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Default of a client

Default of a client

While Eurex Clearing is responsible for handling the default of a Clearing Member including the liquidation of any client positions that could not be successfully transferred to a non-defaulted Clearing Member, the default of a Clearing Member’s client is handled by such Clearing Member, rather than by Eurex Clearing.

Different requirements apply depending on whether a disclosed client or an undisclosed client defaults. Undisclosed clients (also referred to as a-account clients) can only participate in omnibus clearing models, while individual segregation is not possible. Disclosed clients, which can be Non-Clearing Members or Registered Customers, can chose between omnibus segregation and individual segregation. While the identity of undisclosed clients is not known to Eurex Clearing, both Non-Clearing Members and Registered Customers have entered into contractual agreements with their Clearing Member and with Eurex Clearing.