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COB 9.2.2

(1) The Operating Rules of an ATS Operator must be:

(a) based on objective criteria;
(b) non-discriminatory;
(c) clear and fair;
(d) legally binding and enforceable against each member and where relevant, any other Person who has been allowed access to the facility through the member; and
(e) in the case of a Person operating an MTF, non-discretionary and made publicly available.

(2) The Operating Rules of an ATS Operator must place obligations upon Persons who are admitted to trading on its facility (“members”):

(i) when undertaking transactions on its facilities; and
(iii) relating to professional standards applicable to staff and other Persons allowed access to the facility through such a member.

(3) Without limiting the generality of (1) and (2), the Operating Rules of an ATS Operator must contain:

(a) criteria for admission of members to its facility, in accordance with Rule 9.3.1;
(b) criteria relating to Investments traded on its facility, in accordance with Rule 9.4.1;
(c) the rules and procedures governing trading on the facility;
(d) default rules;
(e) the rules and procedures for the clearing and settlement of transactions executed on the facility; and
(f) any other matters necessary for the proper functioning of its facility.
[Added] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]