means a clearing house that—
| (a) | interposes itself between counterparties to transactions in securities, becoming the buyer to every seller and the seller to every buyer and thereby ensuring the performance of open contracts; and |
| (b) | becomes a counterparty to trades with market participants through novation, an open offer system or through a legally binding agreement; |
[Definition inserted by section 290, item 1(d) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice No. R. 99, GG 41433, dated 9 February 2018)]