Saudi Stock Exchange (Tadawul)
TRADING AND MEMBERSHIP RULES
Approved by the Board of the Capital Market Authority
Pursuant to its Resolution Number ( ) Dated [] Corresponding to ( )
Arabic is the official language of the Saudi Stock Exchange
TABLE OF CONTENTS
Part 1 General Provisions ... 3
Article 1 Preliminary provisions ... 3
Article 2 Scope ... 3
Article 3 Waivers ... 3
Article 4 Emergency Situations ... 3
Article 5 Limit of liability ... 4
Part 2 Exchange Membership ... 6
Chapter I Scope and Application ... 6
Article 6 Exchange Membership ... 6
Article 7 Conditions to become an Exchange Member ... 6
Article 8 Application procedure to become an Exchange Member and Powers of the Exchange ... 7
Article 9 Effect of notification of Exchange Membership ... 8
Chapter II Rules and Responsibilities Applicable to Exchange Members ... 9
Article 10 Technical Requirements for Exchange Members ... 9
Article 11 Obligations of Exchange Members ... 9
Article 12 Disclosure to the Exchange ... 10
Chapter III Registered Traders ... 12
Article 13 General ... 12
Article 14 Conditions to become a Registered Trader ... 12
Article 15 Application ... 12
Article 16 Cancellation of Registration ... 13
Chapter IV Suspension and Cancellation of Membership ... 14
Article 17 Suspension ... 14
Article 18 Cancellation of Membership ... 15
Chapter V Additional Powers of Exchange ... 17
Article 19 General Powers... 17
Chapter VI Fees and Commissions ... 18
Article 20 Fees and Commissions ... 18
Part 3 The Trading System ... 19
Article 21 Access to the Trading System ... 19
Article 22 Trading Sessions... 19
Article 23 Securities Pricing ... 19
Article 24 Placing orders ... 19
Article 25 Order Execution ... 20
Article 26 Amendment, Deactivation, and Cancellation Instructions ... 21
Article 27 Direct Market Access ... 21
Article 28 Negotiated Deals ... 21
Article 29 Clearing and Settlement of Transactions ... 22
Article 30 Trading Records ... 22
Part 4 General Provisions ... 23
Article 31 Trading Data ... 23
Article 32 Publication and Entry into Force ... 23
PART 1
GENERAL PROVISIONS
Article 1 Preliminary provisions
a. Any reference to the “Capital Market Law” in these Rules shall mean the Capital Market Law issued by Royal Decree No. M/30 dated 2/6/1424H.
b. Expressions and terms in these Rules have the meaning which they bear in the Capital Market Law and in the Glossary of defined terms used in the Exchange Rules unless the contrary intention appears.
c. Any person subject to these Rules may appeal to the Committee in respect of any decision or action that the Authority or the Exchange takes under these Rules.
Article 2 Scope
The purpose of these Rules is to regulate:
a. membership of the Exchange and access to the Trading System;
b. the registration of Registered Traders;
c. the disclosure of information by Exchange Members to the Exchange; and d. trading in listed securities by Exchange Members.
Article 3 Waivers
The Exchange may, after obtaining the Authority's approval, waive any requirement in these Rules either based on a request from the relevant person or on its own initiative.
Article 4 Emergency Situations
a. Without prejudice to the Capital Market Law, the Exchange has the right to suspend any trading session or reduce or extend or otherwise alter the time of any trading sessions due to the occurrence of an emergency situation. The Exchange also has the right to suspend trading in one or more individual securities.
b. Emergency situations within the meaning of this provision shall include, in particular, but are not restricted to:
1. failure of the Trading System or the depositary and settlement system or any parts thereof;
2. failure of Exchange Member technical equipment or parts thereof; or
3. failure of network(s) used to connect Exchange Members and the Exchange, or parts thereof.
c. In emergency situations the Exchange shall take all reasonable measures to ensure that trading continues in a fair and orderly manner and that the situation is addressed appropriately. This includes allowing trading on an alternative temporary basis.
d. In respect of any event that does not amount to an emergency situation as referred to in paragraph (a) of this Article, the Exchange may, subject to the Authority's approval, suspend trading in whole or in part, and also suspend any provisions of these Rules in whole or in part and temporarily replace them with new provisions .
e. The Exchange shall use reasonable efforts to inform Exchange Members of any measures taken in accordance with this Article.
f. After removal of the cause of the failure, the Exchange shall restore normal trading conditions as soon as possible. It shall determine when such normal conditions are to take effect.
g. Exchange Members are obliged to inform their clients immediately of failures in their Order Management System and the resumption of normal operations.
Article 5 Limit of liability
a. Without prejudice to the provisions of the Capital Market Law, its Implementing Regulations and the Exchange Rules, the Exchange shall not be held liable for any losses or damages incurred by any Exchange Member, their clients or Information Providers which may arise directly or indirectly as a result of:
1. any procedures, orders or transactions that are subject to these Rules;
2. the use of the Trading System;
3. the partial or complete suspension or cancellation of trading or of particular transactions on, or closure of, the Exchange;
5. any service failure attributable to the Exchange by reason of an event outside of its control.
b. Without prejudice to the provisions of the Capital Market Law, its Implementing Regulations and the Exchange Rules, the Exchange makes no warranty and shall have no liability to any person in respect of the accuracy, timeliness or completeness of Issuer information, price information, market data or any other information published on its website from time to time.
PART 2
EXCHANGE MEMBERSHIP
Chapter I Scope and Application
Article 6 Exchange Membership
If a broker wishes to access the Trading System, it must first become an Exchange Member.
Article 7 Conditions to become an Exchange Member
A broker that wishes to apply to become an Exchange Member (for the purposes of these Rules, an "applicant") must meet the following conditions:
a. hold Centre Membership of the Custody category in accordance with the Securities Depository Centre Rules;
b. the technical, business continuity, technological and security requirements determined by the Exchange to ensure that it (i) may be connected to and, once connected, maintains the integrity and security of the Trading System, and (ii) receives and executes orders in securities in compliance with the Capital Market Law, its Implementing Regulations and the Exchange Rules (including such policies, procedures and controls for the prevention of money laundering and terrorist financing);
c. have qualified employees with sufficient knowledge, experience, training and competence to enable the applicant to comply with all requirements under these Rules;
d. pay any applicable fees; and
e. comply with any other condition proposed by the Exchange and approved by the Authority.
Article 8 Application procedure to become an Exchange Member and Powers of the Exchange
a. An applicant wishing to become an Exchange Member must submit a written application to the Exchange in the form prescribed by the Exchange requesting admission as an Exchange Member.
b. Upon receipt of an application mentioned in paragraph (a) of this Article, the Exchange will review the application to determine whether the applicant meets the conditions in Article 7 of these Rules.
c. In order to discharge its obligation in paragraph (b) of this Article (or, as the case may be, to verify that an Exchange Member is continuing to comply with Article 7 of these Rules on an ongoing basis), the Exchange may:
1. carry out any enquiry that it considers appropriate;
2. require the applicant (or Exchange Member), or a representative to attend before the Exchange to answer questions, or explain any matter the Exchange considers relevant to the application;
3. require the applicant (or Exchange Member) or its representative to provide any additional information as the Exchange considers necessary within (10) days of the request;
4. liaise with the Authority at any time; and/or
5. verify any information supplied by the applicant (or Exchange Member).
d. An applicant (or Exchange Member) may be deemed not to meet the conditions in Article 7 of these Rules where such applicant (or Exchange Member) or any third party does not comply with a requirement or request (as applicable) under subparagraphs (1), (2) and (3) of paragraph (c) of this Article.
e. Upon receipt of all information and documents it requires, the Exchange shall notify the applicant in writing of the fact that all required documents and information have been received. The Exchange shall then take one of the following decisions within a maximum period of (30) days:
1. where the applicant is deemed to meet the conditions in Article 7, the decision is to approve with the condition of meeting the conditions in Article 9 of these Rules, including any such conditions and limitations as the Exchange considers appropriate;
or
2. refuse the application, giving its reasons.
f. The period referred to in paragraph (e) of this Article shall begin either (i) on the date of the receipt of the complete application; or (where applicable) (ii) on the date of receipt of all additional information required under subparagraphs (1), (2) and (3) of paragraph (c) of this Article.
g. If the Exchange resolves to grant an applicant an Exchange Membership, it shall notify the applicant of this in writing including any limitation and/or condition that the Exchange may consider appropriate in accordance with subparagraph (1) of paragraph (e) of this Article.
h. If the Exchange resolves to refuse the application for Exchange Membership in accordance with subparagraph (2) of paragraph (e) of this Article, it shall notify the applicant in writing.
Article 9 Effect of notification of Exchange Membership
a. Subject to any condition or limitation specified in the notification that may apply, an applicant who receives a notification in accordance with paragraph (g) of Article 8 of these Rules may not start operating as an Exchange Member until it:
1. signs the Membership Agreement in the prescribed form with the Exchange;
2. completes the certification process according to the guidelines and requirements specified by the Exchange; and
3. pays all applicable fees due pursuant to Article 20 of these Rules.
b. Upon being satisfied that the applicant has completed the steps set out in paragraph (a) of this Article, the Exchange will consider the applicant to be an Exchange Member and shall permit the Exchange Member to connect to the Trading System. The Exchange will state the date on which the Exchange Member may begin trading within a period not exceeding (30) days.
Chapter II
Rules and Responsibilities Applicable to Exchange Members
Article 10 Technical Requirements for Exchange Members
a. An Exchange Member is solely responsible for the installation of suitable technical equipment for connection to and communication with the Trading system.
b. An Exchange Member must not introduce any changes or updates to its order management system without obtaining the Exchange's written approval.
c. The Exchange Member's technical equipment must be subject to the certification process.
d. The certification process of the Exchange Member's technical equipment shall be carried out pursuant to the Exchange's specified technical and technological tests, standards and procedures.
e. An Exchange Member must at all times ensure the reliability of its technical equipment, as prescribed by the Exchange.
f. The Exchange may, as it deems appropriate, conduct additional certification processes on the technical equipment of any Exchange Member.
g. The Exchange may, at the time it deems appropriate, authorise a third party to run certification processes on the technical equipment of any Exchange Member.
Article 11 Obligations of Exchange Members
Exchange Members must at all times comply with the following:
a. the Capital Market Law, its Implementing Regulations and the Exchange Rules and any instructions issued by the Authority or the Exchange;
b. any condition or limitation placed on the activities of the Exchange Member by the Authority or the Exchange;
c. any requirement arising under the Membership Agreement and any amendment on it done by the Exchange;
d. Exchange Membership conditions set out in these Rules;
e. have at least two Registered Traders; and
f. notify the Exchange of their intent to act as a Market Maker, and comply with any additional requirement for Market Makers as prescribed by the Exchange and approved by the Authority.
g. have an on-site and off-site backup system for all critical data related to their services.
h. maintain hard copy of business continuity plan testing records to carry out trading activities.
Article 12 Disclosure to the Exchange
a. Exchange Members shall immediately notify the Exchange, in writing, upon:
1. becoming aware of any breach, or any circumstances which will or may lead to a breach of the Exchange Rules; or
2. having knowledge or suspicion of the occurrence of any technical or technological error or fault in its Order Management System or any security issues that may affect its connectivity to the Trading System or the reception of orders or execution of transactions through it.
b. Where applicable, within three days the relevant Exchange Member must provide a report to the Exchange identifying the steps already taken or the steps to be taken to resolve any situation notified to the Exchange as per paragraph (a) of this Article, as well as the time necessary to do so.
c. Exchange Members shall notify the Exchange in writing of:
1. any change in the information provided to the Exchange in the application provided for Exchange Membership or any other changes to its business model or operations which may have a material impact on the Exchange Member's satisfaction of the Exchange Membership requirements and/or the performance of the Exchange Member's obligations under these Rules and the Trading and Membership Procedures or its connectivity to the Trading System; or
2. any event occurring which is reasonably likely to have an impact on the Exchange Member's satisfaction of the Exchange Membership requirements, the member security, business continuity and IT standards and/or the performance of the Exchange Member's obligations under the Exchange Rules or its connectivity to the Trading System, including, but not limited to:
ii. changes or updates to the Exchange Member's order management system;
3. Where the Exchange Member has prior knowledge of a change or event as set out in subparagraphs (1) and (2) of paragraph (c) of this article, it must inform the Exchange at least (30) days in advance of the proposed effective date. Where such advance notice is not possible, the Exchange Member must inform the Exchange immediately upon becoming aware of such a change or event.
d. If the Exchange receives a notification pursuant to paragraph (a) of this Article it will pass on such notification to the Authority without delay and may, in its discretion, require the Exchange Member who made the notification to disclose the content of such notification to its clients and/or the market.
e. If the Exchange receives a report pursuant to paragraph (b) of this Article it will pass on such report to the Authority without delay
Chapter III Registered Traders
Article 13 General
a. Access to the Trading System shall be permitted for employees of Exchange Members who are registered with the Exchange as Registered Traders.
b. A Registered Trader is responsible for conducting trading activities for the Exchange Member and its clients. That Exchange Member shall be responsible for overseeing the activities of its Registered Traders.
c. A Registered Trader must, at all times, comply with the Capital Market Law, its Implementing Regulations and the Exchange Rules and any instructions issued to the Exchange Member.
d. The registration of a Registered Trader shall be automatically cancelled in the event that the Exchange Membership of the relevant Exchange Member is cancelled. Such registration shall be automatically suspended in the event that the Exchange Membership of the relevant Exchange Member is suspended.
e. Notwithstanding responsibility arising under any applicable provisions under the Capital Market Law, its Implementing Regulations and the Exchange Rules, an Exchange Member shall have full responsibility to the Exchange for any actions of its Registered Traders and any other person acting on behalf of the Exchange Member from time to time,including but limited to orders or other communications entered into the Exchange Member's systems that are connected to the Trading System.
Article 14 Conditions to become a Registered Trader
A person that wishes to apply to become a Registered Trader must satisfy the following conditions:
a. be a Saudi national;
b. be registered with the Authority to perform a registrable function in accordance with the relevant provisions of the Authorised Persons Regulations; and
c. pass the qualification examinations required by the Exchange for Registered Traders.
Article 15 Application
b. Registered Trader applications may be submitted at the same time as the application for Exchange Membership or at any point after becoming an Exchange Member.
c. Upon approval of an application, the Registered Trader shall be provided with user identification information to enable them to access the Trading System.
Article 16 Cancellation of Registration
a. If a Registered Trader ceases to perform the job of a Registered Trader or ceases to be employed or associated with an Exchange Member, the Exchange Member must notify the Exchange of that fact immediately. Upon receipt of the notice, the Exchange will cancel the registration of the Registered Trader.
b. The Exchange shall have the power to cancel the registration of the Registered Trader if the Registered Trader violates any provision of the Capital Market Law, its Implementing Regulations or the Exchange Rules.
c. If a Registered Trader’s registration is cancelled, the Exchange Member must ensure that the person immediately ceases to access the Trading System.
Chapter IV
Suspension and Cancellation of Membership
Article 17 Suspension
a. The Exchange may decide to suspend an Exchange Member's membership in certain circumstances where immediate suspension is, in the discretion of the Exchange, necessary to protect the safety of the Trading System. Such circumstances may include (but are not limited to):
1. if the Exchange Member no longer satisfies any of the technical, technological, operational, business continuity or security requirements which are necessary for its connectivity to the Trading System;
2. if any error occurs in the Technical Equipment of the Exchange Member which affects the safety of its connectivity to the Trading System or the transactions executed through it; or
3. if the continuation of the Exchange Member's connectivity to the Trading System is a threat to the safety of the Exchange or the interests of investors.
b. Without prejudice to paragraph (c) of this article, the Exchange may also suspend an Exchange Member’s membership in circumstances determined by the Exchange such circumstances may include (but are not limited to):
1. if the Exchange Member breaches any of its obligations under these Rules or the membership agreement; or
2. if the Exchange Member fails to pay any applicable fees to the Exchange.
c. In the circumstances set out in paragraph (b) of this Article, upon becoming aware of the concern the Exchange will write to the Exchange Member to describe the issue and to set out a timetable that the Exchange, in its discretion, believes reasonable to allow for remedial actions. If the Exchange Member cannot rectify the concern within that timetable, the Exchange, upon liaising with the Authority, may suspend that Exchange Member.
d. The Exchange Member may request the Exchange to lift a suspension imposed under paragraphs (a) or (b) of this Article and provide evidence that supports lifting the suspension. The Exchange may, after reviewing the request, lift the suspension or
e. The Exchange shall immediately suspend the membership of the Exchange Member based on instructions issued by the Authority.
f. Where the suspension was upon the instruction of the Authority as per paragraph (e) of this Article, the Exchange Member may request the Authority, through the Exchange, to lift that suspension and provide evidence that supports lifting the suspension. The Authority may, after reviewing the request, direct the Exchange to lift the suspension or maintain it.
g. The Exchange will notify the Exchange Member in writing of any suspension imposed under this article.
h. Upon receiving a notice of Suspension of membership from the Exchange, the Exchange Member must immediately notify its clients in writing of the suspension of its Exchange Membership.
i. The Exchange may request Exchange Members to take any action or comply with any requirement to ensure that the suspension of the membership does not affect the Exchange or the interests of investors.
j. During the suspension of its membership, the Exchange Member must not provide any service associated with its membership or otherwise hold itself out as being capable of providing such service.
Article 18 Cancellation of Membership
a. The Exchange may in its discretion cancel the membership of Exchange Members and terminate their connectivity to the Trading System in the following circumstances:
1. if the Exchange Member's membership remains suspended, pursuant to Article 17 of these Rules, for (6) months without resolving the cause of the suspension;
2. the Exchange Member does not place any order through the Trading System for a period of not less than (12) months;
3. the Exchange Member no longer satisfies the requirements of Article 7 of these Rules; and
4. the Exchange Member submits an application to the Exchange for cancellation of its membership in the form prescribed for this purpose. The Exchange may, at its discretion, reject the application, if the cancellation of the membership may have a negative impact on the interests of investors, other Exchange Members or the market.
b. The Exchange shall cancel the membership of Exchange Members and terminate their connectivity to the Trading System if the Authority issues instructions to the Exchange to do so.
c. The Exchange Member shall be notified in writing of the cancellation of its membership, including reasons, upon the issuance of the cancellation decision by the Exchange.
d. Upon receiving a notice of cancelation of membership from the Exchange, the Exchange Member must immediately notify its clients in writing of the cancelation of its Exchange Membership and the fact that they are no longer able to execute any order on the trading system or provide any other service that depend on Exchange Membership.
e. The Exchange may request Exchange Members to take any action or comply with any requirement to ensure that the cancellation of the membership does not affect the Exchange or the interests of investors.
Chapter V
Additional Powers of Exchange
Article 19 General Powers
a. The Exchange may require Exchange Members or Registered Traders to undertake or refrain from undertaking certain activities within the scope of Exchange Membership in case of non-compliance with applicable technical requirements.
b. The Exchange may request information from Exchange Members and their Registered Traders in respect of their trading activities and related Technical Equipment. Exchange Members shall provide the Exchange with such information as soon as reasonably practicable and shall provide reasonable access to the Exchange to evaluate the technical equipment and interview relevant personnel.
c. The Exchange may request Exchange Members to conduct their external audit by an independent and qualified organisation, in accordance to the qualification criteria determined by the Exchange.
d. The Exchange may require Exchange Members to assess their activities through internal or external auditor in order to ensure the Exchange Member compliance with the relevant Exchange Rules, and to furnish the Exchange with the results.
Chapter VI Fees and Commissions
Article 20 Fees and Commissions
Applicants and Exchange Members are required to pay all applicable fees and commissions to the Exchange as determined by the Exchange and approved by the Authority.
PART 3
THE TRADING SYSTEM
Article 21 Access to the Trading System
Without prejudice to Article 27 of these Rules, Exchange Members may only access the Trading System through their Registered Traders in accordance with these Rules and any other requirement specified by the Exchange from time to time.
Article 22 Trading Sessions
a. Trading on the Exchange shall take place on business days during pre-defined trading sessions as detailed in the Trading and Membership Procedures and as the Exchange announces from time to time.
b. Each trading session shall include a release of orders by the Exchange, an Opening Price calculation, Trading Times and a Closing Price calculation by the Exchange, as specified in the Trading and Membership Procedures for each class of security.
c. The Exchange may, in its discretion, suspend the trading of particular securities for the purposes of maintenance as specified in the Trading and Membership Procedures.
Article 23 Securities Pricing
a. The Exchange shall establish the method used to set the Opening Price, any Intra-Day Price and the Closing Price for the relevant class of security in the Trading and Membership Procedures.
b. The Exchange shall establish the tick sizes for each security in the Trading and Membership Procedures.
Article 24 Placing orders
a. Trading activity shall take place by the transmission of orders by Exchange Members fulfilling the requirements for orders set out in the Trading and Membership Procedures.
Prior to submitting an order, the Exchange Member must ensure that all necessary steps have been taken to meet applicable requirements for final settlement. Those necessary steps may include, but are not limited to:
1. before submitting a sell order for a client, verify that such client (the seller) has sufficient available securities on account, as specified by the Exchange, and that such securities are not subject to any registered restrictions preventing their sale; and
2. before submitting a buy order for a client, verify that the client satisfies the cash requirements. In doing so, the Exchange Member shall have regard to the following requirements at minimum:
a. the settlement of the transaction shall not cause the adjusted settlement limit of the Exchange Member, in its capacity as a Custody Member, to be exceeded, where the client is:
1) legal person;
2) investment fund; or
3) client of a person authorised by the Authority to conduct managing activities provided that: the Authorised Person has been appointed as an investment manager on terms which enable it to make a decision to enter into the purchase transaction on behalf of its client without obtaining prior approval from that client; and the decision to enter into the purchase transaction was made by the Authorised Person on behalf of its client.
b. Where the client is a natural person, such client must have in its cash account sufficient cash to settle the transaction provided that the settlement of the transaction does not cause the adjusted settlement limit of the Exchange Member, in its capacity as a Custody Member, to be exceeded.
b. Exchange Members shall not transmit any order where prohibited under the Capital Market Law, its implementing regulations, or the Exchange Rules. Orders that fail the validation controls of the Exchange Member shall not be transmitted.
c. The Exchange may reject orders falling outside any of the requirements set out in the Trading and Membership Procedures.
d. As specified in the Trading and Membership Procedures, orders with the same Identification Number shall not be matched.
Article 25 Order Execution
a. Orders shall be fully or partially executed on the Trading System when orders are fully, or partially matched. Upon such execution, the resulting transaction shall be treated as binding and irrevocable. Following execution in the Trading System, the transaction shall be confirmed to each relevant Exchange Member and shall be dealt with under the Securities Depository Centre Rules. For the avoidance of doubt, the unmatched part of a
b. Orders shall be matched by the Exchange in accordance with the price and time priority procedures set out in the Trading and Membership Procedures.
Article 26 Amendment, Deactivation and Cancellation Instructions
a. Instructions maybe submitted to the Trading System to amend, deactivate or cancel an order. For such an instruction to be effective it must have been validly submitted to the Trading System before the order is executed as specified in the Trading and Membership Procedures.
b. Amendments or deactivation of an order may impact the application of the Price and Time Priority Rules as specified in the Trading and Membership Procedures.
Article 27 Direct Market Access
a. An Exchange Member may allow a client to place orders directly into the Exchange Member’s Order Management System which will be then transmitted to the Trading System.
b. The Exchange Member shall remain responsible for any order placed on the Trading System pursuant to paragraph (a) of this article.
c. The Exchange may require the Exchange Member to suspend placing orders, placed pursuant to paragraph (a) of this article, to any of its clients at any time and as it deems fit, including (but not limited to) the following circumstances:
1) for the protection of investors; and 2) for the maintenance of an orderly market.
Article 28 Negotiated Deals
a. Exchange Members may execute a transaction through the Trading System in a listed security that was negotiated and agreed outside of the Trading System, provided that it is placed on the Trading System in accordance with the mechanism and conditions detailed in the applicable Trading and Membership Procedures.
b. Negotiated Deals shall be calculated within the number of Exchange traded transaction and the number and value of the traded securities.
c. Negotiated Deals shall not be included when calculating the last transaction value, the highest and lowest security price, opening and closing price, as well as the calculation of the Exchange and sectors indexes.
Article 29 Clearing and Settlement of Transactions
All transactions executed through the Trading System shall be cleared and settled in accordance with the Securities Depository Centre Rules.
Article 30 Trading Records
The Exchange shall register in its records all Orders and instructions submitted to the Exchange. Such records will prevail over any evidence submitted by any person.
PART 4
GENERAL PROVISIONS
Article 31 Trading Data
a. All intellectual property rights to information that can be extracted from the Trading System, including trading data, shall be the sole property of the Exchange.
b. An Exchange Member may not republish or distribute any of the information referred to in paragraph (a) of this Article to the Exchange Member itself, its employees, clients or any other person without entering into an agreement with the Exchange or with any other person authorised by the Exchange to enter into such agreement.
c. An Exchange Member may not create or develop any form of indices, products or derivatives which would require directly or indirectly using any of the information referred to in paragraph (a) of this Article unless the Exchange Member has entered into an independent agreement with the Exchange or with any other with any person authorised by the Exchange to enter into such agreement.
d. The Exchange may in its absolute discretion make commercial use of the property rights referred to in paragraph (a) of this Article, including by exercising the right to publish and distribute such anonymised data for commercial use or share such data with other exchanges and regulatory authorities within or outside of the Kingdom.
e. Trading data may be requested by Exchange Members by submitting a written application to the Exchange in the form prescribed for this purpose.
Article 32 Publication and Entry into Force
These Rules shall become effective upon their publication.
