Market endorses 'elegant' CFTC proposal on margin

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The so-called 'legally segregated/operationally commingled' approach, in which clients will have a secured claim for the value of their collateral held in omnibus accounts at dealers – or futures clearing merchants (FCMs) – is proving popular among buy-side and sell-side firms alike.

"The CFTC came up with a sensible structural compromise, incorporating this legal separateness but physical commingling. I think that has virtues from both perspectives that would seem to provide a nice solution,"

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