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Client types

Client types

Undisclosed

An undisclosed client is known to the CM, but not disclosed to Eurex Clearing.  Rather, clients do not have a direct legal relationship with Eurex Clearing. Clients can use one or multiple executing brokers (EB) and one or multiple Clearing Members.  Undisclosed client trades are posted into the agency account(s) (A1-A7 or A9) of their CM. As a result of this, it is possible that their collateral and positions will be co-mingled with the Clearing Members other clients (whose identity is also not known to the client or the CCP). An undisclosed client is not eligible for individual segregation.

Disclosed

Disclosed clients are known to Eurex Clearing. They have entered into a tripartite agreement with Eurex Clearing and their Clearing Member. There are three disclosed client types at Eurex Clearing:

 

Non Clearing Members (NCMs)

NCMs are Trading Participants who do not hold a clearing license, 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 license 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. RCs are eligible for all segregation models.

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 all segregation models.