On receipt of an application duly made in accordance with section 24 the Commission may grant a licence to operate a clearing agency if it is satisfied that—
(a) it is appropriate to do so in the public interest;
(b) the applicant has financial resources sufficient for the proper performance of its functions;
(c) the applicant has adequate arrangements and resources for the effective monitoring and enforcement of compliance with its rules;
(d) the applicant is able to provide clearing services which would enable a securities exchange to ensure the performance of transactions effected on the market; and the default rules of the applicant satisfy the requirements of section 26.