MIR 4.12.1

A Recognised Clearing House acting as a Recognised Clearing House must have systems and procedures to enable segregation and portability of positions of the clients of its Members and other participants on its facilities, and any collateral provided to it with respect to those positions. Such systems and procedures must enable the Recognised Clearing House to:

(a) maintain the client positions and any related collateral referred to in 4.12.1 in individual client accounts or in Omnibus Client Accounts; and
(b) structure its portability arrangements so that the positions and collateral of a defaulting Member's or other participant's clients can be transferred to one or more other Members or participants.