Swap

Clearing Organization

Credit Default Swap Indices

ICE Clear Credit LLC, Ice Clear Europe Ltd.,
LCH.Clearnet SA

Interest Rate Swaps

LCH. Clearnet Ltd., LCH.Clearnet LLC, CME,
Inc., Japan Securities Clearing Corporation;

ASK-Ch Ez Clearing Int tinental
S: tear-Eur aring, inter nental

Exeh: Tat tional_Derivati Cleari

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NASDAQ-OMX, Singapore Exchange
Derivative Cleasi

Group, KWPW-CCP kK Exeh:
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@d) Margin. A Participant must comply with all margin requirements of the
relevant Clearing Organization and its Clearing Participant, if applicable, and
any applicable margin requirement set forth by Commission Regulation or

Applicable Law.

PART 9. BUSINESS CONDUCT.

910. Fraud Prohibited.

No Person shall use or employ, or attempt to use or employ, any manipulative device

scheme, or artifice to defraud, or engage, or attempt to engage, in any act, practice, or

course of business, which operates or would operate as a fraud or deceit upon any person.

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EXHIBIT A

BGC Derivative Markets, L.P
2016-05 Rulebook Changes
November 9, 2016

1. The text of the proposed amendment to the BGC Derivative Markets, L.P. (“BGC”) Rules
is appended as Attachment A. Any additions are underlined and any deletions are struck
through.

2. The date of intended implementation of the proposed amendment is ten business days
following the filing of this submission.

3. Attached, please find a certification that: (1) the rule complies with the Commodity
Exchange Act, and the Commission’s regulations thereunder; and (2) concurrent with this
submission, BGC posted on its website: (i) a notice of pending certification of the rule
amendment with the Commission; and (ii) a copy of this submission.

4. A concise explanation and analysis of the operation, purpose, and effect of the amended
rule appear below.

5. There were no opposing views expressed regarding this amended rule.

6. Confidential treatment is not requested.

CONCISE EXPLANATION AND ANALYSIS OF THE OPERATION, PURPOSE, AND
EFFECT OF THE CERTIFIED RULE AND ITS COMPLIANCE WITH APPLICABLE
PROVISIONS OF THE ACT, INCLUDING CORE PRINCIPLES AND THE
COMMISSION’S REGULATIONS THEREUNDER

Pursuant to Commission Rule 40.6(a)(7)(vi), the following is a concise explanation and analysis
of the operation, purpose, and effect of the amended rules.

As requested by Commission staff, BGC is incorporating new Rule 910 into its rulebook to
reflect the prohibitions of Rule 180.1(a)(3). Additionally, as requested by Commission staff,
BGC is amending Rule 802 to remove certain Clearing Organizations eligible for clearing
authorization designation.

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CERTIFICATIONS PURSUANT TO SECTION 5c OF THE COMMODITY EXCHANGE
ACT, 7 U.S.C. §7A-2 AND COMMODITY FUTURES TRADING COMMISSION RULE 40.6,

17 CFR. §40.6

Thereby certify that:

qd) the amended Rule complies with the Commodity Exchange Act, and the
Commodity Futures Trading Commission’s regulations thereunder; and

(2) concurrent with this submission, BGC Derivative Markets, L.P. posted on its
website: (a) a notice of pending certification of the above Rule with the Commission;

and (b) a copy of this submission

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Attachment A—Amended Rules

Additions are underlined, deletions are struck through.

PART 8. CLEARING AND FINANCIAL INTEGRITY OF CONTRACTS.

802. Relation to Clearing Organization.

(a) Rules of Clearing Organization. The Bylaws and Rules of the designated
Clearing Organizations shall be applicable to the clearing of Swaps which are
Required Transactions traded on or subject to the rules of the Facility.

(b) Cleared Swaps. Every Swap executed on or subject to the rules of the Facility that is
a Required Transaction will be forwarded by the Facility to the Clearing Organization
selected by the Participant or its Authorized Customer directly to the Clearing
Organization or via a Straight-Through-Processing (STP) hub.

() Choice of Clearing Organization. If more than one Clearing Organization is
available for clearing the Swap, each Participant and Authorized Customer may
designate its choice of Clearing Organization for selected transactions by designating
a specific Clearing Organization for each Order or RFQ.

0) Participants or Authorized Customers may designate the Clearing
Organization by hitting a Bid or lifting an Offer for the displayed price
of a product cleared by a specific Clearing Organization. Participants
or Authorized Customers may enable a general filter on Facility
systems to view only prices for a selected Clearing Organization(s).

(ii) Trades executed as transactions to be cleared at a specified Clearing
Organization will be subject to the collateral requirements of that
Clearing Organization, including the timing of collateral funding
requirements of that Clearing Organization.

(iii) Subject to the clearing authorization requirement of Rule 803,
Participants may choose a Clearing Organization to which the Swap will
be forwarded by the Facility. Such Clearing Organization shall be
authorized or permitted by the Commission, or otherwise meet
Commission requirements, to clear such Swaps. Such Clearing
Organizations include but are not limited to the following:

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