6 Omnibus segregation Records and accounts kept at CCP which distinguish the assets and positions of the clients within the omnibus account from assets and positions within either the clearing members house account or any other client account Positions can be netted within an omnibus account but not across accounts Assets covering positions in an omnibus account are not exposed to losses on positions recorded in any other account but within the account, one clients assets may be used to cover another clients positions – so fellow client risk will exist Excess collateral can be held at the clearing member level
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