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OSA

Omnibus Segregated Account (OSA)

Our OSA models offer our Clearing Members and their clients a range of options to allow flexible position and collateral segregation. We offer traditional listed net omnibus clearing, gross omnibus clearing for disclosed clients, and allow Clearing Members to comply with United Kingdom (UK) Client Asset Sourcebok.

Clearing Members may choose between the below technical implementations of the OSA:

 

Standard OSA

Positions of disclosed clients and positions of undisclosed clients are segregated and covered by a single collateral pool. Net omnibus is available through the use of an undisclosed position account and gross omnibus is available for disclosed clients (NCMs and RCs).

OSA under CASS

Eurex Clearing’s CASS Net Omnibus Clearing Model additionally allows Clearing Members located in the United Kingdom to apply the CASS rules when providing omnibus segregation.

Multiple OSA

While being operationally the same as the Standard Omnibus Segregated Account, multiple omnibus segregation accounts allow a Clearing Member and clients to decide which clients are allocated to which collateral pool, allowing the clients to determine their acceptable fellow customer risk. Disclosed and undisclosed client accounts are available. For example  it is possible to segregate a Fund Manager’s funds into a single separate collateral pool (multiple OSAs can be CASS or Non CASS).

Porting under Omnibus models

Porting under any OSA structure is possible only if all clients in the same client collateral pool port to a single replacement Clearing Member (Transferee Clearing Member) and Eurex Clearing receives this confirmation by the close of the porting period. If a Termination Event has occurred, the porting period runs from the occurrence of the Termination Event until (and including) 13.00  CET on the immediately following business day.

For each Multiple OSA it is possible to assign a back up CM, in a default situation operations would contact this back up.