CCPs defend direct clearing models for the buy side

FCMs unsure if direct margin posting will deliver capital savings

Phupinder Gill, CME Group: no plans to disintermediate FCMs

Clearing houses are playing down fears that allowing buy-side firms to post margin directly at central counterparties (CCPs) will ultimately lead to the disintermediation of futures commission merchants (FCMs).

"We have zero plans nor desire to disintermediate the FCMs. I am firm about this," said Phupinder Gill, chief executive of CME Group. "Without [the FCMs'] contribution, exchanges and clearing houses would not work as efficiently."

Gill was speaking at the FIA Expo in Chicago earlier today

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here