The Trading and Settlement Code Modification Committee is the forum for considering change to the Trading and Settlement Code. The Modification Committee meets at least once every 2 months (see 'Meetings' page for the Calendar of upcoming meetings). The detailed rules governing the Modification Committee are contained on the Market Rules page:

- Trading and Settlement Code (Section 2)

- AP12 'Modifications Committee Operation'

Secretariat Presentation on Proposed Modifications Process from 31st March 2008

Submitting a Modification Proposal

Section 2.188, Trading and Settlement Code states, inter alia, that "Modification Proposals to the Code can be proposed by any person including the Market Operator and the Regulatory Authorities."  The Proposer may present their Proposal at Meetings.

If a Modification Proposal is proposed to be urgent, the urgency shall be decided by the Regulatory Authorities in advance of the next meeting. If it is deemed to be urgent, it shall be discussed at the next Modification Committee Meeting.

Guidelines on the Drafting of Modification Proposals

To submit a Modification Proposal, please enter all the details in a blank Modification Proposal Form.  Proposed deletions and additions must be visible; drafting guidelines are as follows:

1. Open a blank Modification Proposal Form. Ensure Tracked Changes are turned off initially (by clicking on Tools - Track Changes). Extract the text of the Code or AP you want to modify by copying from the appropriate document and pasting the text into the Modification Proposal Form .
   [Note: if you need advice on Word versions of documentation, please contact the Secretariat].
2. Before filling in the form, turn on 'Track Changes' option by again clicking on Tools - Track Changes. Ensure the proposed changes will be properly displayed by setting the following options:
   In the Menu bar: click on Tools - Options - Track Changes -
   - In the 'Track Changes' options set Insertions to 'Underline' from the drop down list
   - Colour: select red (note: if you want to track changes where multiple authors might be amending your Proposal form before you submit to Secretariat, select red/blue by author).
   - Use balloons - should be unticked.
   - These options will ensure that additions are underlined and deletions show a strikethrough.
3. Mark up all required sections of the Modification Proposal Form, save it and email it to the Secretariat, at mailto:Modifications@sem-o.com.

• Modification Proposal Form