SEC. 14. Margins deposited on trades in the Clearing House shall be considered as a margin or as a part of same under Section of Article XVI of these By-Laws. All such margins to be deposited in the Cearing House. SEC. 15. No clearance is completed until the stocks are all borrowed or loaned and substitutions made and notice posted, and announced to that effect by the manager of the Clearing House. SEC. 16. The brokers have the party they made trade with or party received from the Clearing House on the substitution of the day before, in case of any failures between the hours. the sheets are put in the Clearing House (9:45 a. m.) and the time the notice is posted that the substitutions are ready for that day. SEC. 17. In the event of the announcement of the failure of any member to meet his contracts, only such stocks as appear on his substitution sheet of the day of the failure shall be allowed to clear on the Clearing House sheet of the following morning. All other stocks bought in or sold out for him as "account" stock shall be settled outside of the Clearing House. 80 THE CHICAGO STOCK EXCHANGE SEC. 18. When any member fails to execute any contracts required of him by the Clearing House, the margin checks deposited by such member for the protection of other members contracting with him through the Clearing House, shall be held first for that special purpose, and after satisfying the claims of such members to the extent of the margin rule of the Clearing House, the balance, if any, shall be held for a period not exceeding ten days as a trust fund for a pro rata distribution among other creditors, who are members of the Chicago Stock Exchange. |