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of <h1>Stock exchanges and clearing corporations must form advisory committees for guidance on non-regulatory and operational issues.</h1> An advisory committee must be established by the governing board of each recognized stock exchange and clearing corporation to provide guidance on non-regulatory and operational issues such as product design and technology. The committee for a stock exchange includes trading members, while the clearing corporation's committee includes clearing members. The governing board's chairperson leads the committee, with the managing director as a permanent invitee. Meetings are held quarterly, and the committee's recommendations are reviewed by the governing board, with outcomes disclosed online. Members of these committees cannot participate in other committees of the exchange or corporation.
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