Derivatives users face tough choices on CCPs

Client clearing offerings are maturing – slowly. Derivatives users who want access to a clearing house still face a bewildering array of options, especially around crucial issues such as segregation and portability. Ramya Jaidev reports

Early adopters of client clearing services found themselves in a trackless waste. This time last year, regulators were still working out where to set the bar, central counterparties (CCPs) had little or nothing to offer as a result, and clearing members – big dealers that are already signed up to one or more CCPs and offer to act as a bridge for clients that don’t meet the membership criteria – didn’t know how to charge for the service. Navigating this landscape took time, and inevitably