... network occur in the form of integrating the system into the clearing members’ in- house technology infra-structure, operating and handling experience, and knowledge about the rulebook and regulatory ... to the banking sector,85 and an increasing number of studies apply this concept to the exchange industry86 and to the post-tradeprocesses of settlement and custody.87 In the following, the ... of standard interfaces. The higher the level of automation and the more common the use of standard interfaces, the lower the associatedcosts will be. Connecting additional execution venues involves...