The Bond ETP market is a bilateral market where exposures are maintained between Primary Dealers (PDs) without an entity interposing as a central counterparty between the PDs. Credit support for trades executed on the ETP will however be available in the form of initial margin (IM). The IM will be calculated by the JSE and settled by PD’s on a daily basis. Margins are paid into separate SARB Corporation for public deposits (CDP) accounts which will be opened in the name of the respective PD’s.