NISM Series XIII Common Derivatives Certification Exam Notes
Page 219 Of 303
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Exchange Role: Facilitates trades by matching buyers and sellers.
Clearing Corporation Role: Acts as a central counterparty to guarantee trades.
Novation: Clearing corporation becomes the counterparty to both buyer and seller.
Transparency: Exchange-traded derivatives offer higher transparency than OTC.
Standardization: Exchange-traded contracts have fixed terms, unlike OTC.
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