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Within its Client Asset Protection service Eurex Clearing offers the Elementary Clearing Model (ECM, also "OSA" – Omnibus Segregated Accounts) as well as the Individual Clearing Model (ICM, also "ISA" – Individually Segregated Accounts) which provide for client segregation and portability according to EMIR requirements for Non-Clearing Members' (NCMs), Registered Customers' (RCs), Specified Clients' (SCs) and non-disclosed clients' ("Direct Clients") transactions and collateral following the default of their Clearing Member to a new Clearing Member ("Replacement Clearing Member").

In line with requirements under the European Market Infrastructure Regulation (EMIR) and Markets in Financial Instruments Regulation (MiFIR), Eurex Clearing offers segregation for indirect clients, i.e. the clients of a direct client, in both the ECM and ICM. These clients can choose from a net omnibus or gross omnibus segregation. In the case of a Clearing Member default, Eurex Clearing will act on the instructions of the direct client which will also apply to the respective indirect clients.

Once the termination of a Clearing Member is declared, the following applies to the Defaulted Clearing Member and its NCMs/RCs:

  • The Defaulted Clearing Member, for itself, or on behalf of its clients and all of its NCMs/RCs are not entitled to enter any new orders or quotes into the systems of the markets. Pending orders and quotes are deleted.
  • The clearing and other activities of the Defaulted Clearing Member's client transactions are suspended.
  • Any outstanding delivery obligation and/or cash payment obligation, including Variation Margin payments are either part of the difference claim or part of the porting process. 

The availability of all model specific features depends on their compliance with the individual rules set out by the respective local jurisdiction of the Clearing Member. Porting of clients' transactions and collateral is intended and possible in all countries within the European Union in which Eurex Clearing provides its services. For other jurisdictions Eurex Clearing determines whether the porting mechanism is applicable based on the legal circumstances in the jurisdiction where the Clearing Member is domiciled.

Eurex Clearing AG
Group Client Key Account Management Trading

T +49-69-211 1 17 00


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