3.2 Participation in a clearing and settlement organisation 1 The applicant must be a participant in a clearing organisation that is recognised by the Exchange, or must have access to such via a general clearing member. The Exchange may grant exceptions to applicants wishing to trade exclusively in securities that are not cleared via a central counterparty. 2 The applicant must be a participant in a settlement organisation recognised by the Exchange, or must have access to such via a custodian.
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