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In the world of [[exchange-traded instrument]]s, a [[broker]] who occupies the dun netherworld between a [[client]]-facing [[executing broker]] and the [[exchange]] or [[CCP]]-facing [[clearing member]]. May or may not be affiliated with the [[executing broker]]. | {{g}}In the world of [[exchange-traded instrument]]s, a [[broker]] who occupies the [[entropy|dun netherworld]] between a [[client]]-facing [[executing broker]] and the [[exchange]] or [[CCP]]-facing [[clearing member]]. May or may not be affiliated with the [[executing broker]]. | ||
Of interest<ref>Professional interest, needless to say.</ref> because: | Of interest<ref>Professional interest, needless to say.</ref> because: | ||
*An [[intermediate broker]] it might prolong a clearing chain beyond the permissible number of links under {{tag|EMIR}} | *An [[intermediate broker]] it might prolong a clearing chain beyond the permissible number of links under {{tag|EMIR}} | ||
*It may present a [[risk-weighting problem to you under {{tag|CRR}} if you | *It may present a [[RWA|risk-weighting]] problem to you under {{tag|CRR}} if you don’t pass on all solvency relates losses as contemplated in Art {{crrprov|306(1)(c)}} of that glorious regulation. | ||
{{ | {{sa}} | ||
*[[Broker]]s and [[dealer]]s | *[[Broker]]s and [[dealer]]s | ||
*{{t|EMIR}} | *{{t|EMIR}} | ||