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DCEs provide multilateral clearing and settlementservices and risk management services to their par-ticipants covering a wide range of securities and derivatives transactions. DCEs play a vital role in the proper functioning of financial markets and are increasingly important given the mandated central clearing of certain swaps and security-based swaps that is required by the Act. DCEs reduce risk and improve efficiency for their participants and the broader financial system. At the same time, DCEs inherently concentrate and transform risks and, thus, must be well-designed and operated in a manner that supports the stability of the broader financial system.
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