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Client types

Client types

Client Types - Undisclosed Clients

Undisclosed Direct Clients

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

Indirect Clients

An indirect client is known to the direct client. Clearing Members providing indirect clearing services are required to offer OSA and GOSA as segregation option to the direct client for its clients. Depending on the offering of the Clearing Member OSAs can be provided on a per indirect client level (GOSA) or across all indirect clients (NOSA). Depending on the option chosen , it is possible that their collateral and positions will be comingled with other indirect clients. Indirect clients are not eligible for individual segregation. 

Client types - Disclosed Clients

There are the following disclosed client types at Eurex Clearing:

 

Non-Clearing Members (NCM)

NCMs are Trading Participants who do not hold a clearing license, but execute their own transactions on the exchange. NCMs are required 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).

They have entered into a tripartite agreement with Eurex Clearing and their Clearing Member.

NCMs are required to have access to the clearing systems1, to the Common Report Engine as well as to the relevant trading system.

1 applies only to those NCMs who have not outsourced their back office functions or opt for ISA.

Registered Customers (RC)

RCs do not have a clearing license and are not a Trading Participant. Specifically for EurexOTC Clear, clients are required to be a member/ user of an Approved Trade Source, such as MarkitWire or Bloomberg, to enter into EurexOTC Clear trades. RCs may also be active in listed derivatives but they are not able to execute their own trades.

They have entered into a tripartite agreement with Eurex Clearing and their Clearing Member.

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

Specified Clients (SC)

They are direct clients of a Clearing Member and disclosed to Eurex Clearing by providing the name of the SC, the address of its statutory seat, the e-mail address (for default management purposes) or alternative contact details, the telephone number and the legal entity identifier (LEI) of the SC.

Eurex Transaction and OTC Derivatives Transactions relating to SCs are maintained in a client-related position account of the Clearing Member qualified as GOSA or ICM depending on the chosen clearing model.

A SC shall not have a contractual relationship with Eurex Clearing AG and shall not be required to enter into a tripartite clearing agreement between the SC its CM and Eurex Clearing.