Clearing overview - CCP: Difference between revisions

Clearing overview - CCP (view source)

Revision as of 16:15, 30 April 2019

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Amwelladmin

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-== Dramatis Personnae ==
-*{{ccp|Broker}}
-*{{ccp|Clearinghouse}} - the {{ccp|Swap Execution Facility}}, being the multilateral or other trading facility, system or platform, including any communication network or auction facility, permitted under applicable law. Question: what counts as a {{ccp|Swap Execution Facility}} for the purposes of {{ccp|Applicable Law}}?
-*{{ccp|Clearing member}}
-*{{ccp|Dealer}}
-*{{ccp|End user}}
-== Concepts ==
-*{{ccp|Cleared trades}} versus {{ccp|non-cleared trades}}
-*{{ccp|Margin}} and {{ccp|collateral}}, and [[net margining - CCPP|net]] versus [[gross margining - CCP|gross margining]].
-*{{ccp|Agent}} versus {{ccp|Principal}}
-{{CCPboilerplate}}
+{{tabletop}}
+|'''[[Margin]] Type'''
+|'''Transfer Type'''
+|'''Client Risk<br>
+([[Broker]])'''
+|'''Client Risk<br>
+([[Bank]]/[[Custodian]])'''
+|'''Client Risk
+([[Intermediary]])'''
+|'''Broker Risk
+([[Bank]]/[[Custodian]])'''
+|'''Broker Risk
+([[Intermediary]])'''
+|-
+|Cash
+|Outright transfer
+|'''{{font colour|red|Yes}}'''
+|'''{{font colour|green|No}}''' - it's the [[Broker]]'s bank.
+|Depends on [[limited recourse]]
+|'''{{font colour|red|Yes}}'''
+|Depends on [[limited recourse]]
+|-
+|Cash
+|[[Client money]]
+|'''{{font colour|green|No}}'''
+|'''{{font colour|red|Yes}}''' – it is client’s bank
+|Generally '''{{font colour|red|Yes}}''' but limited recourse language will help
+|'''{{font colour|green|No}}'''
+|Generally '''{{font colour|red|Yes}}''' but limited recourse language will help
+|-
+|[[Securities]]
+|[[Outright transfer]]
+|'''{{font colour|red|Yes}}'''
+|'''{{font colour|green|No}}''' - it's a custody asset.
+|'''{{font colour|red|Yes}}''', if [[limited recourse]]
+|'''{{font colour|green|No}}'''
+|'''{{font colour|green|No}}'''
+|-
+|[[Securities]]
+|[[Pledge]]
+|'''{{font colour|green|No}}''', unless a right of [[rehypothecation]], in which case '''{{font colour|red|Yes}}'''.
+|'''{{font colour|green|No}}'''
+|If re-pledged: '''{{font colour|green|No}}'''. If [[Rehypothecate|rehypothecated]]: Depends on [[limited recourse]].
+|'''{{font colour|green|No}}'''
+|Depends on [[limited recourse]].
+{{tablebottom}}
+{{a|brokerage|}}