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Individual Segregated Account (ISA)

Eurex Clearing was the first CCP to launch an EMIR compliant Individual Segregated Clearing Model, which fully mitigates the risks of a Clearing Member default. The ISA offers full physical segregation of a disclosed client’s positions and collateral. This differs from value-based models where only a value equivalent is protected instead of the client’s actual assets.

Porting under ISA

Should there be a default, clients can choose to port immediately to a Replacement Clearing Member or become an Interim Participant, directly facing Eurex Clearing until a Replacement Clearing Member is identified and accepts the port. Alternatively, clients can elect to close out and directly receive their collateral back without the involvement of the defaulting CMs insolvency practitioner.

Direct delivery available under ISA

ISA clients may deliver securities collateral from their source account at CBF/CBF-Int 6 series account directly to the dedicated Eurex Clearing collateral pool at Clearstream via a free of payment (FOP) MT54x SWIFT instruction.