1. Definitions and Interpretation 3

2. General 9

3. Independent Software Vendors 9

4. Participation 109

5. Eligibility Criteria for Member Participants 10

6. Eligibility Criteria for Broker Participants 11

7. Participant Obligations 1211

8. Credit Setting and Restrictions 13

9. Notification 1413

10. Conduct Rules 1514

11. Suspension or Termination of Participation 15

12. Consequences of Suspension or Termination 1615

13. Resignation 16

14. Products 16

15. Trading Rules 1716

16. Trade Cancellations and Error Trades 19

17. Trade Capture and Confirmation 20

18. Clearing and Settlement 20

19. Pre‐Trade and Post‐Trade Publication 21

20. Trade Reporting 21

21. Information and Data 22

22. Algorithmic Trading 23

23. Market Making 2423

24. Co‐operation with Regulators 24

25. Complaints 2524

26. Taxes and Fees 2524

27. Confidentiality 25

28. Amendments and Notices 25

29. Governing Law 2625

Appendices:

Market Appendix 1 – Order Book Market Appendix

Market Appendix 2 – Targeted Streaming Market Appendix

Market Appendix 3 – Trading Standards

Market Appendix 4 – Disciplinary Procedures

Market Appendix 5 – Trade Review and Error Policy

Schedule

2
Agreements, the following order of precedence shall apply to the extent of any inconsistency: 1. this

Policy; 2. the applicable Market Appendix; 3. the Rulebook and 4. the Agreements.

2. Additional Definitions

In this Policy, terms not defined shall have the meanings given to them in the iSwap Venue Rulebook.

In addition, the following words and expressions have the following meanings:

Error Orders: An Order that exceeded the Market Level Parameters or Maximum Overlap at the time

a User attempted to submit it, including Implied Orders that exceed the Market Level Parameters or

Maximum Overlap at the time they are generated.

Error Trade: A Trade outside the Market Level Parameters or the result of an Error Order.

Fair Market Price: will be determined according to the context of the market at the time the Order

was entered onto the iSwap Venue and is the price of an Eligible Instrument that is derived by

calculating the average of prices obtained by:

a) Referencing applicable Trades, Orders and the Market Mid‐Price of the Order Book; and

b) Referencing the mid of indicative prices published by ICAP via its market data vendors

Market Level Parameters: a deviation from Fair Market Price in relation to any relevant Eligible

Instrument of:

a) For EUR IRS, OIS or OIS/FRA spread maturities of up to and including 2 years, greater than

10.6 basis pointpoints.

b) For EUR IRS or OIS maturities of greater than 2 years, greater than 10.6 basis pointpoints.

c) For GBP IRS or OIS maturities of up to and including 2 years, greater than 1.51 basis

pointspoint; and

d) For GBP IRS or OIS maturities of greater than 2 years, greater than 1.5 basis points.

Maximum Overlap: Maximum overlap of bid and offer orders in basis points, which may be rejected

by the platform, to prevent disruptive trading.

Market Alert: A message sent via the platform to all connected Market Authorised Users

3. Trade Reviews

3.1 General

3.1.1 Where a Participant has entered into a Trade in error, it may request that the Operator

review the transaction.