This document outlines the risks and consequences associated with collateral arrangements involving U.S. broker-dealers, futures commission merchants, and banks. It distinguishes between Customer Assets, Custodial Assets, and Non-Customer Assets, and explains the regulatory requirements for each. The document also discusses the use of Customer Assets in transactions regulated by the CFTC and SEC, including segregation requirements and the conditions under which assets can be used or substituted.
documents/EFTA01373754.pdf
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