The Director of the Exchange shall implement the Resolutions of the Exchange's Board, and he may submit to the Board the proposed regulations and directions he deems appropriate. He shall have the power to supervise all the Exchange's technical, administrative and financial units, and to issue the necessary instructions for the discharge of his duties, in accordance with the responsibilities and authorities entrusted to him by the provisions of the Exchange's Internal Regulations, as stipulated by a Resolution of the Board.

The Director shall be the legal representative of the Exchange before the Court and in its relations with others. He shall have the power to sign on behalf of the Exchange.