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Becoming a Client

Becoming a client

Choosing a Clearing Member

Please have a look at the end of the page.
Under further information you can find a complete list of existing clearing members to choose from; It is also possible to have multiple clearing relationships.

Client types

Clients can be either undisclosed or disclosed to Eurex Clearing.

There is no onboarding process at Eurex Clearing for undisclosed clients. The relationship remains solely between the CM and the client. Therefore, please approach your potential Clearing Members directly for details of their onboarding process.

Disclosed clients are known to Eurex Clearing and as such enter into a triparty agreement between the CM, the Client and Eurex Clearing. They are also able to enter into one of Eurex Clearing’s segregation models for asset protection.

 

Onboarding as a disclosed client

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.

Documentation to be completed through your CM

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.

Nominate a qualified staff member in the back office (QBO) - Eurex NCMs only

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.

Choosing a segregation model

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.

Simulation environment

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.

Online onboarding tool

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