A research report by Acuiti, in partnership with ION, highlights that almost two-thirds of futures commission merchants (FCMs) expect to increase the number of clearing houses they work within the next three years. The report, titled “The Growing Opportunity in Derivatives Clearing,” explores the impact of rising interest rates on FCM competition and the potential for revenue growth. Jerome Kemp, president of Baton Systems, emphasises the need for FCMs to optimise the mix of cash and non-cash collateral to meet margin requirements efficiently and address operational challenges posed by higher interest rates.