In our recently released research report, “Prime Brokerage: Towards a New Target Operating Model for Financing,” we presented a model on how banks could move client transactions off-balance sheet using a CCP. We gave a couple of examples of specific trades including a collateral upgrade. About an hour after the report went out, we received a call from a client wanting to know more. Was this a future state or something that is happening now? We knew we needed to do more homework before responding. We’re now ready with part 1 of the answer.