(19)Lastly, with regard to segregation and portability of positions and collateral of clients of clearing members, Rule 17Ad-22(e)(14) requires that the rules, policies and procedures of CCPs qualified as covered clearing agencies enable the segregation and portability of positions of a clearing member’s client and the related collateral, and to effectively protect such positions and collateral from the default or insolvency of that clearing member where those CCPs clear security-based derivatives or have a more complex risk profile and, thus, follows a similar approach to the rules contained in Title IV of Regulation (EU) No 648/2012. For cash securities and listed options, however, the primary rules rely on the rules applicable to the clearing members. In those markets, the rules applicable to clearing members already ensure the appropriate level of segregation and portability and, therefore, adequately protect client positions and collateral. Although following a different approach to segregation and portability at the level of the clearing members, and not that of the CCP, with regard to those markets, both approaches result in similar outcomes with regard to client protection.