1 

iSwap Venue Rulebook 

Version Effective Date Sections Changed Summary Changes Owner 

12 May 2021 Application Filing None CCO 

V2.0 Feb 2022 Definitions Changes to reflect new TP 

ICAP corporate structure 

CCO 

Feb 2022 Conforming changes for 

Venue 

CCO 

V2.1 1 July 2023 20.3 Trade reporting 

clarification 

CCO 

1 July 2023 6.1 Remove Broker Participant 

Classification requirement 

CCO 

Contact 

iSwap Desk Tel No: +44 20 3933 3500 

i-swap@icap.com
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1. Definitions and Interpretation ....................................................................... 3 

2. General ........................................................................................................... 8 

3. Independent Software Vendors ..................................................................... 9 

4. Participation ................................................................................................... 9 

5. Eligibility Criteria for Member Participants .................................................. 10 

6. Eligibility Criteria for Broker Participants ..................................................... 11 

7. Participant Obligations ................................................................................. 11 

8. Credit Setting and Restrictions ..................................................................... 12 

9. Notification .................................................................................................. 13 

10. Conduct Rules .............................................................................................. 14 

11. Suspension or Termination of Participation ................................................ 14 

12. Consequences of Suspension or Termination .............................................. 15 

13. Resignation ................................................................................................... 15 

14. Products ....................................................................................................... 16 

15. Trading Rules ................................................................................................ 16 

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 ............................................................................................. 23 

24. Co-operation with Regulators ...................................................................... 24 

25. Complaints ................................................................................................... 24 

26. Taxes and Fees ............................................................................................. 24 

27. Confidentiality .............................................................................................. 24 

28. Amendments and Notices ............................................................................ 25 

29. Governing Law ............................................................................................. 25 

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 
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1. Definitions and Interpretation 

Actionable 

Indications of 

Interest or 

Actionable IOI 

An indicative buy or sell instruction submitted on the Targeted Streaming

Market. For the avoidance of doubt an Actionable IOI does not satisfy the 

CFTC requirements for a Required Transaction. 

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

Affiliates In respect of TP 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.

Affirmation Hub 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. 

AFM The Dutch Financial Supervisory Authority (Autoriteit Financiële Markten), 

or its successors. 

Agreements The agreement(s) governing the Participant’s access to 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 

updates to the Authorisation Form submitted from time to time), iSwap 

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. 

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

Applicable Law The applicable rules and regulations to the operation of the iSwap Venue 

including (but not limited to) the Act, the Commission Regulations, 

MiFIDII, MiFIR and binding interpretations from a Regulator. 

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

Rulebook. 

Authorised Algorithmic 

Trader 

An Authorised Trader who undertakes Algorithmic Trading on the iSwap 

Venue. 

Authorised Broker 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. 

Authorisation Form A trader or broker authorisation form signed on behalf of Authorised 

Trader, Authorised Algorithmic Trader or Broker Participant, as applicable.

Authorised Person An Authorised Trader, an Authorised Algorithmic Trader or an Authorised 

Broker. 

Authorised Trader 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. 
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Broker Participant 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. 

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. 

Chief Compliance Officer Means the person responsible for regulatory reporting under the 

Commodity Exchange Act and to the Commodity Futures Trading 

Commission. 

Clearing Credit 

Methodology 

The iSwap clearing credit methodology document, as may be provided to 

Participants upon request. 

Clearing House 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. 

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

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

Compliance Function 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. 

Compliance Officer Means the person responsible for regulatory reporting under MiFID II and 

to the AFM. 

Contract Means any Swap listed for trading on the iSwap Venue.

Credit Officer 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 permissions as set 

out in the Schedule. 

Default Event 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. 

Derivatives Clearing 

Obligation 

Article 4(1)(b) of EMIR or section 2(h) of the Act as applicable.

Desk 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. 
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Direct Electronic Access or 

DEA 

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

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

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

this Rulebook. 

Eligibility Criteria 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. 

Eligible Instrument or 

Instruments 

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. 

Eligible Market Mid-Price 

Orders 

As defined in Rule 21.8 

Emergency As defined in the Emergency Authority Policy. 

EMIR 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. 

Error Trade 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. 

FCA The Financial Conduct Authority, or its successors.

Future(s) One of the following futures contracts:  Schatz;  Bobl;  Bund;  Buxl; or  Long Gilt. 

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

Insolvency Event 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. 

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

Internal Matches An Order from an Authorised Trader that Matches with another Order from

an Authorised Trader within the same Member Participant or Desk. 
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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. 

iSwap Venue The facility 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. 

Market The Order Book and the Targeted Streaming markets, the Rules for which 

are set out in the relevant Market Appendix. 

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

time, which is applicable to financial instruments traded on an MTF. 

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

of this Rulebook. 

Market Event A market-wide systemic increase in risk as determined by the Operator at 

its discretion. 

Market Maker Programme As defined in Rule 23.2.

Market Making Agreement 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. 

Market Mid-Price The mid-market reference rate calculated in respect of each outright 

Eligible Instrument on the iSwap Venue in accordance with Rule 21. 

Market Notice 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. 

Match or Matched or 

Matching 

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

accordance with this Rulebook. 

Member Participant 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. 

MiFID II 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. 

MiFIR 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. 

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

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

Order A buy or sell instruction submitted to the iSwap Venue.

Order Book Market 

Appendix 

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

Market appendix are Rules and form part of this Rulebook. 
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OTC Derivatives Clearing 

Member 

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. 

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

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

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

Permitted Transaction 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. 

Product Any product as detailed in the relevant Market Appendix.

PVO1 In respect of an Eligible Instrument, the monetary present value of one 

basis point of the yield. 

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. 

Regulation 37.9(d)(4) 

Package Transaction 

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). 

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. 

Reporting Counterparty Means the reporting counterparty as required by Part 45 of the 

Commission Regulations. 

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

amended from time to time. 

Rulebook 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. 

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

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

SDR The Depository Trust and Clearing Corporation (DTCC)
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Swap 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.

TARGET The Trans-European Automated Real-time Gross settlement Express 

Transfer system. 

Targeted Streaming Market 

Appendix 

The Targeted Streaming Market appendix to this Rulebook. The Targeted 

Streaming Market appendix are Rules and form part of this Rulebook. 

TP ICAP TP ICAP Group entities and/or its Affliiates

TP ICAP (Europe) S.A. TP ICAP (EUROPE) S.A., a company incorporated in France (No. 841 867 

526) and authorised by the Autorite de Controle Prudential et de 

Resolution (ACPR), with a programme of activity approved by the Autorité 

des marchés financiers (AMF). 

Trade or Trading Any sale or purchase of an Eligible Instrument that takes place on the 

iSwap Venue. 

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 The days on which the Eligible Instruments are made available to 

Participants on the iSwap Venue as set out in the Market Appendices. 

Trading Standards The Trading Standards concern certain trading practices on the iSwap 

Venue. The Trading Standards are Rules and form part of this Rulebook. 

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. 

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. 
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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 iSwap Venue is 

authorised to do so by the Venue. 

3.1.3 Ensure that, when submitting any transaction to the iSwap 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 iSwap 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 
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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 iSwap Venue to enable the iSwap 

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 its Participation: 

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; 

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 for interest 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 
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5.1.9 Meet such further Eligibility Criteria as Operator may prescribe from time to 

time with regard to Participation. 

6. Eligibility Criteria for Broker Participants 

6.1. Broker Participant shall meet and shall continue to meet all of the following Eligibility 

Criteria throughout its Participation: 

6.1.1 Have the legal and regulatory capacity to deal as agent on behalf of Member 

Participants in the Products on the Order Book Market; 

6.1.2 Satisfy Operator as to its adequate arrangements for Order submission and 

Order management; 

6.1.3 Be able to provide Operator (if requested) with such information as Operator 

may require in relation to the validity of any Order or Trade; 

6.1.4 Have adequate organisational procedures and controls to limit Error Trades and 

the submission of erroneous Orders to the iSwap Venue; 

6.1.5 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 

6.1.6 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. 
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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 the Operator, the AFM, 

the Commission, the FCA, and any other relevant regulator. 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 

or regulation. 

7.13. Participant shall bear its own costs and expenses in connection with any such 

investigation. Participant shall indemnify Operator in full in respect of all costs and 

expenses reasonably incurred in connection with any investigation (or part of an 

investigation) in so far as any such investigation (or part thereof) relates to the 

Participant’s activity on the iSwap Venue (except to the extent that any such costs arise 

as a consequence of the fraud, negligence or wilful default of Operator or as a 

consequence of any breach by Operator). 

8. Credit Setting and Restrictions 
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8.1. Member Participants are solely responsible for determining their credit settings, and/or 

restrictions, where applicable. Broker Participants shall be bound by the credit settings 

of each Member Participant for whom they are authorised to enter Orders. 

8.2. Operator will not provide Broker Participant with details of the credit settings of any 

Member Participant. Authorised Broker does not have the ability to view or amend a 

Member Participant’s credit. 

8.3. Operator is not responsible for a Member Participant’s failure to ensure the accuracy or 

timeliness of its credit settings. 

8.4. The iSwap Venue provides for Member Participants to directly input their credit settings 

into the system. Credit setting functionality is applied to Member Participants in 

accordance with the Clearing Credit Methodology. 

8.5. At Member Participant’s request, Operator is able to input credit settings on behalf of a 

Member Participant and Member Participant is responsible for providing Operator with 

all relevant information. Operator is not responsible for any inaccuracy in the 

information provided to it. 

8.6. Credit settings or restrictions will take effect as soon as Operator or Member Participant 

has entered such settings or restrictions. 

8.7. A Member Participant providing clearing limits must have a clearing agreement in place 

with a Member Participant before allocating clearing limits to the iSwap Venue. 

9. Notification 

9.1. Participants must notify Operator within the timeframes specified below on the 

occurrence of any of the following: 

9.1.1 a change of legal name or contact details – at least five (5) Business Days in 

advance of any change taking effect; 

9.1.2 a change of the legal entity which is the Participant – at least thirty (30) Business 

Days in advance of any change taking effect; 

9.1.3 an Insolvency Event – immediately upon becoming aware; 

9.1.4 the Participant breaches or is likely to breach a law applicable to its business as a 

Participant – immediately upon becoming aware; 

9.1.5 a material breach of these Rules or any event which affects the Participant’s 

ability to comply with these Rules - immediately upon becoming aware; 

9.1.6 a change in the Participant’s ability to meet the relevant Eligibility Criteria - 

immediately upon becoming aware; 
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9.1.7 a loss of connectivity, or other technical issue which might affect the 

Participant’s ability to comply with these Rules - immediately upon becoming 

aware; or 

9.1.8 any other change or event which might reasonably impact on the Participant’s 

access or activity in relation to the iSwap Venue - immediately upon becoming 

aware. 

9.2. In addition, Member Participants must notify Operator within the timeframes specified 

below on the occurrence of any of the following: 

9.2.1 the Member Participant is or is likely to become unable to meet its obligations in 

respect of an Order or Actionable IOI or Trade - immediately upon becoming 

aware; or 

9.2.2 the Member Participant has defaulted, is in default or is likely to default (or 

become subject to an analogous event) under the rules of any Clearing House 

which clears the Member Participant’s Trades – immediately upon becoming 

aware. 

10. Conduct Rules 

10.1. When trading on the iSwap Venue, Participants must observe high standards of integrity, 

market conduct and fair dealing and must act with due skill, care and diligence. 

Participants must also take into account the Trading Standards issued to them when 

trading on the iSwap Venue. 

10.2. Participants must not: 

10.2.1 engage in any conduct which gives or is likely to give a false or misleading 

impression as to the market in, or the price of, any Eligible Instrument or which 

secures the price of one or several Eligible Instruments at an abnormal or 

artificial level; or 

10.2.2 engage in any act or course of conduct which is likely to harm the integrity, 

fairness, orderliness or reputation of the Operator or the iSwap Venue; or 

10.2.3 breach or attempt to breach these Rules or cause or contribute to a breach of 

these Rules by another Participant; or 

10.2.4 submit Orders or Actionable IOIs on the iSwap Venue which are fictitious, or 

constitute any other form of deception or contrivance. 

10.3. Any breach of the Rules by any Participant will be dealt with in accordance with the 

Rulebook, the Agreements, and the Disciplinary Procedures. 

11. Suspension or Termination of Participation 
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11.1. Operator may at its absolute discretion and without liability restrict, suspend or 

terminate the Participation of a Participant (and/or its Authorised Persons) if, at any 

time: 

11.1.1 Participant and/or any of its Authorised Persons breaches these Rules or the 

Agreements; or 

11.1.2 Participant suffers an Insolvency Event; or 

11.1.3 Participant suffers a Default Event; or 

11.1.4 Participant and/or any of its Authorised Persons is subject to relevant 

enforcement or other proceedings by the AFM, the Commission, the FCA or any 

other Regulator; or 

11.1.5 Participant ceases to meet the relevant Eligibility Criteria; or 

11.1.6 Operator considers that restriction, suspension or termination of Participant 

and/or any of its Authorised Persons is necessary to ensure or maintain orderly 

trading on the iSwap Venue. 

11.2. Operator will notify Participant of a decision to restrict, suspend or terminate its or its 

Authorised Person’s Participation. Where a Participant has had its Participation 

restricted, suspended or terminated, Participants may ask the Participation Committee 

to review the decision under the terms of the Governance Policy. 

12. Consequences of Suspension or Termination 

12.1. In the event of a Participant’s (or an Authorised Person’s) suspension or termination: 

12.1.1 all Orders and Actionable IOIs in respect of that Participant and/or its Authorised 

Person, as the case may be, will be placed inactive and will not be made 

available to Match nor shown on the iSwap Venue; 

12.1.2 in the case of a Member Participant only, all Trades shall continue to be binding 

on such Participant, and the terms of such Trades shall be unaffected by such 

suspension or termination; 

12.1.3 any Participant Access Codes attributed to the Participant and/or Authorised 

Persons, as the case may be, shall be disabled and access removed; and 

12.1.4 in the event of a termination, the Participant and/or each of its Authorised 

Persons, as the case may be, shall immediately cease to access the iSwap Venue 

and remove, return or otherwise destroy any connections to the iSwap Venue. 

13. Resignation 

13.1. Where a Participant has given notice of its intent to resign from Participation, the 

resignation is not effective and the Rules will continue to bind the Participant until: 
16 

13.1.1 all of the Participant’s outstanding Orders and Actionable IOIs have been 

Matched, cancelled, withdrawn or expired; 

13.1.2 all outstanding obligations of the Participant with respect to Trades (including 

with respect to clearing and settlement) have been performed; and 

13.1.3 all other outstanding obligations of the Participant under the Rules (including 

without limitation the settlement of any outstanding fees or other sums due) 

have been performed. 

14. Products 

14.1. Operator will determine in its absolute discretion the Products and/or Eligible 

Instruments that are available for trading on the iSwap Venue. Any additional Rules with 

respect to the Products are set out in the relevant Market Appendix. 

14.2. Eligible Instruments and/or Products will be added or deleted at Operator’s discretion. 

14.3. Any Participant may propose the listing of an instrument by submitting a listing 

application to the Compliance Function. 

14.4. iSwap Venue will permit trading only in instruments that are not readily susceptible to 

manipulation and will submit supporting information as per Appendix C of Part 38 of the 

Commission regulations when submitting contracts for approval or certification as per 

Part 40 of the Commission regulations. 

14.5. See Product Appendix A for product specification. 

15. Trading Rules 

General Information 

15.1. Unless otherwise notified by the Operator, the iSwap Venue is closed for trading on any 

day which is a public holiday in the Netherlands (except where another European market 

is open on that public holiday for Products denominated in Euro) and all Dutch weekends. 

The trading hours for each Product are set out in the applicable Market Appendix. 

15.2. Operator may announce, at its discretion, that commencement of the Trading Day be 

postponed, or that a Trading Day be extended beyond its scheduled duration. 

15.3. Where possible, Participants will be given reasonable notice of any change to Trading 

Days. 

15.4. Operator may, at its discretion, determine the Trading Day for the Products. Trading is 

not permitted outside the Trading Day. 
17 

15.5. Participants may submit Orders and Actionable IOIs to the iSwap Venue in accordance 

with the Rules and as further detailed in the relevant Market Appendix. 

15.6. Participants are responsible for amending and cancelling any Orders and Actionable IOIs 

they submit to the iSwap Venue. 

15.7. Member Participants will be bound by all Orders and Actionable IOIs or commands 

and/or other input information received from their Authorised Traders or from 

Authorised Brokers acting on their behalf. 

Required Transactions 

15.8. No Participant shall execute a Required Transaction other than via the Order Book or 

Request for Quote procedures as outlined in the relevant Market Appendix. 

15.9. Except as otherwise required under the Act or the Commission's regulations, the iSwap 

Venue shall not directly or indirectly, including through a third-party service provider, 

disclose the identity of a counterparty to a swap that is executed anonymously and 

intended to be cleared. The iSwap Venue prohibits any person from directly or 

indirectly, including through a third-party service provider, disclosing the identity of a 

counterparty to a swap that is executed anonymously and intended to be cleared. For 

purposes of this paragraph, “executed anonymously” shall include a swap that is prearranged or pre-negotiated anonymously, including by a participant of the swap 

execution facility. 

For a package transaction that includes a component transaction that is not a swap 

intended to be cleared, disclosing the identity of a counterparty shall not violate Rule 

15.9. For purposes of this paragraph, a “package transaction” consists of two or more 

component transactions executed between two or more counterparties where: 

(i) Execution of each component transaction is contingent upon the execution of all 

other component transactions; and 

(ii) The component transactions are priced or quoted together as one economic 

transaction with simultaneous or near-simultaneous execution of all components. 

Order Size 

15.10. Operator may, at its sole discretion, set minimum and/or maximum Order and Actionable 

IOI sizes, and any incremental sizes, for any Eligible Instrument as further detailed in the 

relevant Market Appendix. 

Pre-Trade Controls 

15.11. Operator will determine a specific basis point market price spread, calculated by 

reference to the Market Mid-Price, which will be displayed on the iSwap Venue for each 

Eligible Instrument from time to time. Bids which are higher than the Market Mid-Price 
18 

plus the spread and offers which are lower than the Market Mid-Price minus the spread 

cannot be submitted to the iSwap Venue. In addition, attempts to submit a matching 

order through the price of the existing best available Order by greater than a predefined margin will be rejected. In both cases the user is sent an error message detailing 

why the attempt was rejected. 

15.12. Operator will enable, through its clearing credit system, the real-time screening of each 

Order for the availability of clearing credit limits provided by a Member Participant. 

15.13. Orders and Trades are screened against the credit limits provided by the Member 

Participant in accordance with the Clearing Credit Methodology. 

Order Matching 

15.14. Participant may submit, amend, or cancel Orders during the trading session prior to a 

Match taking place, subject to any exception detailed in the relevant Market 

Appendices. 

15.15. Internal Matches can be enabled via the Authorisation Form on a Participant wide or 

Inter-Desk basis. Matches are not permitted between Orders from the same Authorised 

Trader, subject to any exception detailed in the relevant Market Appendices. 

Prohibition, Removal and Suspension of Trading 

15.16. Operator will monitor the operation of the iSwap Venue during the Trading Day. 

Operator may in its discretion and without liability prohibit, remove, suspend or cancel, 

as appropriate: 

15.16.1 an Order or group of Orders, or Actionable IOIs; or 

15.16.2 a Trade, or group of Trades, or 

15.16.3 a Product, or 

15.16.4 an Eligible Instrument(s), or 

15.16.5 the iSwap Venue. 

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. 
19 

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 iSwap Venue. 

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. 
20 

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 

Clearing Obligation. 

18.3. The iSwap Venue's execution methods treat all transactions as being Required 

Transactions. 

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. 
21 

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. The Operator may seek to obtain and apply a pre-trade transparency waiver in accordance 

with article 9 of MiFIR and in such cases information 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 subject to the Act to the 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 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. 
22 

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 the Operator 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 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). 

21.6. iSwap shall report to the Commission, in a form and manner acceptable to the 

Commission, such information as the Commission determines to be necessary or 

appropriate for the Commission to perform the duties of the Commission under the Act. 

Market Mid-Price 

21.7. The iSwap Venue calculates a mid-market reference rate called the Market Mid-Price for 

each outright Eligible Instrument and for each Market on the iSwap Venue. The Market 

Mid-Price is continually updated according to the value of Eligible Market Mid-Price 

Orders, as defined below, on the iSwap Venue. 
23 

21.8. Orders that will be counted as Eligible Market Mid-Price Orders are, in respect of an 

Eligible Instrument, Orders where the Order size is greater than a pre-defined multiple (as 

determined by the Operator) of the minimum Order size for that Eligible Instrument. 

The following Orders will not be Eligible Market Mid-Price Orders: 

21.8.1 Min Clip, AON or Non Display Limit Orders; 

21.8.2 Orders where there is a bid but no offer; and 

21.8.3 Orders where the bid-offer spread is wider than a pre-defined value, as 

determined by the Operator. 

21.9. If a Trade results from an Eligible Market Mid-Price Order, the Market Mid-Price will 

adjust to reflect the actual Trade price of such Eligible Market Mid-Price Order for a 

specific period of time. 

21.10. In the absence of any Eligible Market Mid-Price Order on the iSwap Venue, the Market 

Mid-Price will be the mid-price of the Eligible Instruments as shown on the ICAP market 

data pages, published on Reuters or Bloomberg. 

21.11. Internal Matches will not impact the Market Mid-Price. 

22. Algorithmic Trading 

22.1. Member Participants wishing to engage in Algorithmic Trading must ensure that 

Algorithmic Trading is controlled and organised in accordance with the requirements of 

MiFID II, and that their Algorithmic Trading is monitored by them to prevent disorderly 

trading on the iSwap Venue. 

22.2. Member Participants wishing to engage in Algorithmic Trading must, prior to the 

deployment or any substantial update of any trading algorithm: 

22.2.1 Undertake conformance testing; and 

22.2.2 Provide a certification to the Operator that the algorithms employed by the 

Member Participant have been tested to avoid contributing to, or creating, 

disorderly trading conditions and explain the means used for such testing. 

22.3. All Algorithmic Trading should be identified by the Member Participant as such and must 

be routed to the iSwap Venue via trading permissions attributed to an Authorised 

Algorithmic Trader. 

23. Market Making 

23.1. Member Participants engaged in Algorithmic Trading pursuing a market making strategy 

on the iSwap Venue shall enter into a Market Making Agreement with the Operator. 

23.2. Operator may from time to time adopt one or more programmes under which one or 

more Member Participants may be approved and designated as market makers with 
24 

respect to one or more Product and/or Markets in order to provide liquidity and 

orderliness in a Product and/or Market (a “Market Maker Programme”). 

23.3. Any Market Maker Programme adopted pursuant to Rule 23.1 may provide for one or 

more of the following: 

23.3.1 additional eligibility criteria or other qualifications, including minimum net 

capital requirements, that any such market maker must satisfy; 

23.3.2 the procedure by which Member Participants may apply for, and obtain, 

designation as a market maker; 

23.3.3 the ongoing obligations of such market maker, including without limitation, any 

applicable minimum bid/offer and spread commitments; 

23.3.4 the benefits accruing to such market makers which may include, without 

limitation, reduced transaction fees; and 

23.3.5 the requirement that such designated market makers agree to abide by these 

Rules and the rules of the Market Maker Programme. 

24. Co-operation with Regulators 

24.1. Operator will report any significant breaches of the Rules, disorderly trading conditions 

or conduct which gives rise to a suspicion of market abuse to the AFM, the FCA, the 

Commission, or other relevant Regulator. 

24.2. Operator will provide full assistance to, and will also supply any relevant information 

without delay to, the AFM, the FCA, the Commission, or other relevant Regulator. 

25. Complaints 

25.1. Any complaint about the conduct of a Participant or any suspicion that any Participant 

has committed or about to commit a breach of these Rules, or any other complaint 

related to the iSwap Venue, should be made in writing and addressed to: 

Compliance Officer, iSwap Euro B.V. 

Vijzelstraat 68, unit 109 

1017 HL Amsterdam 

The Netherlands 

26. Taxes and Fees 

26.1. Member Participants are liable for the payment of any applicable taxes, fees, duties, or 

levies that arise in connection with the trading of Eligible Instruments on the iSwap 

Venue. 

27. Confidentiality 
25 

27.1. Operator will treat as confidential any information received from a Participant, including, 

where applicable, any credit settings, in relation to its business on the iSwap Venue, 

except where: 

27.1.1 the information is publicly available; or 

27.1.2 disclosure is required by law or any tax authority or Regulator having 

jurisdiction; or 

27.1.3 disclosure is made in the interests of co-operation with any regulatory 

investigation conducted by a relevant Regulator; or 

27.1.4 disclosure is made for the protection of the market and the maintenance of high 

standards in integrity and fair dealing; or 

27.1.5 the Participant has consented to the disclosure in writing. 

28. Amendments and Notices 

28.1. Operator may, in its absolute discretion, at any time supplement or implement new 

Rules, amend existing Rules, or revoke Rules in whole or in part. Participants will be 

informed of any such change by the issuing of a Market Notice. 

28.2. Market Notices form part of the Rules. Such changes will be effective at such time as 

specified in the relevant Market Notice. Unless otherwise required by a Regulator or by 

Applicable Law, any such change shall not apply retrospectively. 

28.3. If the change to the Rules is: 

28.3.1 material, the Operator will give Participants reasonable notice before such 

change comes into effect; or 

28.3.2 non-material, the Operator may make such change without issuing notice in 

advance of the change to Participants. 

29. Governing Law 

29.1. These Rules and all non-contractual or other obligations arising out of or in connection 

with them shall be governed by and shall be construed in accordance with Dutch Law. 

29.2. The parties hereby submit to the non-exclusive jurisdiction of the courts of Amsterdam, 

the Netherlands in relation to any legal action or proceeding arising out of or in 

connection with these Rules. Insofar allowed by the relevant courts, the proceedings 

shall be conducted in English. 

29.3. All parties (including Authorised Persons) acknowledge and submit to the jurisdiction of 

the iSwap Venue.