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