Modernize without surrendering control.
A new platform should increase institutional capability rather than replace one opaque dependency with another.
Market infrastructure modernization changes more than technology. It can change who understands the system, who controls data, who can modify rules, how quickly providers can be replaced, and whether the institution can direct the market after implementation.
Decision rights
Preserve authority over market rules, participant access, data policy, material changes, and emergency action.
Knowledge retention
Require documentation, training, architecture visibility, and operational understanding sufficient to direct the system.
Data access
Maintain complete institutional access to operational, transaction, surveillance, configuration, and performance data.
Portability
Design interfaces, records, contracts, and migration rights so future change remains feasible.
Provider leverage
Align service levels, source access, change rights, exit assistance, and remedies with institutional dependence.
Transition governance
Manage coexistence, participant migration, testing, rollback, incident response, and post-launch assurance as part of the modernization program.