market contract (e) "market contract" means— (i) a contract which is subject to the rules of a recognized clearing house and entered into by the recognized clearing house with a participant pursuant to a novation for the purpose of the clearing and settlement of transactions in securities effected on, or subject to the rules of, the stock exchange; or (ii) a contract entered into by a participating organization of the stock exchange on, or subject to the rules of, the stock exchange, which is, or is to be, settled by the recognized clearing house; (f) "defaulter" means a participant who is the subject of any default proceedings; ACT 280 - SECURITIES INDUSTRY ACT 1983 101. Interpretation.