Tom Osborn at Risk covers the continued push by dealers to open the door to an ISA model which allows for a single collateral account (rather than one per ISA), keeping operations simpler and cheaper for the Clearing Members, and ultimately the Clients of CCPs:

"No-one wants to do something that would be frowned upon by Esma," says one lobbyist. "This was an exploratory meeting to gauge Esma's stance. This is the beginning of a more serious phase of dialogue. What we're asking Esma is, if we come up with a more economically viable model that offers a comparable level of protection to an individually segregated account, can that be offered to clients specifically as an alternative to full segregation, rather than just another model alongside it?"

via Dealers ask Esma to bless Lsoc-based clearing – Risk.net.