Clearing certainty
It doesn’t seem a lot to ask – when entering into a trade that is legally required to clear, it would be nice to know that the counterparty has access to a clearing house. Unfortunately, what seems like a simple formality is fraught with difficulty. That’s because the vast majority of derivatives market participants will achieve access to clearing indirectly, through a futures commission merchant (FCM), which will place limits on the amount of business each client can do – and the FCMs
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