Inter-affiliate trades face threat from clearing, execution, margin rules

Chain reactions

Scott Cammarn

Daisy chains are associated with childhood, sunshine and grass-stained fingers. But the use of the term during the crisis – to illustrate the way derivatives exposure bound dealers together – gave it a much darker set of associations, and it is these chains that politicians and regulators want to break up through the use of central clearing, new execution rules and bilateral margining.

Daisy chains also exist within a single banking organisation – client-facing entities will execute a trade and

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 [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...


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: