX Options.
“OTC FX Options Information Submission File” means the file containing the requested market data,internal price levels and such other information as specified by the Clearing House for eachmoneyness/expiry/currency pair combination.

8F025.

ACTIVE BASE OTC DEFAULT MANAGEMENT COMMITTEE
The Active Base OTC Default Management Committee shall be established to provide the Clearing
House with advice regarding the potential or actual default of a Base OTC Clearing Member and the
management of the liquidation and/or transfer of such Base OTC Clearing Member’s portfolio of OTC
Derivatives, including advice relating to the hedging of risk associated with such Base OTC Clearing
Member’s portfolio, the structuring of such Base OTC Clearing Member’s portfolio for liquidation ortransfer, and the administration of the related default auction process. The Active Base OTC Default
Management Committee shall also participate in OTC Derivative default drill exercises.
The Active Base OTC Default Management Committee will be comprised of traders (on a rotating basis
determined by the Clearing House) that are nominated by Base OTC Clearing Members in accordancewith Rule 8F004 and approved by the Clearing House.
In the event of a potential or actual default of a Base OTC Clearing Member, the Active Base OTC
Default Management Committee shall be convened and the Clearing House will undertake a series ofprocesses to protect itself and its counterparties (such processes, as amended from time to time inconsultation with the Clearing House Risk Committee, the “Base OTC Default Management Plan”).

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