Which of the following statement(s) is/are correct about the ‘Central Counterparties’?
1. It is a financial institution that performs the clearing and settlement functions for trades in foreign exchange, securities, options and derivative contracts.
2. It becomes the buyer to every seller and the seller to every buyer, for the purpose of effecting settlement of their transactions.
3. In India, the stock exchanges (NSE, BSE etc.) performs the central counterparty functions under the Payment and Settlement Systems Act, 2007.
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