Language:
FINANCIAL MARKET INFRASTRUCTURE · SPECIALISED DOMAIN SURFACE

SETTLEMENT STATUS IS NOT MARKET AUTHORITY.

Clearing, settlement, resolution, deposit guarantee and prudential conditions are distinct institutional states. Their determination creates neither market-infrastructure authority nor Execution Permission.

DOMAIN_SURFACE = true · EXECUTION_AUTHORITY = false
FMI
BRRD · EMIR · CSDR
DGSD · BASEL LIQUIDITY

STATE ≠ AUTHORITY
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