(1) The market operator of a regulated market in the State shall not be prevented from entering into appropriate arrangements with -
(a) a central counterparty, or
(b) a clearing house settlement system,
of another Member State, with a view to providing for the clearing, settlement or both of some or all trades concluded by market participants under the other Member State's settlement system.
(2) The Bank may not oppose the use by the market operator of a regulated market of central counterparty, clearing houses or settlement systems in another Member State except as demonstrably necessary in order to maintain the orderly functioning of that regulated market.
(3) In order to avoid undue duplication of control, the Bank shall take into account the oversight and supervision of the clearing and settlement system already exercised by the Bank.