Clearing and Settlement of Derivatives

their clearing members. Additional problems occur for clients who have

a portfolio of global market positions, so it becomes almost impossible

for clients to perform margining themselves.

For larger volume clients, a solution may be for them to use a recog-

nised futures system for their own processing and accounting. Systems

such as Sungard and Rolfe & Nolan may be available on a bureau

basis so that clients only pay for the use that they make of the system.

These systems should have all of the margining capabilities already

established.

Single currency margining and settlement

For clients trading in various different markets around ...