An interesting story with two halves on an EMIR segregation model from ICE:

The approach – dubbed sponsored principal – allows buy-side firms to face the clearing house directly. The client would make initial and variation margin payments to Ice, rather than using a member firm as an intermediary, and would no longer be exposed to the collapse of that member. A sponsoring clearing member would still contribute to the default fund of the central counterparty (CCP) on the client's behalf, and would be able to monitor the customer's collateral position.

Full story over at Risk (subs) Ice members split over new client clearing model – Risk.net.