MIR 4.10.5

The rules of the Recognised Clearing House must set out:

(a) collateral and margin requirements and collateral management process, and specify when a Recognised Clearing House may reuse or invest its participants' collateral and the process for returning that collateral to participants; and
(b) in the event of a default, that margin provided by the defaulter for any client account is not to be applied to meet a shortfall its own proprietary account.