In-depth introduction: Client clearing

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As soon as the first US clearing mandate was out of the way on March 11 – a little more messily than market participants would have liked, but with no major snarl-ups – attention turned to the second phase of the clearing roll-out, on June 10, which would see a big influx of less-experienced firms. The mood was somewhere on that awkward continuum between grimly determined and determinedly grim.

Buy-side firms fretted that many of their peers had not signed up a futures commission merchant (FCM);

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