The contractual framework of the financial market infrastructure shall define, in particular:
the participation requirements as well as the criteria for the suspension and exclusion of a participant;
the rights and obligations of the operator and the participants;
the rules and procedures for the operation of the financial market infrastructure;
the rules and procedures in the event of a participant’s default;
the reciprocal rights and obligations arising from links with other financial market infrastructures;
the obligations regarding the delivery of physical instruments or commodities.
The operator shall regularly review the effectiveness and enforceability of the contractual framework in all relevant jurisdictions and shall take the necessary measures to limit any legal risks.
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