Common use of Material Licenses and Memberships Clause in Contracts

Material Licenses and Memberships. The Parent and its Subsidiaries possess all licenses, memberships, registrations, permits and approvals necessary for the conduct of their respective businesses as now conducted and as presently proposed to be conducted as required by law or applicable rules and regulations, including under any applicable rules of the SEC, the National Association of Securities Dealers, Inc. (“NASD”), the Commodity Futures Trading Commission (the “CFTC”), the Chicago Board of Exchange (“CBOE”), the Chicago Mercantile Exchange (the “CME”) and the Financial Services Authority (“FSA”) and of the other principal futures, options and other exchanges on which any of them trades except where any failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

Material Licenses and Memberships. The Parent and its Subsidiaries possess all licenses, memberships, registrations, permits and approvals necessary for the conduct of their respective businesses as now conducted and as presently proposed to be conducted as required by law or applicable rules and regulations, including under any applicable rules of the SEC, the National Association of Securities Dealers, Inc. (“NASD”), the Commodity Futures Trading Commission (the “CFTC”), the Chicago Board of Exchange (“CBOE”), the Chicago Mercantile Exchange (the “CME”) and the Financial Services Authority (“FSA”) and of the other principal futures, options and other exchanges on which any of them trades except where any failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.