> For the complete documentation index, see [llms.txt](https://initiativ.gitbook.io/initiativ/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://initiativ.gitbook.io/initiativ/mm_internal/2.-membership-and-access/2.4-principal-trading-requirement.md).

# 2.4 Principal Trading Requirement

Members shall trade solely as principals on their own account. The Exchange does not recognize or permit agency trading, client orders, or transactions executed on behalf of third parties.

Each Participant (individual user) shall act only under the authority and control of its sponsoring Member. Members are responsible for all trading activity conducted under their account.

No Member may permit any unaffiliated third party to access the Trading Platform or execute trades using the Member’s credentials, Participant IDs, or trading infrastructure.

A Member that clears through a General Clearing Member remains a principal to its own trades. The clearing relationship concerns settlement and margining only and does not constitute agency trading.