SCHEDULEREQUIREMENTS FOR DESIGNATION OF SYSTEM
Establishment, participation and governing law
1.
F1(1)
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(2)
There must be not less than three institutions participating in the system, unless otherwise determined by the designating authority in any case where—
(a)
there are two institutions participating in a system; and
(b)
the designating authority considers that designation is required on the grounds of systemic risk.
(3)
The system must be a system through which transfer orders are effected.
(4)
Where orders relating to financial instruments other than securities are effected through the system—
(a)
the system must primarily be a system through which securities transfer orders are effected; and
(b)
the designating authority must consider that designation is required on grounds of systemic risk.
F2(5)
An arrangement entered into between interoperable systems shall not constitute a system.