Direct clearing access for the buy side

Key features

• Direct buy-side membership via a Clearing Agent
• The Clearing Agent covers the default fund contribution & default management obligation
• The member maintains legal and beneficial collateral ownership 
• Reduced capital requirements
• Improved buy-side conditions versus bilateral arrangements
• Enhanced segregation & portability
• Direct CCP access for cleared Repo, providing a larger liquidity pool

• Higher capacity: Profit from high capital efficiencies and larger liquidity pools
• Lower risk: Benefit from a strong risk management framework
• Better economics: Profit from improved conditions
• Increased balance sheet capacity: gain direct access to centrally cleared Repo and OTC IRS markets enabling you to directly raise cash and increase your balance sheet. As this is all done within the same ecosystem where the initial and variation margins are posted for other transactions, settlement failures and settlement fees are also reduced.