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This chapter describes the clearing for institutions that are not members of a central counterparty (CCP). Such entities need to clear as clients of a general clearing member (GCM). Such clients may be traditional clients of banks, but may also be other banks and financial institutions that cannot, or find it inefficient to, become CCP members. This raises a number of issues in relation to the interaction between the client and their clearing member such as the impact of defaults and the treatment of margin passed between them. The chapter also describes the initial margin segregation approaches used in practice that conform to regulatory requirements. Legally segregated operationally commingled (LSOC) protection model can be used in conjunction with gross margining to enhance portability, although in theory net margins could be used. The chapter also discusses some of the different regulatory rules in relation to client margins.