(9)The FTA requires futures clearing houses to adopt operating rules which ensure compliance with all requirements for the proper regulation of the futures clearing houses’ clearing and settlement facilities, including default rules. Futures clearing houses are required to submit those operating rules, and any amendments thereof, to the FSC prior to their implementation. The FSC can reject those operating rules, or require amendments to those rules. Under Article 47(2) of the FTA, the operating rules of futures clearing houses are legally binding and enforceable against members and other participants after their approval by the FSC.