Capco: Part 2 - How much Is central clearing really costing you?

Given membership requirements, not every firm qualifies to be a direct member of a CCP. Some banks/dealers set up infrastructure to offer the clearing services to those that can only qualify as indirect members. There is no secret in the industry that the clearing business is generally not a revenue generator but helps to build and maintain client relationships. Again, cost is crucial in ensuring a sustainable business model.

Clearing brokers can be either General Clearing Members (GCMs) or

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