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Answer: d) The original margin the clearinghouse member is required to maintain with the clearinghouse
A clearing margin is the **original margin posted by the clearinghouse member with the clearinghouse**. It is not the customer's top-up from maintenance to initial margin, and it is not the broker's direct margin with the clearinghouse. The key idea is that margin requirements flow through the futures market intermediaries up to the clearinghouse level.
Author: Manit Arora
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Question 145.2. A clearing margin is:
A
a) The amount of margin required for an investor to "top up" from the maintenance margin to the initial margin
B
b) The amount of margin a broker is required to maintain with a clearinghouse member
C
c) The original margin the broker is required to maintain with the clearinghouse
D
d) The original margin the clearinghouse member is required to maintain with the clearinghouse
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