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General information

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

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 non-disclosed 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 clients’ transactions is suspended.
  • Eurex Clearing will not provide any client related Variation Margin to the Defaulted Clearing Member.

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' positions 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.

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