Clearing overview - CCP

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