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9 Organisation Exchange Council The Exchange Council of BSX consists of trading participants and users of the exchange. It has up to 18 members whose tenure of office is 3 years. It is responsible for the law-making within BSX. Among other things its responsibilities are: • the promulgation of the exchange rules • participation fees • trading rules • the admission regulations for exchange traders • agrees links to clearing houses The Exchange Council appoints the members of the Management Board and the Head of Market Surveillance. Both, the Management Board and the Head of Market Surveillance, have to be accepted by the Exchange Supervisory Authority (see page 25). Decisions concer- ning the rules or other aspects of fundamental importance require the consent of the Exchange Council. Every trading participant has the right to stand for election to the Exchange Council as a member. ClearingMonitoringMarketModelAdmissionOrganisation

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