47.1 Introduction47.2 Fundamental Central Counterparty Concepts47.3 Central Counterparty Operation and Services47.4 Central Clearing: Advantages & Disadvantages47.5 Central Counterparty Membership and Non-Membership47.6 Clearing Member Margin Requirements47.7 Initial Margin and Variation Margin: Impact on Sell-Side and Buy-Side Firms47.8 Clearing Member Requirements: Overview47.9 Clearing Members and their Clients: Account Structures47.10 The Clearing Obligation47.11 Treatment of Legacy Trades47.12 Central Counterparties and Interoperability47.13 Product, Party and Trade-Related Static Data47.14 Operational Implications of Central Clearing: Overview47.15 Legal Documentation: Overview47.16 Status of Individual Central Counterparties47.17 Central Clearing and the OTC Derivative Collateral Lifecycle47.18 Collateral Transformation