Clearing an exchange traded derivative (e.g. a futures contract) for a client Party A Executing Trading Party B (Buyer) Order Broker Order Venue Order (Seller) Back to back arrangement between clearing broker and its client (Party A), governed by FIA Terms of Business, incorporating any rules mandatorily required by TV / CCP rulebook Clearing CCP Party B Broker (Seller) Futures contract Futures contract governed by TV / governed by TV / CCP Rulebooks CCP Rulebooks UNRESTRICTED 55