NISM Series XIII Common Derivatives Certification Exam Notes
Page 168 Of 303
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Margin Exchange: Margins and financial resources are shared bilaterally.
Open Position Computation: TMs declare ‘Pro/Cli’ positions which are summed up to arrive at CM’s total position.
Proprietary vs Client Positions: Netting applies at individual client level but not across clients.
Settlement of Admitted Deals: Clearing members are liable for trades they undertake to settle.
Custodial Participants: Require unique codes; trades must be confirmed by clearing members.
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