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There are many different ways of addressing the legal and regulatory issues discussed above, as reflected in the seven country reports referred to in this paper. Each market has developed its own solutions to the unique feature and problems posed by its markets needs. The aim of this paper is not to set any best practices guidelines, but rather to highlight the main legal concerns which must be addressed in order to achieve a safe and efficient clearing and settlement system and to provide some guidelines for the development of legal policies for supporting clearing and settlement systems in emerging markets.
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