15.1 Contracting parties

15.1.1 On-order-book trades

¹ Following an on-order-book trade, the central counterparty shall conclude two separate contracts: one with the buying participant as the seller, and one with the selling participant as the buyer. Under its own terms, the central counterparty may reject the trade or refuse to act as the central counterparty. In such cases, no contract shall be concluded between the participants involved in the trade, and the trade shall become void. No claims may be made against the Exchange or against the other participant.

² The participants involved in the trade shall not be in a contractual relationship with each other at any time.

³ The "Trading" Directive governs whether or not the identity of the counterparty shall be disclosed to the participants involved in the trade.