The associates are being established as the category of non-exchange capital markets enterprises with particular expertise, and with which the Federation wishes to maintain close working ties. These can include SROs, clearing houses, registries, depositories, and other actors which are judged to provide critical infrastructure support to the exchange environment.
The associates are involved in most aspects of the Federation’s work and activities, including the Working Committee, annual meetings, and studies and market data work. They are excluded only from participation in the General Assembly and the Board of Directors, the oversight aspects of the Federation.
The Federation does not systematically vet the associates’ business standards. Like the affiliates and correspondents, they are clearly distinguished from membership. If, on occasion, the public authorities have an inquiry to make about those standards, as G-30 and CPSS have for the clearing houses, the Federation may act as a facilitator to their common response as a matter of information for member exchanges.