Clause 79

in his capacity as such enters into any transaction (including a market contract) with a clearing house; and

but for this subsection or any provision in the business rules or default rules of a clearing house, would be a party to that transaction as agent,then, notwithstanding any other written law or rule of law, as between, but only as between, the clearing house and any other person (including the participant and the person who is his principal in respect of that transaction), the participant shall for all purposes (including any action, claim or demand, either civil or criminal) —

be deemed not to be a party to that transaction as agent; and

be deemed to be a party to that transaction as principal.

2 or more participants in their capacities as such enter into any transaction; and

but for this subsection, any of the participants would be a party to that transaction as agent,then, notwithstanding any other written law or rule of law, a participant to whom paragraph (b) applies shall for all purposes (including an action, claim or demand, either civil or criminal), except as between, but only as between, him and the person who is his principal in respect of that transaction —

be deemed not to be a party to the transaction as agent; and

be deemed to be party to the transaction as principal.