SwapClear Client Clearing Update “How it Works”

2 Responses to “SwapClear Client Clearing Update “How it Works””

1. 

   Tony Freeburn January 18, 2012 at 15:17

   Is that true? A SwapClear Dealer has to be an affiliate to a SwapClear Clearing member?

2. 

   Bill Hodgson January 18, 2012 at 17:06

   A Swap Dealer (SD) is either a branch of a SwapClear Clearing Member (SCM, a direct member) or a client of an SCM. If you’re a branch, it’s a simple organisational division, which you manage internal to your SCM – i.e. you’re a global bank with offices in London, New York and Tokyo.

   So if you’re not eligible to join as an SCM, you go via an SCM who provides a client clearing service. You then get into the two intermediary models, European with back-to-back trades, or US with an FCM agent.

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