MAR 12.4 Characteristics of an eligible post-trade risk reduction service

A PTRRS meets the criteria for the purposes of MAR 12.2 and MAR 12.3 where it:

1. (1)

   is provided by a post-trade risk reduction service provider which is not:

   1. (a)

      affiliated to the market participants to whom the service is provided; and

   2. (b)

      a party to a transaction resulting from the PTRRS ;

2. (2)

   is operated on the basis of non-discretionary rules set in advance by the post-trade risk reduction service provider that are based on specified parameters; and

3. (3)

   results in a transaction that binds all the participants.