Membership and Access

Eurex Credit Clear provides substantial benefits to Clearing Members and their customers.

These include:

• Leverage of existing Eurex Clearing infrastructure
• Efficient use of existing Clearing Member collateral deposits
• Buy side access as registered users or clients of Credit Clearing Members (CCM)

To participate in Eurex Credit Clear a clearing license has to be obtained from Eurex Clearing.

The following entry requirements apply to becoming a Credit Clearing Member with Eurex Clearing.

Legal requirements

A Credit Clearing Member (CCM) must be domiciled in the EU, Switzerland or the U.S. and licensed by a local authority. The CCM must also be under supervision of responsible local authority.

Capital Requirements

The initial equity capital requirement for Credit Clearing Members amounts to EUR 1 billion. The ongoing equity capital requirement is dynamic depending on the average margin requirement. Equity capital can be substituted in part by third party bank guarantee or collateral provided in cash or securities.

Clearing Fund Contribution

A separate dedicated clearing fund for CDS business will be required with a minimum contribution of EUR 50 million. The contribution is dynamic depending on the risk exposure of the CCM.

Operational Requirements

• Evidence of pledge account at Clearstream Banking Frankfurt or SegaIntersettle
• Cash account at TARGET 2 SECB Swiss Euro Clearing Bank ("SECB Account") and at the Swiss Interact Clearing AG ("euroSIC Account")
• Evidence of an account with CLS Bank International
• Power of attorney for Eurex Clearing to act on behalf of flow provider (e.g. DTCC), security settlement and cash-account
• Technical connectivity to Eurex Clearing network
• Qualified back office personnel

For further information please contact