(a) The financial resources, and the management and human resources with appropriate experience, necessary for the operation of a market or exchange;

(b) Made arrangements for the proper supervision of all transactions effected through the market or exchange so as to ensure compliance with its rules;

(c) Taken sufficient steps to maintain security and back-up procedures to ensure the integrity of the records of transactions effected through the market or exchange;

(d) Insurance, a guarantee or compensation fund or other warranty plans in place to enable it to provide compensation, subject to the business rules, to clients; and

(e) Made provisions, to the satisfaction of the CBB, for the clearing and settlement of transactions effected through the market or exchange and for the management of trade and settlement risk.