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Default of an undisclosed client (a-account client)

Default of an undisclosed client (a-account client)

  • A Clearing Member has no obligation to inform Eurex Clearing of the default of an undisclosed client.
  • All positions of the respective client are held on one of the Clearing Member’s client accounts (an a-account). The Clearing Member itself can transfer the positions from the client account to one of its proprietary accounts and can liquidate all respective positions. The transfer of positions is conducted via the "regular" position transfer functionality.
  • Since undisclosed clients can only operate under an omnibus clearing model, the collateral securing the defaulted client's positions has been deposited with Eurex Clearing by the Clearing Member. The Clearing Member does not need to request a transfer of collateral from Eurex Clearing, but the handling or liquidation of collateral solely depends on the Clearing Member’s bilateral agreements with the respective client.
  • The Clearing Member is responsible for liquidating the client’s portfolio.