Commentaries: Art. 54

The central counterparty must:
1. separate its own assets, receivables and liabilities from the collateral, receivables and liabilities of its participants; and
2. separate a participant's collateral, receivables and liabilities from those of other participants.
It shall offer its participants the possibility of:
1. separating their own collateral, receivables and liabilities from those of indirect participants;
2. keeping and recording the collateral, receivables and liabilities of indirect participants together (omnibus customer accounts) or separately (individual customer accounts).