A recent argument between Man Financial and Eurex was likely prompted by Man's concern that the global clearing link between Eurex Clearing and The Clearing Corporation (C-Corp) could reduce the role of FCMs as clearing members.
Under the terms of the clearing link, trading firms would find it easier to clear directly in all time zones without using the services of, for example, an FCM
C-Corp itself insisted that any contact with trading firms has been part of the normal process of alerting clients to developments, especially in the global clearing link, and that there has been no attempt to disintermediate FCMs from the clearing process. It also categorically denied that it has encouraged firms to clear...