‹ MAE-3.4 Business Rules of Licensed Exchanges and Licensed Market Operators have Effect as Contract MAE-3.4.2 › MAE-3.4.1 The business rules of a licensed exchange or licensed market operator shall be deemed to be, and shall operate as, a binding contract: (a) Between the licensed exchange or licensed market operator and each member; and (b) Between each member and every other member. ‹ MAE-3.4 Business Rules of Licensed Exchanges and Licensed Market Operators have Effect as Contract MAE-3.4.2 ›