(11)The Exchange Act does not prescribe specific tools or arrangements on how to achieve the requirements laid down in it. While a CCP may consider its unique characteristics and circumstances when laying down its rules and procedures, such as its ownership and governance structures, effects on direct and indirect participants, its membership base, the markets served and the risks inherent in products cleared, its internal rules and procedures must provide prescriptive detail on the way in which it will meet the requirements laid down in the Exchange Act. Once registered by the SEC, the rules, policies and procedures approved by the SEC become legally binding on the CCP.