As much as half of the exchange traded derivatives market is under threat from proposed regulation that would prevent clients from accessing futures and options trades without a direct clearing broker relationship. Indirect clearing, which enables derivatives users to access clearing houses by facing a client of a clearing broker rather than the broker itself, is set to be overhauled in an attempt to boost client protection via the second version of the Markets in Financial Instruments Directive, due to be implemented in 2017.
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