"clearing member"

means—

(a)	in relation to an associated clearing house, a person authorised by a licensed exchange with which it is associated to perform clearing services or settlement services or both clearing services and settlement services in terms of the exchange rules;

(b)	in relation to a licensed independent clearing house or a licensed central counterparty, a person authorised by that independent clearing house to perform clearing services or settlement services or both clearing services and settlement services in terms of the clearing house rules,

and includes an external clearing member, where appropriate;

[Definition substituted by section 290, item 1(g) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice No. R. 99, GG 41433, dated 9 February 2018)]