The MiFID II/R seminar on indirect clearing began with a presentation from Clifford Chance's Jeremy Walter, who explained the key issues with the requirements under MiFID II/R. A panel discussion followed, where participants representing legal, regulatory, infrastructure and practitioner views debated indirect clearing for ETD and OTC and the number of legal and operational complexities such as: territorial scope, account segregation options and longer chains as well as default management requirements which, for example, include porting and leapfrog payments.