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{{fullanat|crr|306(1)|}} | |||
In which the {{crr}} requires that, for a clearing member to achieve a zero weighting on its exchange traded derivatives clearing business, it must first be able to pass losses occasioned by the default of a {{crrprov|CCP}} on to its client. | In which the {{crr}} requires that, for a clearing member to achieve a zero weighting on its exchange traded derivatives clearing business, it must first be able to pass losses occasioned by the default of a {{crrprov|CCP}} on to its client. | ||
====The [[clearing member]]’s own [[negligence, fraud or wilful default]]==== | |||
But it will be a generous client indeed who does not insist on a [[carve-out]] from that right for defaults caused by the [[clearing member]]’s own [[Negligence, fraud or wilful default|negligence, wilful default or fraud]]. Would such a [[carve-out]] invalidate an application of {{crrprov|306(1)(c)}}? | |||
====The clearing | |||
But it will be a generous client indeed who does not insist on a [[carve-out]] from that right for defaults caused by the [[clearing member]] | |||
Respectfully, it is submitted, it would not: | Respectfully, it is submitted, it would not: |