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We believe that placing more of the firm's own capital at the top of default waterfalls materially reduces regulatory capital charges on our members, most of the recent debate has focused on the safety and soundness of clearing houses primarily - which is very important - but we also view having more 'skin in the game' as a tangible differentiating factor in terms of lowering costs to customers.

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    Who said: "Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma – which is living with the results of other people's thinking."?
    A Mark Zuckerberg
    B Steve Jobs
    C James Cameron
    D Nelson Mandela