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Default of a NCM / RC operating under the Elementary Clearing Model or the Net Omnibus Clearing Model

Default of a Non-Clearing Member/Registered Customer operating under the Elementary Clearing Model or the Net Omnibus 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 in writing a transfer of the respective positions into one of its proprietary accounts from Eurex Clearing.
  • In the Elementary Clearing Model and the Net Omnibus Clearing Model, collateral securing the defaulted Non-Clearing Member’s or Registered Customer’s positions has been deposited with Eurex Clearing by the Clearing Member. The Clearing Member has direct access to this collateral and but the handling or liquidation of collateral solely depends on the Clearing Member’s bilateral agreements with the respective Non-Clearing Member or Registered Customer.
  • 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.