The Arbitrage Opportunity for Hedge Funds

The OCC only requires $100 or maybe it's $150 per 100,000 of notional box. So if you're like a credit fund and you're borrowing to go along credit, you in essence could go and sell the box to fund it at a better rate than you're getting from your prime broker. But most brokers that maybe instead of charging you a hundred, 150 bucks per 100,.000 notional, maybe they charge you 500 bucks, but it's still de minimis in the grand scheme of from a collateral requirement.