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regulated clearing arrangement

    124as the context requires, either:

      1. (a) an arrangement under which a firm directly places client money in a client transaction account that is an individual client account or an omnibus client account at an authorised central counterparty; or
      1. (b) an arrangement under which a firm, acting for a client who is also an indirect client, directly places client money of that indirect client in a client transaction account that is an individual client account or an omnibus client account at a clearing member for the purposes of having that clearing member clear the positions of that indirect client through an authorised central counterparty.