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Clearing for the client of a direct member of a clearing house that does not meet the eligibility rules to be a direct member. A client clearing member is able to clear trades via an intermediary who provides a client-clearing service. The intermediary stands between the clearing house and the client, handling all cash flows, including coupons, one-off fees and all margin calls from the clearing house to the client. Under the Dodd-Frank Act, clearing members must register as FCMs if they wish to act as an intermediary and clear client trades.