back and each lot in issue shall be invoiced back at that price. Such price
may at the Board’s absolute discretion take account of any compensation the
Board may consider should be paid by either party to the other.
10. Force Majeure
10.01 Subject to any steps taken at any time by the Board under emergency
powers in the Rules, a Seller or a Buyer shall be liable to perform his obliga-
tions in respect of a lot comprised in a Contract by the due time therefore,
notwithstanding that he may be or is likely to be prevented from so doing by
any event beyond his reasonable control including, without limitation, any
act of God, strike, lockout, war, armed conflict, use of force by authority of
the United Nations, fire, riot or civil commotion, combination of workmen,
act of terrorism, breakdown of machinery, unavailability or restriction of
computer or data processing facilities or energy supplies or bank transfer
systems.
11. Articles, Rules, Regulations, etc.
11.01 Every Contract shall be subject to the Articles and the Rules and the
Regulations in so far as applicable notwithstanding that either or both of the
parties to it be not a member of the Exchange or of the Clearing House.
11.02 In case of any conflict between the Administrative Procedures and
these terms or the Rules, the provisions of these terms and the Rules shall
prevail and, in the event of any conflict between these terms and the Rules,
the Rules shall prevail.
12. Arbitration
12.01 Subject to term 12.02, any dispute arising from or in relation to a
Contract shall be referred to arbitration under the Rules relating to arbitra-
tion and arbitration shall be held in accordance with the Rules in force at
the time of such reference.
12.02 No dispute arising from or in relation to any invoicing back price fixed
by the Board under these terms shall be referred to arbitration under the
Rules.
13. Governing Law
13.01 Every Contract shall be governed by and construed in accordance
with English law.
14. Non-registered Contracts
14.01 In respect of a Contract which is not a registered Contract (‘non-
registered Contract’) these terms shall be modified by the parties thereto so as
to require and allow that a Contract to be registered with the Clearing House
under the Rules and the Regulations is capable of being so registered, and to
facilitate performance of such Registered Contract (and of any intermediate
208 Euronext.liffe equity index future contract specification
Contract) in accordance with these terms and the Administrative Procedures.
Modifications may also be made to the terms of a non-registered Contract to
permit performance of such non-registered Contract if, without such modifica-
tions, it may not be possible to perform such Contract by the applicable times
specified in these terms and the Administrative Procedures. Without prejudice
to the generality of the foregoing, all references in these terms to payment or
dealing between the Buyer or the Seller and the Clearing House shall be modi-
fied so as to require a similar payment or dealing directly between the Buyer
and the Seller party to such non-registered Contract.
15. Economic and Monetary Union
15.01 This term 15 shall not apply to delivery months up to and including
December 1998.
15.02 The Board in its absolute discretion may from time to time vary, sub-
stitute or remove any of, or add to, the terms of this Exchange Contract in
order to reflect the existence of, or to permit, require or facilitate payment in,
the Single Currency or to reflect changes to the Index made pursuant to the
participation of the United Kingdom in Economic and Monetary Union in the
European Union.
15.03 Subject to term 15.01, any variation, substitution or removal of, or
addition to, the terms of this Exchange Contract made pursuant to term
15.02 shall have such effect with regard to existing and/or new Contracts as
the Board may determine.
15.04 Any determination by the Board to vary, substitute or remove any of,
or add to, the terms of this Exchange Contract pursuant to terms 15.02 and
15.03 shall be the subject of a General Notice.
Issue Date: 5 December 1997.
FTSE 100 INDEX CONTRACT
Exchange Contract No. 29
Administrative Procedures
Price
The minimum price fluctuation shall be five Value Points.
Last Trading Day
09.15 hours The last time for notification to exchange officials under term
6.01 of any error or alleged error in the Index due to any error or alleged
error in the weighting of the price for any constituent stock of the Index. No
correction to the Index shall be made in respect of any such error which is
first notified to exchange officials or which first comes to their attention after
this time.
Euronext.liffe equity index future contract specification 209
The Exchange shall publish any correction to the Index under term 6.01 as
soon as reasonably practicable.
30 seconds after 10.30 hours Trading in Contracts for the relevant delivery
month shall cease.
As soon as reasonably practicable after cessation of trading but no later than
15.00 hours The Exchange will publish a provisional EDSP.
Before calculating the provisional EDSP, exchange officials shall take the last
eighty-one Index figures calculated, the last of such figures being the calcu-
lation made at 10.30 hours and the first being a calculation made not earlier
than 10.05 hours, and shall exclude the twelve highest (or, in the event of
equality, twelve of the highest) and the twelve lowest (or, in the event of
equality, twelve of the lowest) of those eighty-one figures. The remaining fifty-
seven shall be the Index figures used to calculate the EDSP in accordance
with term 5.01.
The Exchange will, together with the provisional EDSP, publish the last
eighty-one Index figures referred to above.
30 minutes after the publication of the provisional EDSP is the last time for
notification to exchange officials of an error or alleged error in the Index of a
kind falling to be dealt with under term 6.02.
In any investigation into an alleged or apparent error in the Index in accor-
dance with term 6.02, exchange officials shall have regard, in reaching an
opinion as to whether an error has been made, to the Ground Rules for the
Management of the UK Series compiled by the FTSE Actuaries Share Indices
Steering Committee in force at that time.
As soon as reasonably practicable after the expiry of the 30-minute period
referred to above The Exchange will publish the final EDSP.
Settlement Day
By 10.00 hours All payments required by term 8.01 to be made by the Buyer
and the Seller shall have been completed.
Issue Date: 12 February 1998.
Source: Euronext.liffe.
210 Euronext.liffe equity index future contract specification
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