15.1.3 General Clearing Member (GCM) 1 Participants who are not members of a clearing organisation recognised by the Exchange (Non-Clearing Members, NCM) must appoint a General Clearing Member (GCM) that is recognised by the Exchange. 2 In the case of trades involving an NCM, the Exchange shall forward the details of the GCM appointed by the NCM to the central counterparty.
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