Clearing overview - CCP: Difference between revisions

Clearing overview - CCP (view source)

4 bytes removed , 30 April 2019

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-'''[[Cash]] [[margin]]''': Note that it is legally impossible to separate possession and ownership of [[cash]]. Any person holding [[cash]] is, against all other persons in the world, its outright owner: a payee can therefore assume a payer has good title to any [[cash]] it pays. This guarantees commercial certainty for [[cash]] and preserves its status as an abstract token of value and not an asset.
+{{a|brokerage|}}'''[[Cash]] [[margin]]''': Note that it is legally impossible to separate possession and ownership of [[cash]]. Any person holding [[cash]] is, against all other persons in the world, its outright owner: a payee can therefore assume a payer has good title to any [[cash]] it pays. This guarantees commercial certainty for [[cash]] and preserves its status as an abstract token of value and not an asset.
 *'''Payment by client directly to [[broker]]''': (described as “money as [[bank]]er”, or “[[title transfer]]”). Client pays [[margin]] in [[cash]] directly to the [[broker]]. There is no purported [[client money]] regime or any insolvency protection: The [[broker]]’s obligation to return initial [[margin]] at the end of the transaction is a debt claim in the client’s hands.
 **'''Client risk to [[broker]]'''? '''{{font colour|red|Yes}}'''.
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 |Depends on [[limited recourse]].
 {{tablebottom}}
-{{a|brokerage|}}