Recognition requirements for market infrastructure institutions require governance, operational resilience, investor protection, and secure clearing and depository systems.

Recognition of a stock exchange or clearing corporation requires incorporation as a company limited by shares, demutualisation, fit-and-proper status, compliance with ownership, governance and net-worth requirements, and requisite financial capacity, expertise and infrastructure. Stock exchanges require orderly trading, real-time surveillance, member regulation, investor redressal, information dissemination, systems resilience and skilled personnel. Clearing corporations require clearing and settlement infrastructure, risk management, settlement guarantees, connectivity, real-time controls and dispute arrangements. Depositories require secure data and communication systems, operational controls, backups and indemnification of beneficial owners.

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