Non Clearing Members (NCMs)
NCMs are Trading Participants who do not hold a clearing licence, but execute their own transactions on the exchange. NCMs must have their own infrastructure to manage positions and back office activities, either directly or by outsourcing this function. A Eurex NCM is also required to have a Qualified Back-Office Staff member (QBO).

NCMs are required to have access to the Common Report Engine as well as trading and clearing systems. NCMs are eligible for all segregation models.

Registered Customers (RCs)
RCs do not have a clearing licence and are not a Eurex Trading Participant. The RC concept was initially introduced with Eurex Clearing’s EurexOTC Clear IRS offering and was later extended to include the Eurex Exchange. For OTC IRS, clients are required to be a member/ user of an Approved Trade Source, such as MarkitWire or Bloomberg, to enter OTC IRS trades. RCs may also be active in listed derivatives but they are not able to execute their own trades. All segregation models are eligible for RCs.

RCs are required to have access to the Eurex Clearing Common Report Engine (CRE) and, at the discretion of their CM, individually segregated RC’s may have access to the Eurex Clearing Graphic User Interfaces (GUIs).

Fund Managers (FMs)
Eurex Clearing has developed a specific approach to facilitate the on-boarding of fund managers. The fund manager set-up allows the asset management company to sign on behalf of an unlimited number of funds (when the funds have no legal personality). The Fund manager becomes a technical RC and sits above an umbrella of funds, each of which is given their own position account.  Each fund becomes the legal RC. Fund managers may use any one of our available segregation models.

For the listed and OTC IRS markets we have a new online onboarding tool, so everything must be done via our members section. Your CM will trigger access for you.

The information you enter via the tool will be used to auto-populate the forms and agreements we need from you.

You will need to complete a clearing agreement and also the correct annex (A or B) depending on the segregation model you go for. If you are a fund manager or an RC using flexible accounts then you will need to complete the flexible account sheet as well.

If you are an NCM then you must have a qualified staff member in your back office. They can either be signed off by your compliance team or complete one of our courses and/or exams offered by our capital markets academy. If the NCM is outsourcing their back office functionality then they may also outsource this requirement.

We have a comprehensive suite of segregation models to fit every business need. Please see the section of our website dedicated to client asset protection, for guidance on which model might be a good fit for you.

We have also created a useful guide for clients.

To test connection to the service, workflow, margin processes and reports, a simulation environment has been set up for both Clearing Members and their clients. Your Account Manager will help you with this.

Listed and OTC IRS clients now all onboard via our online onboarding tool.