Clearing overview - CCP
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Dramatis Personnae
- Broker
- Clearinghouse - the 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 Swap Execution Facility for the purposes of Applicable Law?
- Clearing member
- Dealer
- End user
Concepts
- Cleared trades versus non-cleared trades
- Margin and collateral, and net versus gross margining.
- Agent versus Principal