Service Navigation

Default of a NCM / RC operating under the Individual Clearing Model

Default of a NCM/RC operating under the Individual Clearing Model

  • A Clearing Member is obliged to inform Eurex Clearing without undue delay of the default of any of its Non-Clearing Members or Registered Customers.
  • The Clearing Member can use the “Stop Button”, to exclude the Non-Clearing Member or Registered Customer from any trading and clearing activity.
  • Subsequently, the Clearing Member has to request in writing the suspension of the Non-Clearing Member (referencing Chapter I Part 1 Number 10.1 of the Clearing Conditions) or Registered Customer (referencing Chapter I Part 1 Number 11.1 of the Clearing Conditions) from Eurex Clearing. Please click here for the current Clearing Conditions.
  • If the Clearing Member has no direct access to the Non-Clearing Member's or Registered Customer's accounts, the Clearing Member has to request a transfer of the respective positions into one of its proprietary accounts from Eurex Clearing. A respective request is made by submitting the form “Eurex Clearing Notification regarding the occurrence of a "Default" by the ICM Client".
  • In the Individual Clearing Model, the defaulted Non-Clearing Member’s or Registered Customer’s collateral is not directly accessible to the Clearing Member. The Clearing Member has to request a transfer of the respective collateral from Eurex Clearing, by submitting the form “Agreement for the Transfer and Pledge of Eligible Margin Assets”.
  • Once the Clearing Member has access to the defaulted Non-Clearing Member's or Registered Customer’s positions and collateral, all subsequent steps are in the Clearing Member’s responsibility.