This is going a little off-piste but I'm hoping the wisdom of the crowd will help. I need to understand how the client limits process works in Equities and Futures. The OTC model of clearing has a distinct step where the Clearing Broker or FCM has a choice of whether to accept / step-in to a client trade. A CB or FCM may have a client limit, at which point they refuse any more trades, to cap the risk they face of the client defaulting. So, in cash equities and futures, what is the equivalent process? Does the clearing house manage client limits for its GCMs? Does a GCM get that explicit step where they can refuse to clear? If so, what happens to refused trades? Any info received with gratitude and appreciation, off-line if necessary. Thanks, Bill.