PRU A4.9.3

Where an Authorised Person acts as a clearing member, either for its own purposes or as an intermediary between a client and a qualifying central counterparty (QCCP), it must calculate Credit RWA in respect of its Trade Exposure to the QCCP in accordance with Rule A4.6.14, except that it must apply a CRW of 2%, unless Rule A4.9.4 applies.