Scope
The provisions herein shall apply to all SMX Black Pepper Futures Contracts transacted on the Exchange. Procedures for trading, clearing, delivery, settlement and any other matters not specifically covered herein shall be governed by SMX and SMXCC Rules.
Contract Symbol
SMPEPPER
Contract Designation
SMPEPPERDDMMMYYYY: where SMPEPPER is the contract symbol and DDMMMYYYY refers to the Contract Month (e.g. March 12 Contract = SMPEPPER20MAR2012).
Contract Size
The traded quantity for the Contract shall be 5 metric tons.
Quotation Basis
All bids and offers to buy or sell SMX Black Pepper Futures Contracts shall be quoted in U.S. dollars per metric ton to zero decimal places (e.g. US$5105).
Minimum Tick Size
The minimum tick size for all bids and offers to buy or sell SMX Black Pepper Futures Contracts shall be US$1.00, equivalent to US$5.00 per Contract.
Contract Months
Trading shall be conducted in all the calendar months. At a time four consecutive Contracts Months including current Contract Month will be available for trading. A new Contract Month shall be listed on the first Business Day following the Last Trading Day of an expiring Contract Month.
Trading Hours
The Trading Hours shall be 1000 to 2000 SGT, except on Last Trading Day when Trading Hours will be from 1000 to 1700 SGT.
Trading Days
Trading shall be conducted Monday through Friday.
Last Trading Day
The Last Trading Day for SMX Black Pepper Futures Contracts shall be the ninth to last Business Day of the maturing Contract Month, unless such day is a holiday in Vietnam, in which case the Last Trading Day will be the first preceding Business Day that is not a holiday in Vietnam.
Daily Price Range
The Daily Price Range (DPR) on any bids or offers to buy or sell SMX Black Pepper Futures Contracts shall be plus or minus five percent (5%) of the previous days’ Daily Settlement Price.
If this limit is reached, there shall be a fifteen (15) minute Cooling-Off Period and thereafter a final five percent (5%) increased limit (‘Final Limit’) shall be applied.
During the Cooling-Off Period, trading may continue at a price that does not violate the DPR.
Where a Final Limit is reached, trading may continue during the balance of normal trading hours at a price that does not violate the Final Limit.
Position Limits
The Customer level limit shall be not more than 800 Contracts net long or net short in all Contract Months combined, unless a Customer has received a Position Limit Exemption as provided for and governed by Notice 3004 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time. The Customer level limit shall also apply to each Broker Member, Trade Member and Remote Member Proprietary Account. Notwithstanding the forgoing, in no event shall a Customer, Broker Member Proprietary Account, Trade Member Proprietary Account or Remote Member Proprietary Account own or control more than 100 Contracts net short or net long in the maturing Contract Month.
The Member level limit, being applied to each Broker Member’s and Remote Member’s combined Customer and Proprietary Accounts, shall be not more than the higher of 2400 Contracts net long or net short in all Contract Months combined or twenty-five percent (25%) of open interest in all Contract Months combined, unless Customer(s) of such Member or the Member itself has received a Position Limit Exemption as provided for and governed by Notice 3004 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.
Daily Settlement Price
The Daily Settlement Price (DSP) shall be computed and published as provided and governed by Notice 3005 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.
Final Settlement Price
The Exchange shall publish a Final Settlement Price (FSP) which shall be the DSP on the Last Trading Day.
Delivery Unit
The Delivery Unit shall be 15 metric tons net weight (equivalent to three Futures Contracts), with a weight tolerance of +/-1%, which means a Seller may deliver any quantity equal to and/ or between 14.85 and 15.15 metric tons. Delivered quantities below 14.85 and above 15.15 metric tons will be rejected. Delivery settlement amount will be on the basis of the Delivery Notice, plus/minus adjustments as per Delivery Unit, as represented by Delivery Documents.
Delivery Centre (s)
Approved Bonded Warehouse(s) within 50 km radius of Ho Chi Minh City.
Deliverable Grade
Black Pepper adhering to the following quality specifications may be delivered at par:
Bulk Density (grams/litre (g/l), min): 550 and/or heavier; outbound tolerance limit of –3 g/l [At the time when Black Pepper is put on Black Pepper Exchange Warrant, the Bulk Density, as stated in the Weight and Quality Certificate should be minimum of 550 g/l and/ or heavier. If a Seller has a Revalidation Certificate issued prior to making a delivery on the Exchange, the Bulk Density as per the Revalidation Certificate shall be above and up to 547 g/l.]
Moisture (% vol/wt, max): 13.0; outbound tolerance limit of + 0.2% [At the time when Black Pepper is put on Black Pepper Exchange Warrant, the moisture content, as stated in the Weight and Quality Certificate should be no more than 13%. If a Seller has a Revalidation Certificate issued prior to making a delivery on the Exchange, the moisture content as per the Revalidation Certificate shall be below and up to 13.2%.]
Light Berries/Corns (% by wt, max): 5
Extraneous Matter (including pinheads) (% by wt, max): 1
Mould (% by wt, max): 0.75; outbound tolerance limit of +0.25% [At the time when Black Pepper is put on Black Pepper Exchange Warrant, the mould content, as stated in the Weight and Quality Certificate should be no more than 0.75%. If a Seller has a Revalidation Certificate issued prior to making a delivery on the Exchange, the mould content as per the Revalidation Certificate shall be below and up to 1.00%.]
Packing
The black pepper shall be packed and delivered in sound double PP bags, of 50kg, net weight. Cut and torn bags resulting in spillage will not be accepted for delivery.
Tare weight difference
400 gm for double PP bag packaging
Standard Allowance
The Standard Allowance per Delivery Unit per sampling (for weight & quality certificate/ revalidation certificate) is 0.04% (6 kilograms) which factors in sampling and spillage loss for the Seller.
Delivery Period
The Delivery Period for SMX Black Pepper Futures Contracts shall be from two Business Days preceding the Last Trading Day to eight Business Days following the Last Trading Day for the maturing Contract Month, except as provided for under the clause ‘Delivery Pay-out Completion Date’.
Delivery Margin
Delivery Margin for SMX Black Pepper Futures Contracts shall be applied during the Delivery Period as follows:
- 10% on all open positions during Delivery Period. Delivery Margins applied until and including Last Trading Day shall be in addition to any applicable Initial, Variation and Special margins.
- 20% on all outstanding positions marked for delivery during the Delivery Period after the Last Trading Day.
Delivery Document(s) Obligations by Sellers
Delivery Documents, as contemplated by this provision, shall mean:
- Black Pepper Exchange Warrant(s) representing the delivery quantity, issued by an Approved Bonded Warehouse
and
- Weight and Quality Certificate(s), representing the delivery quantity stored in an Approved Bonded Warehouse, issued by an Approved Inspector
and
- Revalidation Certificate(s), representing the delivery quantity stored in an Approved Bonded Warehouse, issued by an Approved Inspector no more than 30 days prior to the Delivery Pay-In Date, if applicable.
[Revalidation Certificate(s) are required if the Weight and Quality Certificate(s) was issued more than 30 days before the Delivery Pay-In Date.]
and
- Confirmation of Storage, issued by an Approved Bonded Warehouse OR Release Confirmation, issued by an Approved Bonded Warehouse.
and
- Bonded Warehouse Storage Extension (Certified True Copy issued by Approved Bonded Warehouse), with approval of Vietnam Customs Department, if applicable
[Bonded Warehouse Storage Extension is required if the Black Pepper delivered have been in Vietnam bonded warehouse(s) for more than 335 days on the Delivery Pay-In Date.]
Black Pepper Exchange Warrant(s) shall be negotiable and be in the form as issued by the Approved Bonded Warehouse and shall include, but not be limited to, the following:
a) Date of issue
b) Date of receipt of black pepper
c) Beneficial owner
d) Net weight (each Black Pepper Exchange Warrant shall represent one Delivery Unit)
e) Authorized signature representing the Approved Bonded Warehouse
f) Black Pepper Exchange Warrant number
Weight and Quality Certificates shall be in the form as prescribed by the Exchange, issued by an Approved Inspector and shall include, but not be limited to, the following:
a) Date of issue
b) Net weight (each Weight and Quality Certificate shall represent one Delivery Unit)
c) Grade and Quality, as provided for in Deliverable Grade herein
d) Authorized signature representing the Approved Inspector
e) Weight and Quality Certificate number
Revalidation Certificates shall be in the form as prescribed by the Exchange, issued by an Approved Inspector and shall include, but not be limited to, the following:
a) Date of Issue
b) Net weight (each Revalidation Certificate shall represent one Delivery Unit)
c) Grade and Quality, as provided for in Deliverable Grade herein
d) Authorized signature representing the Approved Inspector
e) Revalidation Certificate number
Confirmation of Storage shall be in a form as issued by Approved Bonded Warehouse and shall include, but not be limited to, the following:
a) Description of goods as Black Pepper
b) Name of beneficial owner
c) Date of receipt of goods into Approved Bonded Warehouse for storage
d) Received quantity
Release Confirmation shall be in a form as issued by Approved Bonded Warehouse and shall include, but not be limited to, the following:
a) Description of goods as Black Pepper
b) Name of beneficial owner
c) Date of release confirmation
d) Released quantity
Bonded Warehouse Storage Extension (Certified True Copy issued by Approved Bonded Warehouse) shall be with approval of Vietnam Customs Department in a form and shall include, but not be limited to the following:
a) Date of Extension issued
b) Date of Extension expiry
c) Description of goods as Black Pepper
d) Quantity of goods
Additional Delivery Document(s) obligations by Seller and Buyer post issuance of Delivery Notices:
Additional Delivery Documents, as contemplated by this provision, shall mean:
- Sale Purchase Contract signed by and between the Seller and the Buyer
- Notice of Transfer of Ownership issued by the Seller
- Bonded Warehouse Lease Contract signed by and between the Approved Bonded Warehouse and the Buyer
Exemption from Delivery Margin
Delivery Margins shall be exempted for the Seller’s Clearing Member if Black Pepper is tendered during Delivery Period of the maturing Contract Month and Seller’s Clearing Member submits all the Delivery Documents to the Clearing Corporation as required as set forth herein.
Delivery Margins shall be exempted for the Buyer’s Clearing Member on completion of Funds Pay-in to the Clearing Corporation as required as set forth herein.
Tender Notice
A Seller’s Clearing Member may issue a Tender Notice on each day of the Delivery Period up to and including the Last Trading Day and provide such notice to the Clearing Corporation by 1700 SGT. The Tender Notice shall be in a form as prescribed by the Exchange and include the quantity, grade and location of black pepper to be delivered.
Any outstanding sell positions at the cessation of trading on the Last Trading Day without a Tender Notice provided to the Clearing Corporation shall be automatically marked as an unfulfilled delivery obligation and cash settled with penalties as provided for in Delivery Obligation/Close Out, which has to be paid by 1000 SGT on the following Business Day.
A Tender Notice shall be irrevocable. At the cessation of trading on the Last Trading Day, Seller’s Clearing Member shall maintain minimum open sell positions that match the corresponding Tender Notice. To the extent Seller’s Clearing Member fails to maintain such positions, Seller’s Clearing Member shall be in default and compensation will be collected at a price and in an amount to be determined by the Clearing Corporation plus the penalty as provided for in Delivery Obligation/Close Out.
Matching of Buyer’s Clearing Member and Seller’s Clearing Member for delivery shall be done by the Clearing Corporation on the Last Trading Day post close of trading hours at their sole and absolute discretion.
Delivery Notices
The Clearing Corporation shall issue Delivery Notices (Delivery Pay-in Notices and Delivery Pay-out Notices) no later than 0800 SGT on the first Business Day following Last Trading Day to all open short positions of Seller’s Clearing Members for which Tender Notice is received and all corresponding matched open long positions of Buyer’s Clearing Members. Such Delivery Notices shall include the delivery quantity to be delivered or received.
Adjustments for quantity as per the Delivery Unit, as represented by the Delivery Documents, shall be communicated to the Buyer’s Clearing Members and Seller’s Clearing Members by no later than 1000 SGT on the first Business Day following Last Trading Day.
Delivery Pay-in
a.) Delivery Pay-in Date:
The Delivery Pay-in Date shall be on each day of the Delivery Period up to and including the Last Trading Day. By 1800 SGT, on the Delivery Pay-in Date, the Approved Bonded Warehouse, upon instruction from the Seller shall provide the Clearing Corporation with copies of Delivery Documents.
b.) Additional Delivery Documents Submission Date:
The Additional Delivery Documents Submission Date shall be the four consecutive Business Days following the Last Trading Day for such Buyers and Sellers who have received the Delivery Notice from the Clearing Corporation. By 1800 SGT, on the Additional Delivery Documents Submission Date, the Buyer and Seller shall submit the Additional Delivery Document(s) to the Approved Bonded Warehouse, with copies to the Clearing Corporation.
If the Buyer or the Seller or both fail to make the Additional Delivery Documents submission within the stipulated time, the position shall be automatically marked as an unfulfilled delivery obligation and accordingly cash settled with penalties as provided for in Delivery Obligation/Close Out, which has to be paid by 1000 SGT on the following Business Day.
Delivery Pay-out
a. Delivery Pay-out Commencement Date:
The Delivery Pay-out Commencement Date shall be no earlier than 1600 SGT two Business Days following the Last Trading Day. On the Delivery Pay-Out Commencement Date, the Clearing Corporation shall instruct the Approved Bonded Warehouse to record the transfer of the Delivery Documents, duly endorsed, to the Buyer(s).
b. Delivery Pay-out Completion Date:
The Delivery Pay-out Completion Date shall be no later than 1600 SGT seven Business Days following the Last Trading Day, except as provided for under this clause.
After receiving all the Additional Delivery Documents the Approved Bonded Warehouse will make an application for transfer of ownership within one Business Day to the Vietnam Customs and await its acknowledgement.
After receiving the acknowledgement, the Approved Bonded Warehouse will issue the Release Confirmation and copy of Black Pepper Exchange Warrant (duly endorsed) in favour of the Buyer within one Business Day, with a copy to the Clearing Corporation.
If there is a delay from the Vietnam Customs in giving the acknowledgement to the Approved Bonded Warehouse, the Clearing Corporation may extend the Delivery Pay-out Completion Date/ Delivery Period at its sole and absolute discretion. However, if the Vietnam Customs rejects the application due to a deficiency from the Buyer or the Seller or both, the position shall be automatically marked as an unfulfilled delivery obligation and accordingly cash settled with penalties as provided for in Delivery Obligation/Close Out, which has to be paid by 1000 SGT on the following Business Day.
Funds Pay-in Date
The Funds Pay-in shall be the second Business Day following the Last Trading Day. By 1000 SGT, on the Funds Pay-in Date, the Buyer’s Clearing Member shall deposit U.S. dollars, in an amount equal to the Delivery Notice quantity plus/minus adjustments as per Delivery Unit, as represented by Delivery Documents multiplied by FSP, into the designated settlement account with the Settlement Bank.
Funds Pay-out Date
The Funds Pay-out shall be no earlier than 1000 SGT on the Business Day following the Delivery Pay-out Completion Date. The Funds Pay-out will be effected post the Clearing Corporation receives the copy of the Release Confirmation and the Black Pepper Exchange Warrant (duly endorsed) in favour of the Buyer from the Approved Bonded Warehouse. On the Funds Pay-Out Date, the Clearing Corporation shall direct the Settlement Bank to release U.S. dollars, in an amount equal to the Delivery Notice quantity, plus/minus adjustments as per Delivery Unit, as represented by Delivery Documents, multiplied by FSP for the account of the Seller’s Clearing Member.
Delivery Obligation/Close Out
All unfulfilled delivery obligations shall be cash-settled based on the following:
a) For a Buyer failing to take delivery (defaulting Buyer), the cash settlement price shall be the lower of the FSP or the spot price, as determined by the Clearing Corporation, on delivery default day.
b) For a Seller failing to make delivery (defaulting Seller), the cash settlement price shall be the higher of the FSP or the spot price, as determined by the Clearing Corporation, on delivery default day.
A penalty as per the details provided herein, shall be levied on the defaulting Member(s).
A penalty of the higher of US$1000 or 3% is levied on any defaulting Buyer and / or defaulting Seller failing to fulfil delivery obligations, of which 75% shall be credited to the account of the non-defaulting Buyer or Seller through its Clearing Member as the case may be. Balance of penalty amount shall be appropriated as 60% to the Settlement Guarantee Fund and 40% shall be retained by the Exchange as administrative expenses.
Notwithstanding the above, the Exchange and Clearing Corporation shall have the absolute discretion to waive or modify all or any penalties as provided for herein.
Approved Bonded Warehouse(s)
As published by the Exchange.
Approved Inspector(s)
As published by the Exchange.
Settlement Bank(s)
As published by the Clearing Corporation.
Warehouse Storage Duration
Black Pepper Exchange Warrant shall be valid if the underlying Black Pepper have been in Vietnam bonded warehouse(s) for no more than 335 days, unless a Bonded Warehouse Storage Extension has been granted by Vietnam Customs, whereby the underlying Black Pepper have been in Vietnam bonded warehouse(s) for no more than 515 days.
Verification of Delivery by Buyer
A delivery shall not be rejected by a Buyer except as governed by and provided for herein.
A Buyer, upon receiving a Delivery Notice, may, independently, and at his sole discretion, verify, inspect and view the delivery.
Notwithstanding the above, and at his sole discretion, the Buyer through its Clearing Member may call for an inspection by notifying the Clearing Corporation by 1200 SGT on the second Business Day following Last Trading Day.
If the Buyer does not call for an inspection then the Buyer will not have any recourse to challenge the quality and quantity subsequently and the Buyer shall receive the delivery as per the Contract Specifications.
If the Buyer’s Clearing Member calls for an inspection, the Clearing Corporation shall schedule an inspection of the delivery by an Approved Inspector and the cost of such inspection shall be borne by the Buyer. The inspection shall be conducted in accordance with Sampling Procedure and Testing Procedure herein. The inspection shall include testing as to the grade of the delivery using the latest Approved Bonded Warehouse’s coded Sealed Sample of 2 kgs. The Approved Inspector shall furnish the Clearing Corporation with a copy of the inspection report on the same day in which it is issued. The inspection report has to be provided to the Clearing Corporation within four Business Days of calling of inspection by the Buyer. If the Buyer calls for an inspection then the Delivery Period for the particular delivery lot will be accordingly extended by the Clearing Corporation.
If the result of the inspection of the Approved Bonded Warehouse’s coded Sealed Sample conforms to Deliverable Grade, the delivery shall be affected in accordance with the procedures herein, immediately, and the delivery shall be deemed conclusive, final and binding.
Delivery Pay-Out process will start no earlier than 1200 SGT on the Business Day following the submission day of the inspection report to the Clearing Corporation.
If the result of the inspection of the Approved Bonded Warehouse’s coded Sealed Sample does not conform to Deliverable Grade, then within one Business Day of receipt of the inspection report, the Buyer through its Clearing Member must instruct the Clearing Corporation to either;
(a) Accept the delivery as is, with no penalties imposed on either the Buyer or Seller; or,
(b) Reject the delivery, whereby the delivery is cancelled and the Delivery Documents returned in the name of the Seller and the funds paid-in held by the Clearing Corporation returned to the Buyer’s Clearing Member. Penalties shall be imposed on the defaulting Seller in an amount as provided for under Delivery Obligations Close Out herein and additional compensation like reimbursement of inspection charges etc., if any.
The Clearing Corporation shall retain the Delivery Pay-in and Funds Pay-in until such time that the above procedure is concluded.
However, notwithstanding the above, any subsequent claims by the Buyer or Seller shall be subject to arbitration as provided for in the Exchange Rules and Clearing Corporation Rules and neither the Exchange nor Clearing Corporation shall have any obligations whatsoever.
Duties, Taxes, Levies
The Buyer shall pay any applicable taxes and levies, including, but not limited to any sales tax and any value-added tax (VAT) obligations.
Warehouse, Insurance, Transportation and Incidental Charges
Any warehouse, insurance, transportation and any other incidental charges associated with the making or taking of delivery of SMX Black Pepper Futures Contracts, except for expressly provided for herein, shall be borne in the following manner:
(a) By the Seller up to and including the Funds Pay-out Date
(b) By the Buyer after the Funds Pay-out Date
Sampling Procedures
The sampling methods and procedures to be adopted for analysis for the purpose of issuing a Weight and Quality Certificate and Revalidation Certificate shall be as prescribed by the Exchange and conducted by an Approved Inspector and would be as follows:
Samples are to be drawn by spear at random position of 100% cargo bags (for Weight & Quality Certificate) and 100% cargo bags (for Revalidation Certificate) then mixed well for composite sample for analysing the bulk density, moisture, light berries/ corn, extraneous matter (including pinheads), and mould.
The diameter of spear will be 3cm and it will take out about 30 grams per draw from each bag. Material drawn more than 5.8 kgs for each delivery lot will be put back in the same cargo bags of the delivery lot.
During each sampling the composite sample for each delivery lot shall be of 5.8 kgs which shall be divided into five samples as follows.
- 0.6kg x 1 sealed samples for Approved Bonded Warehouse’s retention
- 2kgs x 1 sealed samples for Approved Bonded Warehouse’s retention
- 0.6kg x 1 sealed sample for Seller
- 0.6kg x 1 sealed sample for Approved Inspector’s retention
- 2kgs x 1 sample for Approved Inspector’s testing and retention
Sealed Sample(s)
Sample drawn by the Approved Inspector from each delivery lot as per the Sampling Procedures prescribed by the Exchange and which is sealed and allocated as per the Sample Allocation prescribed by the Exchange.
Sample Allocation
The system of allocation of samples for the issue of the Weight and Quality Certificate and Revalidation Certificate shall be as under:
Two (2) Approved Bonded Warehouse’s Sealed Sample – to be stored by the Approved Bonded Warehouse
One (1) Seller’s Sealed Sample – for the Seller
Two (2) Approved Inspector’s sample – for the Approved Inspector, out of which One (1) will be Sealed Sample and the other will be used for testing.
Testing Procedures
The testing methods and procedures to be adopted for analysis shall be in accordance with International Pepper Community (IPC) Methods of Analysis as prescribed by the Exchange and conducted by an Approved Inspector.
Odd Lot Settlement
At the cessation of trading on the Last Trading Day for the maturing Contract Month, any open positions which are odd lots (odd lot in comparison with the Delivery Unit specified), shall be cash-settled at the FSP. A penalty of the higher of US$1000 or 3% is levied on any cash-settled odd lot positions in the following manner:
The counterparty having deliverable lot, shall be credited with 75% of penalty as compensation from non-deliverable (odd lot) position holder. Balance of penalty amount shall be appropriated as 60% to the Settlement Guarantee Fund and 40% shall be retained by the Exchange as administrative expenses.
Notwithstanding the above, the Exchange and Clearing Corporation shall have the absolute discretion to waive or modify all or any penalties as provided for herein.
Procedure for issuance of Black Pepper Exchange Warrant
In order to obtain a Black Pepper Exchange Warrant issued by an Approved Bonded Warehouse, the Black Pepper must:
- Have a Weight and Quality Certificate issued by an Approved Inspector no more than 30 days older, which adheres to the Deliverable Grade mentioned herein
- Have a Confirmation of Storage or Release Confirmation issued by an Approved Bonded Warehouse
- Have a Bonded Warehouse Storage Extension, if applicable, (Certified True Copy issued by Approved Bonded Warehouse), with approval of Vietnam Customs Department
- Have been in Vietnam bonded warehouse(s) for no more than 335 days as of that day, unless an extension has been granted by Vietnam Customs, whereby have been in Vietnam bonded warehouse(s) for no longer than 515 days as of that day.
Alternative Delivery
The matched Seller and Buyer may enter into a mutually acceptable written agreement to deliver and receive under conditions other than those stipulated in these contract specifications. A delivery so made shall be considered complete upon written notification by the Seller and the Buyer through their respective Clearing Members to the Clearing Corporation, and only if such alternate delivery process is approved by the Clearing Corporation. Intention to use Alternative Delivery must be communicated to the Clearing Corporation no later than 2000 SGT on the first Business Day following the Last Trading Day, and in the format prescribed by the Exchange.
The making of any such agreement shall relieve the Exchange and Clearing Corporation of any further obligations with respect to any Exchange contract involved, and the Seller and Buyer shall jointly and severally indemnify the Exchange and Clearing Corporation against any liability, cost or expense it may incur for any reason as a result of the execution, delivery or performance of such contract or such agreement, or any breach thereof or default thereunder.
Exchange for Physical (EFP) and Exchange for Swaps (EFS) Transactions
EFP and EFS transactions shall be allowed in a manner as provided and governed by Notice 3006 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.