MIR 4.12.2

A Recognised Clearing House's systems and controls must, at a minimum, provide for the following:

(a) the segregation and portability arrangements that effectively protect the positions and related collateral of the clients of the Members or other participants on its facilities, from the default or insolvency of the relevant Member or other participants;
(b) if the Recognised Clearing House offers additional protection of the client positions and related collateral against the concurrent default of both the relevant Member or other participants or other clients, the adoption of necessary measures to ensure that the additional protection offered is effective; and
(c) the use of account structures that enable the Recognised Clearing House to readily identify assets and positions of the clients of the relevant Member or other participant, and to segregate their related collateral.