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, oneoff fees and all margin calls from the clearing house to the client. Under the Dodd-Frank Act, clearing members must register as futures commission merchants (FCMs) if they wish to act as an intermediary and clear client trades.