The amount of initial margin (IM) charged by us in aggregate to the customers holding positions in an OSA combined with the aggregate of negative or positive variation margin (VM) held in aggregate for such clients is likely to be greater than the IM and VM called from us by LCH. In fact, margin called for from us by the LCH in respect of an OSA will be calculated in respect of the netted client positions recorded for all clients in that same OSA.