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TP ICAP Classification: Internal

Applicable Law

Chief Compliance Officer

The applicable rules and regulations to the operation of the Venue including (but not

limited to) the Act, the Commission Regulations, MiFIDII, MiFIR and binding

interpretations from a Regulator.

Means the person responsible for regulatory reporting under the Commodity Exchange

Act and to the Commodity Futures Trading Commission.

Affirmation Hub

Clearing Credit Methodology The iSwap clearing credit methodology document, as may be provided to Participants

upon request.

Applicant

A third party service designated by the Operator to route Trades to a Clearing House and

which may provide Participants with the opportunity to affirm the Trades.

Clearing House

A person who has applied to become a Participant in accordance with this Rulebook.

A broadly supported and recognised inter-bank clearing house or derivatives clearing

organisation authorised or recognised to provide clearing services for over-the-counter

interest rate derivatives in accordance with EMIR and the Act.

Act

Commission Means the U.S. Commodity Futures Trading Commission or CFTC.

Authorised Algorithmic Trader

Commission Regulations

An Authorised Trader who undertakes Algorithmic Trading on the iSwap Venue.

Title 17, Chapter I of the U.S. Code of Federal Regulations.

AFM

Compliance Function

The U.S. Commodity Exchange Act as amended from time to time.

Means, for CFTC-related considerations, the CCO and, for AFM-related considerations, the Compliance Officer. To the extent that any of the activities concern both the CFTC

and AFM, the CCO and the Compliance Officer will cooperate to ensure compliance with

the respective regulations.

Authorised Broker

The Dutch Financial Supervisory Authority (Autoriteit Financiële Markten), or its

successors.

Compliance Officer

A user of the iSwap Venue being a Broker Participant’s authorised employee, officer, agent, Affiliate or designee as notified to the Operator by the Broker Participant.

Means the person responsible for regulatory reporting under MiFID II and to the AFM.

Actionable Indications of Interest or

Actionable IOI

Contract Means any Swap listed for trading on the Venue.

Authorisation Form

Credit Officer

A trader or broker authorisation form signed on behalf of Authorised Trader, Authorised

Algorithmic Trader or Broker Participant, as applicable.

A user of the iSwap Venue being a Member Participant’s authorised employee, officer, agent, Affiliate or designee as notified to the Operator by Member Participant who has

Agreements

Authorised Person

The agreement(s) governing the Participant’s accessto and use of the iSwap Venue which

may include without limitation any of the following items which apply to the Participant:

the Authorisation Form (including any updatesto the Authorisation Form submitted from

time to time), and any documents referred to thereiniSwap Terms of Business, Client

Categorisation Notice, Rate Card, MiFID II Market Maker Agreement & Market Notices

published by the Operator from time to time. For the avoidance of doubt the

Agreements shall include this Rulebook.

An Authorised Trader, an Authorised Algorithmic Trader or an Authorised Broker.

Affiliates

Authorised Trader

An indicative buy orsell instruction submitted on the Targeted Streaming marketMarket. For the avoidance of doubt an Actionable IOI does not satisfy the CFTC requirements for

a Required Transaction.

A user of the iSwap Venue being a Member Participant’s authorised employee, officer, agent, Affiliate or designee as notified to the Operator by Member Participant who has

been granted certain trading permissions as set out in the Schedule.

Algorithmic Trading

In respect of ICAP, a subsidiary or subsidiary undertaking thereof (with such terms having

the meaning ascribed to them by article 2:24 of the Dutch Civil Code), and in respect of a

Participant, any party, persons who control, are controlled by or are under the common

control of such party.

Broker Participant

As defined in article 4(1)(39) of MiFID II.

A person who meets the Eligibility Criteria in Rule 6 and is authorised by the Operator to

participate on the iSwap Venue in accordance with this Rulebook and the Agreements.

1. Definitions and Interpretation

Business Day “Business day” means the twenty-four-hour day, on all days except Saturdays, Sundays, and Legal Holidays, in the location of SEF, DCM, or reporting counterparty reporting data

for the swap. A Legal Holiday is a day which is both a TARGET Holiday and a UK Public Holiday.
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TP ICAP Classification: Internal

The instrument or instruments available to trade on the iSwap Venue in accordance with

this Rulebook. For the avoidance of doubt, Eligible Instrument includes a Swap.

ICAP Securities Limited

Default Event

An Affiliate of ICAP, registered in England and Wales and authorised and regulated by the

FCA.

A group of Authorised Traders within a Member Participant who trade on behalf of the

same trading entities and who have common trading permissions and trading entity

Matching priorities.

Insolvency Event

Eligible Market Mid-Price Orders

Where a Participant or its parent company (whether direct or indirect) or ultimate holding

company:

a) is unable or admits inability to pay its debts as they fall due, suspends making

payments on any of its debts or, by reason of actual or anticipated financial

difficulties, commences negotiations with one or more creditors with a view to

rescheduling its indebtedness; or

b) has assets whose value is less than their liabilities; or

c) has a moratorium declared in respect of their indebtedness; or

d) is subject to any similar events or analogous proceedings in other relevant

jurisdictions.

As defined in Rule 21.7.8

Interest Rate Swap (IRS) A single currency fixed/floating interest rate swap.

Where an event or circumstance leads the Operator to determine in its sole discretion

that Participant is or appears to be unable or likely to become unable to meet its

obligations in connection with the iSwap Venue or to comply with any other obligation

under the Rules or the Agreements, or breaches a law relevant to its business as a

Participant.

Internal Matches

Emergency

AnOrderfrom an Authorised Trader that Matches with another Orderfrom an Authorised

Trader within the same Member Participant or Desk.

Direct Electronic Access or DEA

As defined in the Emergency Authority Policy.

iSwap iSwap Euro B.V., a company registered in the Netherlands and authorised and regulated

by the AFM and the FCA in respect of the iSwap Euro B.V. (UK) branch.

As defined in article 4(1)(41) of MiFID II.

iSwap Venue

EMIR

The Venue operated by iSwap and which is authorised and regulated by the AFM as MTF, and allocated the MIC reference ISWP, and which is registered with the Commission as a

SEF.

The Regulation of the European Parliament and of the Council on OTC derivatives, central

counterparties and trade repositories (No. 648/2012/EU), as amended from time to time.

Market The Order Book and the Targeted Streaming markets, the Rules for which are set out in

the relevant Market Appendix.

been granted certain permissions as set out in the Schedule.

Market Abuse Regulation

Error Trade

Regulation (EU) 596/2014 on market abuse, as amended from time to time, which is

applicable to financial instruments traded on an MTF.

Disciplinary Procedures

A Trade made on the iSwap Venue in error as to price, quantity, currency, direction or

symbol, as determined solely by the Operator in accordance with the provisions of the

Trade Review and Error Policy. Without limitation, the unavailability of counterparty

credit shall not by itself render a Trade an Error Trade.

Market Appendices

Derivatives Clearing Obligation

The Appendices to this Rulebook. The Appendices are Rules and form part of this

Rulebook.

The Disciplinary Procedures govern the rule enforcement of any violations of this

Rulebook. The Disciplinary Procedures are rules and form part of this Rulebook.

FCA The Financial Conduct Authority, or its successors.

Article 4(1)(b) of EMIR Regulation (EU) 2019/834 or section 2(h) of the Act as applicable.

Future(s)

Eligibility Criteria

One of the following futures contracts:  ShatzSchatz;  Bobl;  Bund;  Buxl; or  Long Gilt.

The criteria for eligibility for Participation as a Broker Participant or a Member Participant, as applicable, on the iSwap Venue as set out in this Rulebook.

Futures Cross An Interest Rate Swap which is traded with an associated Future. ICAP

Eligible Instrument or Instruments

ICAP Global Broking Holdings Limited and/or its Affiliates.

Desk
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MiFIR

Means any transaction that is not subject to the trade execution requirements in section

2(h)(8) of the Act or any instrument not subject to the Derivatives Trading Obligation

under MiFIR.

Market Event

The Regulation of the European Parliament and of the Council on Markets in Financial

Instruments (No. 600/2014/EU), together with ancillary legislation, rules and binding

technical standards, as amended from time to time.

Product Any product as detailed in the relevant Market Appendix.

As defined in Rule 23.2.

PVO1

MTF

In respect of an Eligible Instrument, the monetary present value of one basis point of the

yield.

Market Notice

A Multilateral Trading Facility as defined in article 4(1)(22) of MiFID II.

Regulator The authority designated by a member state of the European Union in accordance with

article 67 of MiFID II and any other relevant regulatory or competent authority having

jurisdiction.

A notice published or issued by the Operator to Participants from time to time in

accordance with this Rulebook. Market Notices form part of this Rulebook.

Regulation 37.9(d)(4) Package Transaction

Operator

A package transaction including a component transaction that is not a swap intended to

be cleared as set forth in Commission Regulation 37.9(d)(4).

iSwap in its capacity as the authorised operator of the iSwap Venue.

Required Transaction Means any transaction subject to the trade execution requirements in section 2(h)(8) of

the Act or any transaction in an instrument subject to the Derivatives Trading Obligation

under MiFIR.

A market-wide systemic increase in risk as determined by the Operator at its discretion.

Reporting Counterparty

Order

Means the reporting counterparty as required by Part 45 of the Commission Regulations.

Match or Matched or Matching

A buy or sell instruction submitted to the iSwap Venue.

Rules

Market Making Agreement

The rules set out in this Rulebook and any Market Notice each as may be amended from

time to time.

The match of a buy Order with a sell Order on the iSwap Venue in accordance with this

Rulebook.

Rulebook

Order Book Market Appendix

The Rules governing the operation of the iSwap Venue in force from time to time and any

amendment made thereto. Any reference to the term “System Protocol” in the

Agreements is a reference to this Rulebook.

The Order Book Market appendix to this Rulebook. The Order Book Market appendix are

Rules and form part of this Rulebook.

Schedule The schedule to this Rulebook. The Schedule forms part of this Rulebook.

The agreement governing market making activities as entered into by a Member

Participant engaged in Algorithmic Trading with the Operator, as amended from time to

time.

SEF

OTC Derivatives Clearing Member

Means a Swap Execution Facility as defined in section 1a(50) of the Act.

Member Participant

A clearing member of a Clearing House, authorised or recognised to provide clearing

services for over-the-counter interest rate derivatives in accordance with EMIR and the

Act, with which iSwap has a clearing agreement.

A person who meets the Eligibility Criteria in Rule 5 and is authorised by the Operator to

participate on the iSwap Venue in accordance with this Rulebook and the Agreements.

Participant A Member Participant or a Broker Participant, as applicable. Participant Access Code

MiFID II

An access code granted to Participant in accordance with the Agreements.

Market Mid-Price

The European Parliament and Council Directive on Markets in Financial Instruments and

amending Directive 2002/92/EC and Directive 2011/61/EU (No. 2014/65/EU), together

with ancillary legislation, rules and binding technical standards, as amended from time to

time.

Participation

Market Maker Programme

A Participant’s or their Authorised Person’s activity on the iSwap Venue.

The mid-market reference rate calculated in respect of each outright Eligible Instrument

on the iSwap Venue in accordance with Rule 21.

Permitted Transaction
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TP ICAP Classification: Internal

The Trading Standards concern certain trading practices on the Venue. The Trading

Standards are Rules and form part of this Rulebook.

Means a Swap Data Repository as defined in section 21(24a) of the ActThe Depository

Trust and Clearing Corporation (DTCC).

Venue

Targeted Streaming Market Appendix

iSwap in its capacity as the authorised operator of the swap trading venue, being both an

MTF and a SEF. All capitalised terms not otherwise defined in this Rulebook shall have the meaning ascribed to them in the Agreements, the Market Appendices or

as described in the Schedule. In this Rulebook, words in the singular include the plural and vice versa. A reference to persons in this Rulebook shall

include a reference to legal persons and natural persons as the context requires. Headings are for ease of reference only and do not form part of the

Rulebook. Reference to statutory provisions shall include any amendment, modification or re-enactment or re-making thereof.

The Targeted Streaming Market appendix to this Rulebook. The Targeted Streaming

Market appendix are Rules and form part of this Rulebook. Trade or Trading

Swap

Any sale or purchase of an Eligible Instrument that takes place on the iSwap Venue.

The term “Swap” has the meaning given to that term in Section 1a(47) of the Act and in

the Commission Regulations promulgated thereunder (without regard to any

determination by the Secretary of the Treasury pursuant to Section 1b of the Act) and, as

used in these Rules, refers solely to transactions in Swaps that are made or to be made

on the SEF.

Trade Review and Error Policy A policy on the treatment of Error Trades and process for trade cancellations. The Trade

Review and Error Policy are Rules and form part of this Rulebook. Trading Day

TARGET

The days on which the Eligible Instruments are made available to Participants on the

iSwap Venue as set out in the Market Appendices.

SDR

The Trans-European Automated Real-time Gross settlement Express Transfer system.

Trading Standards
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2. General

2.1. iSwap operates the iSwap Venue on which Participants are permitted to deal with other Participants, in accordance with Applicable Law, the

terms of the Agreements, the Rulebook, and the relevant Market Appendix (which are considered Rules of the iSwap Venue). 2.2. The Rulebook supplements and forms part of the Agreements. In the event of conflict between the Agreements, the Rulebook, any Market

Appendix and the Schedule, the following order of precedence shall apply to the extent of any inconsistency: 1. the applicable Market Appendix;

2. the Rulebook; 3. the Agreements; and 4. the Schedule. 2.3. The Operator is not party to any Trade and the Eligible Instruments are traded on the iSwap Venue on a name give up basis. The Operator

provides the iSwap Venue to Participants for the purpose of allowing Member Participants (either directly or via Broker Participant) to effect

Trades in Eligible Instruments. The Operator is not subject to any fiduciary or equitable duties to any Participant. Participants agree to the

Operator acting as a self-regulatory organisation. 2.4. Participants shall not permit or allow any third party individual or company (whether an Affiliate of the Participant or otherwise) to access the

iSwap Venue unless authorised to do so by the Operator. 3. Independent Software Vendors

3.1. iSwap will provide impartial access to independent software vendors. Any fees will be comparable for independent software vendors receiving

comparable access to or services from iSwap. Each independent software vendor must satisfy the following criteria which will be applied in a

fair and non-discriminatory manner. 3.1.1 Comply with applicable technical access standards, security protocols and system compatibility requirements as may be specified by

iSwap from time to time. 3.1.2 Ensure that each person that uses the software to access the Venue is authorised to do so by the Venue. 3.1.3 Ensure that, when submitting any transaction to the Venue, it contains sufficient information to identify the Authorized Person

3.1.4 Complies with Applicable Law in any jurisdiction in which it intends to offer its software to access the Venue. 4. Participation

4.1. An Applicant may apply to become a Participant of the iSwap Venue at any time. 4.2. Participation is open to Applicants who meet the relevant Eligibility Criteria and who commit to adhere to the terms of these Rules, the

Agreements and any guidance or other requirements of Operator. 4.3. Operator may require Participant to demonstrate that the relevant Eligibility Criteria are met. 4.4. Subject to the requirements and procedures set forth in these Rules, Operator may in its absolute discretion approve or reject applications or

approve an application subject to such conditions and/or restrictions as it considers appropriate. 4.5. Pursuant to Commission Regulation 37.202, iSwap will review all applications in a fair, non-discriminatory, open and impartial manner. iSwap

will provide impartial access to its market(s) and market services, including any indicative quote screens or any similar pricing data displays.

iSwap will maintain criteria governing such access that are impartial, transparent, and applied in a fair and non-discriminatory manner. 4.6. Operator shall notify the Applicant of its decision in writing with Participation becoming effective on such date and at such time as Operator

may specify. 4.7. Where an application is approved, Participants will be authorised and permissioned to participate on the iSwap Venue as detailed in the notice

referred to in Rule 4.6. The Participant must provide sufficient information to the Venue to enable the Venue to report all creation data

required by Part 45 of the Commission Regulations to the SDR. Where an application is rejected, Applicants may ask the Participation

Committee to review the decision under the terms of the Governance Policy. 4.8. Participant authorises Operator to disclose its Participation to other Participants. 5. Eligibility Criteria for Member Participants

5.1. Member Participant shall meet and shall continue to meet all of the following Eligibility Criteria throughout itsParticipation:

5.1.1 Satisfy iSwap’s internal client on-boarding requirements, and be classified by iSwap as an Eligible Counterparty as defined in MiFID II

and an “eligible contract participant” as defined by the Act (for the avoidance of doubt iSwap has delegated certain on-boarding

functions to ICAP);

5.1.2 Have the legal and regulatory capacity to undertake trading in the Products on the iSwap Venue;

5.1.3 Satisfy Operator as to its adequate arrangements for Order submission, Order management, clearing and settlement of all Trades

transacted on the iSwap Venue;

5.1.4 Be able to provide Operator (if requested) with such information as Operator may require in relation to the validity of any Order or

Trade;

5.1.5 Have adequate organisational procedures and controls to limit Error Trades and the submission of erroneous Orders to the iSwap

Venue;
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5.1.6 Be an OTC Derivatives Clearing Member; or have a current derivatives clearing agreement with an OTC Derivatives Clearing Member in

order to be able to fulfil the Derivatives Clearing Obligation;

5.1.7 Be connected to MarkitWire or an equivalent broadly supported electronic Affirmation Hub forinterest rate derivatives;

5.1.8 Be able to satisfy the technical specifications and standards required by Operator for Participation on the iSwap Venue, including the

completion of any technical and functional conformance testing required by Operator; and

5.1.9 Meet such further Eligibility Criteria as Operator may prescribe from time to time with regard toParticipation. 6. Eligibility Criteria for Broker Participants

6.1. Broker Participant shall meet and shall continue to meet all of the following Eligibility Criteria throughout itsParticipation:

6.1.1 Satisfy iSwap’s internal client on-boarding requirements, and be classified by iSwap as an Eligible Counterparty as defined in MiFID II

and an “eligible contract participant” as defined by the Act (for the avoidance of doubt iSwap has delegated certain on-boarding

functions to ICAP);

6.1.2 Have the legal and regulatory capacity to deal as agent on behalf of Member Participants in the Products on the Order Book Market;

6.1.3 Satisfy Operator as to its adequate arrangements for Order submission and Order management;

6.1.4 Be able to provide Operator (if requested) with such information as Operator may require in relation to the validity of any Order or

Trade;

6.1.5 Have adequate organisational procedures and controls to limit Error Trades and the submission of erroneous Orders to the iSwap

Venue;

6.1.6 Be able to satisfy the technical specifications and standards required by Operator for Participation on the iSwap Venue, including the

completion of any technical and functional conformance testing required by Operator; and

6.1.7 Meet such further Eligibility Criteria as Operator may prescribe from time to time with regard to Participation. 7. Participant Obligations

7.1. Participant shall maintain an appropriate system of internal controls which ensures that the Participant continuously complies with these Rules. 7.2. Participant’s internal controls shall include pre- and post-trade controls which are appropriate to the scale, nature and complexity of the

Participant’s activity on the iSwap Venue. 7.3. Participant must notify Operator in writing of the names of those individuals authorised by the Participant to be Authorised Persons on the

iSwap Venue and its designated Markets and/or Products. 7.4. In respect of business conducted on the iSwap Venue, a Participant shall be responsible for all the acts, omissions, conduct and activity of its

Authorised Persons. 7.5. Participant must ensure its Authorised Persons have sufficient training, are adequately supervised and have adequate experience, knowledge and

competence to participate on the iSwap Venue in accordance with the Rules. 7.6. Member Participant will be bound by any and all Orders submitted and any resultant Trades entered into by its Authorised Persons acting on

their behalf. All Orders must include all applicable information as required by Part 45.8(h)(1)(i)-(vii) of the Commission Regulations. 7.7. No liability shall attach to Operator if an instruction which it has accepted and acted upon bona fide is subsequently discovered to have been

given forged, falsified or amended without authority of Participant. 7.8. Participant is responsible for complying with any security measures and procedures for authentication requested by Operator from time to time

and ensuring that only Authorised Persons have access to the iSwap Venue. 7.9. Participant is responsible for all technical equipment and software necessary to access the iSwap Venue and comply with Operator’s reasonable

requests in relation to the establishment of connectivity and installation. Requirements and system specifications will be notified to Participants

by Operator from time to time. 7.10. Participant is responsible for assigning roles and permissions via the Authorisation Form to its authorised employees, officers, agents, Affiliates

or designees, and notifying Operator of such assignment in accordance with the Schedule. Other than as set out in the Schedule in relation to

settings on log on or loss of connection, a Broker Participant will be bound by the settings and configuration of the Authorised Trader for whom

it is authorised to act. 7.11. Participant must remain in compliance with all Applicable Law and regulations. 7.12. Participant will co-operate with Operator, the AFM, the Commission, the FCA, and any other relevant Regulator during any investigation that is

conducted in relation to access to and trading on the iSwap Venue. Participant will maintain books and records and permit inspection and

visitation by authorized representatives of theOperator, the AFM, the Commission, the FCA, and any otherrelevantregulator. The Participant

shall provide full and prompt responses to all requests for information by the Operator and any other reasonable request within the control of

the Participant, on behalf of itself and, in the case of Broker Participant, on behalf of each Member Participant for whom it is authorised to act, save to the extent the Participant may be restricted in doing so by law orregulation.
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15.17. Operator may take any action described in Rule 15.16 : (i) when Operator determines in its sole discretion such action is necessary to mitigate

market disrupting events caused by the improper or erroneous use of the Market or by system defects; or (ii) at any time Operator determines,

in its sole discretion, that allowing a transaction to stand as executed may have a material adverse effect on the integrity of the market; or (iii)

when Operator determines in its sole discretion such action is necessary to maintain fair and orderly trading on the iSwap Venue ; or (iv) when

the Operator is required to do so by a Regulator. 15.18. Operator may without liability suspend or limit access to the iSwap Venue due to material technical or operational issues. 15.19. Whilst access to or trading on the iSwap Venue is suspended for all Participants, no further Orders can be submitted and any Orders resting on

the iSwap Venue will not be Matched. 15.20. If trading is suspended, Operator may, at its sole discretion, delete all Orders entered onto the iSwapVenue. 15.21. Trading shall recommence in accordance with these Rules, once Operator determines that the suspension shall be lifted. 15.22. Operator will notify Participants via Market Notice of any prohibition, removal or suspension pursuant to Rule 15.16 to 15.18. In the event of any

suspension of the iSwap Venue, Operator will (to the extent practicable and/or as required by regulation) keep Participants informed regarding

its availability. 15.23. Operator may engage in other actions during an Emergency in accordance with the Emergency Authority Policy. 16. Trade Cancellations and Error Trades

16.1. All requests to cancel Trades by Participants and all Error Trades shall be treated in accordance with the iSwap Trade Review and Error Policy. 16.2. In addition to the authority described in Rule 15, Operator may cancel or reverse, or require any Member Participant to cancel or reverse, any

Trade:

16.2.1 where Operator considers that the Trade appears to be:

(a) contrary to Applicable Law or market conventions, or

(b) prejudicial to fair and orderly trading on the iSwap Venue, or

(c) a breach of, or contrary to the Agreements, or

(d) indicative of market or system abuse or misuse, or

(e) giving a false or misleading impression to the market or any section of it;

16.2.2 where the Operator is required to do so by a Regulator;

16.2.3 where the relevant Clearing House rejects the Trade for clearing;

16.2.4 where, if the Trade is submitted to an exchange, the relevant exchange rejects the Trade; or

16.2.5 where the Member Participants who are counterparties to a Trade have mutually agreed to cancel the Trade or the Trade is determined

to be an Error Trade, in each case in accordance with the Trade Review and Error Policy. 16.3. A transaction entered into on or pursuant to the Rules of the iSwap Venue shall not be void, voidable, subject to rescission or otherwise

invalidated, or rendered unenforceable as a result of: (a) a violation by the Venue of the provisions of section 5h of the Act or Part 37 of the

Commission’s regulations; (b) a Commission or other proceeding to alter or supplement a rule, term or condition under section 8a(7) or 8a(9) of

the Act, or (c) any other proceeding the effect of which is to: (i) alter or supplement a specific term or condition or trading rule or procedures; or

(ii) require the iSwap Venue or Operator to adopt a specific term or condition, trading rule or procedure, or to take or refrain from taking a

specific action. 17. Trade Capture and Confirmation

17.1. Authorised Persons shall receive immediate notification of any Orders Matched via the iSwap Venue. The Operator will provide Participants

with a written confirmation of all of the terms of the transaction that they have entered into on the iSwap Venue, either for themselves or on

behalf of a Member Participant, at the same time as execution. This written record shall legally supercede any previous agreement and serve as

the confirmation of the transaction. 17.2. Participants must notify Operator immediately upon receipt if they are not in agreement with any Trade details. 18. Clearing and Settlement

18.1. Member Participants are responsible for the clearing and settlement of all Trades on the iSwap Venue. Member Participants must ensure they

have the facility to clear and settle all Trades on the iSwap Venue in accordance with regulatory requirements and market practice. Operator

will ensure that it can route transactions to the Clearing House in a manner which is acceptable to the Clearing House. Neither Operator nor the

iSwap Venue are otherwise responsible for the clearing or settlement of any Trades executed on the iSwap Venue. 18.2. All Products available for trading on the iSwap Venue are subject to the Derivatives ClearingObligation. 18.3. The Venue's execution methods treat all transactions as being Required Transactions.
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18.4. Any Trade executed on the iSwap Venue which is rejected for clearing by the relevant Clearing House shall be void ab initio; however, when the

trade is rejected due to a technical or clerical problem and the Operator knows how to correct the error, it shall do so without obtaining the

consent of the Participants to the Trade; however when the trade is rejected due to a technical or clerical problem and the Operator is unable

to determine how to correct the error, it shall consult with the Participants to the Trade and implement the correction with the consent of both

Participants. 18.5. As described in Rule 15.12, the Operator will enable the pre-trade screening for each Order of the limits set and maintained by a Member

Participant. 18.6. The Operator will send the information related to each Trade executed on the iSwap Venue to the relevant Clearing House through an

Affirmation Hub as soon as technologically practicable after the execution of the Trade. 18.7. Participants must ensure that they auto-affirm the Trades in the Affirmation Hub to enable automatic submission to the relevant Clearing

House. 18.8. Participants that enter into a swap subject to mandatory clearing under Section 2(h) of the Commodity Exchange Act must comply with the

mandatory trading requirement under section 2(h)(8) of the Commodity Exchange Act. 19. Pre-Trade and Post-Trade Publication

19.1. The Operator will, in accordance with applicable regulatory rules, make public to Participants and non-Participants, information about the price, volume and time of Orders or Trades on the iSwap Venue. For the avoidance of doubt, this does not restrict any rights granted to the Operator

by the Participant in the Agreements. 19.2. TheOperatormay seek to obtain and apply a pre-trade transparency waiverin accordance with article 9 of MiFIR and in such casesinformation

relating to Orders may not be made available to non-Participants. 19.3. The Operator may seek to obtain and apply a post-trade transparency deferral in accordance with article 11 of MiFIR and in such cases

information relating to Trades may be published on a deferred basis. 20. Trade Reporting

20.1. Where applicable, Operator will ensure that Trade reports are submitted in accordance with the reporting requirements of the applicable rules.

Including but not limited to, information required by Commission Regulation 37.901, Part 16 of the Commission Regulations and Core Principal

9 as well as complying with the Transaction Reporting requirements under MiFIR

20.2. Member Participants remain responsible for fulfilling their own Trade reporting requirements. 20.3. iSwap will report all Trades to anthe SDR as soon as technologically practicable after execution. All real time data as required by Part 43 of the

Commission Regulations and creation data required by Part 45 of the Commission Regulations will be reported to the relevant SDR. Participants

are hereby notified that the SEF discloses swap transaction and pricing data for publicly reportable swap transactions prior to the public

dissemination of such data by the SDR. This data is available to all Participants and is disclosed to such Participants contemporaneously with the

transmission of the data to the SDR for public dissemination. 20.4. When the Reporting Counterparty cannot be established in accordance with the logic in Commission Regulation 45.8, then the ISDA Asset Class

Tie-Breaker Logic developed by the International Swaps and Derivatives Association (ISDA) shall apply. 21. Information and Data

General

21.1. Operator may offer access to data feeds and/or other market information as part of its services. A separate charge or charges may be levied for

such services offered by ICAP. Data visible on the iSwap Venue or provided by theOperator via an API or other data feed will be identifiable as

either indicative (non-tradable) or tradable data and may only be used by the Participant for the purposes of placing Orders and executing Trades

on the iSwap Venue, unless otherwise agreed in writing. 21.2. iSwap will capture and retain all transaction data, including bids/offers, request for quotes(RFQ) and Trades, whether accepted, unaccepted, cancelled or modified, so as to be able to reconstruct all transactions within a reasonable time period. iSwap will use this database in order to

reconstruct trading and identify possible violations. 21.3. iSwap shall keep, or cause to be kept, all books and records required to be maintained pursuant to the Act and Commission Regulations,

including Commission Regulations 37.1001 (Recordkeeping) and 45.2(a) (Swap Recordkeeping). 21.4. iSwap shall not use for business or marketing purposes any proprietary data or personal information it collects or receives, from or on behalf of

any person, for the purpose of fulfilling its regulatory obligations; provided, however, that iSwap may use such data or information for business

or marketing purposes if the person from whom it collects or receives such data or information clearly consents in writing to the iSwap's use of

such data or information in such manner. iSwap shall not condition access to its markets or market services on a person's consent to iSwap

Euro's use of proprietary data or personal information for business or marketing purposes. iSwap, where necessary for regulatory purposes, may share such data or information with one or more swap execution facilities or designated contract markets registered with the Commission. 21.5. iSwap shall retain all such books and records for the life of each Swap transacted pursuant to these Rules and five years following the

termination of such a Swap, and shall make such books and records readily accessible for inspection, in each case in the form and manner

required under the Act and Commission Regulations, including Commission Regulations 37.1001 (Recordkeeping) and 45.2(a) (Swap

Recordkeeping).