NISM Series XIII Common Derivatives Certification Exam Notes
Page 167 Of 303
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Depository Role: Maintains securities in electronic form and facilitates pledges for margin.
Interoperability: Enables clearing members to choose their preferred Clearing Corporation for multi-exchange trades.
Peer-to-Peer Links: Required between Clearing Corporations for interoperability.
Benefits of Interoperability: Better capital use, lower costs, reduced complexity.
Risk Management for Interoperability: Collateral must cover inter-CC exposures.
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