The markets we clear.
Membership Types

Becoming a Clearing Member

Market specific admission requirements

For Eurex Repo and Securities Lending specific (additional) admission requirements are needed.

In addition to the details provided in the admission requirement overview, specific requirements apply for Eurex Repo.

Members can choose between the following Repo Clearing licenses:

  • GCM Repo Clearing License
  • DCM Repo Clearing License
  • Specific Repo License


Clearing & settlement accounts*
We offer Members flexibility when setting up the pledge securities accounts and settlement accounts that are required for clearing membership. Members can choose to set up accounts at either Clearstream Banking AG, Frankfurt, Clearstream Banking S.A., Luxembourg or SIS SegaInterSettle for pledge securities accounts. For settlement purposes, members have the choice of Clearstream Banking AG, Frankfurt, Clearstream Banking SA, Luxembourg, and/or Euroclear SA/NV Bank.

Settlement of GC Pooling transactions are accomplished in Clearstream Banking only.

Cash account

Pledged securities account

Settlement account

Eurex Repo Clearing License

TARGET2 account of a Eurozone national central bank (EUR)
or
Swiss Interbank Clearing AG account (EUR; optional for Swiss Clearing Members)

Clearstream Banking AG, Frankfurt
or
Clearstream Banking SA, Luxembourg
or
SIX SIS AG, Zurich (SIS)

Clearstream Banking AG Frankfurt
or
Clearstream Banking SA, Luxembourg
or
Euroclear Bank SA/NV


* Note in the case that Xemac / CmaX are utilised for margin collateral, pledged securities accounts are not required.

Special regulations for Corporate Customers/Non-financial institutions as GC Pooling Select participants: Those participants can only participate as “Specific Repo Licence Holders”. Based on this, no direct access to clearing and settlement accounts is necessary. Complete clearing service will be provided by Eurex Clearing AG whereas the full settlement service (i.e. cash- and collateral management) will be completely covered by Clearstream Banking AG.
Both entities of Deutsche Börse Group act on behalf (i.e. with power of attorney) of the Specific Repo License Holders with the goal to prevent them from any additional administrative burden.

In addition to the details provided in the admission requirement overview, specific requirements apply for Securities Lending.
Members can choose between the following Securities Lending licenses:

  • DCM Securities Lending Direct Clearing License (allows the clearing of own transactions only)
  • SLLH Securities Lending Specific Lender License Holder License (allows the clearing of own transactions only as a lender)

We offer Clearing Members flexibility when setting up pledged securities accounts and settlement accounts that are required for Clearing Membership. They can choose to set up accounts at either Clearstream Banking AG, Frankfurt or SIS SegaInterSettle AG, Zurich for pledge securities accounts.
 


Account setup for participants


Cash account

Securities accounts for ETF’s and equity loan securities at CSDs

Securities accounts fixed income loans at CSDs 

Tri-Party Collateral Agent (TPCA)

EUR: TARGET2 account of a national central bank in the Eurozone
 

EUR, CHF and GBP (which are not in respect of margin) multicurrency

Germany Clearstream Banking Frankfurt (CBF), (CBF(I)

Clearstream Banking S.A. Luxembourg

Euroclear Bank SA/NV

USD: Payment banks for U.S. dollar.

  • Bank of America
  • Citibank N.A.
  • Deutsche Bank Trust Company Americas (DBTCA)
  • HSBC Bank USA N.A.
  • JP Morgan Chase Bank N.A.

CHF: Swiss National Bank (SNB)


Belgium ESES/Euroclear Belgium

France ESES/Euroclear France

Germany Clearstream Banking Frankfurt (CBF), (CBF(I))

Netherlands ESES/Euroclear Netherlands

Switzerland SegaInterSettle Zurich (SIX SIS)

Euroclear UK & Ireland (EUI)

Germany Clearstream Banking Frankfurt (CBF), (CBF(I)


Clearstream Banking S.A. Luxembourg


Euroclear SA/NV

Access to the infrastructure of at least one Tri-Party Collateral Agent (TPCA).

Securities accounts for fixed income loan securities at (I)CSDs:


- Clearstream Banking Luxembourg (CBL)

and/or

- Euroclear Bank (EOC)




Collateral management at Tri-Party Collateral Agents

Eurex Clearing's CCP service for securities lending makes use of the services of Tri-Party Collateral Agents (TPCA) for the management of the non-cash Principal Collateral of loan transactions. Currently Clearstream Banking Luxembourg (CBL) and Euroclear Bank (EB) have been integrated in the CCP service for securities lending.

Lender and Borrower have to agree to use the same Tri-Party Collateral Agent, either Clearstream Banking Luxembourg (CBL) or Euroclear Bank (EB). No cross-collateralization between the Tri-Party Collateral Agents is envisaged.

The Tri-Party Collateral Agent manages the Principal Collateral based on the principal exposure information that is calculated and sent by the CCP. For this service, the Tri-Party Collateral Agents apply eligibility criteria.


In addition to the details provided in the admission requirement overview, specific requirements apply for Eurex OTC IRD Clear.

  • Members can choose between the following Eurex OTC Clear IRD Clearing licenses:GCM Eurex OTC IRD Clearing License
  • DCM Eurex OTC IRD Clearing License (allows the clearing of own transactions only)

Cash Accounts
Clearing Members should be able to support cash payments settling through the Eurex Clearing payment infrastructure for OTC products 

  • Besides the cash accounts for margin payments and for all currencies it clears. More information on accepted payment banks.

Financial Calendar

  • Clearing Members need  to  have  a  license  with  the  financial  calendar  provider  Swaps Monitor®.

Access to Approved Trade Source System
Clearing Members, Basic Clearing Members and DCs for OTC have to be connected to an Approved Trade  Source  connected  to  Eurex  Clearing. With the  acceptance  of  the Clearing  Conditions, members  confirm  that  they  are  a  user/end-user  of  an  ATS. No separate evidence is required.

  • Bloomberg 
  • MarkitWire
  • Tradeweb

In addition to the details provided in the admission requirement overview and in addition to the requirements for EurexOTC IRD Clear, specific requirements apply for Eurex OTC Currency Product Clear.

Members can choose between the following Eurex OTC Clear Currency Product Clearing licenses:

  • GCM Eurex OTC Currency Product Clearing License
  • DCM Eurex OTC Currency Product Clearing License (allows the clearing of own transactions only)

The OTC Currency Product  clearing  license  allows  members  to  select  currency  pairs they intend to trade. The OTC Currency Products clearing license covers the following transaction types:

a) Product group OTC FX  Products  (FX  Spot,  FX  Forwards  and  FX Swaps) with the currency pairs EUR/USD and GBP/USD (default group for OTC FX Products and OTC XCCY Products)

b) Product group OTC XCCY Products (Cross Currency Swaps) with the currency pairs EUR/USD and/or GBP/USD

Before Admission the CM must successfully complete simulation and production payment trialling and must confirm its operational readiness. Trialling will include submission of PIPOs from Eurex Clearing AG to CLS Bank and small-value Pay-in messages sent in the production environment by the CM and Pay-outs sent to the CM by CLS Bank.


Cash Accounts

  • For currency exchanges in the CLS CCP Service, the Clearing Members should have the ability to pay and receive into CLS central bank accounts EUR, GBP and USD. The Clearing Member will  pay  the funds  in  the  CLS  central  bank  account  either  directly  or using a nostro agent, with Eurex Clearing as named beneficiary for settlement.

FX Swap Line
The applying OTC Currency Product Clearing Member needs to enter into an option agreement with Eurex Clearing under which Eurex Clearing AG (i) is granted the option to enter into one or more FX swap(s) with the Clearing Member up to a maximum amount.


Access to Approved Trade Source System
Clearing Members, Basic Clearing Members and DC for OTC have to be connected to an Approved Trade Source connected to Eurex Clearing. With the acceptance of the Clearing Conditions, members confirm that they are a user/end-user of an ATS.No separate evidence is required.

  • MarkitWire (OTC XCCY)
  • 360T (OTC FX)

In addition to the details provided in the admission requirement overview, specific requirements apply for Eurex Derivatives.

Members can choose between the following Eurex Derivatives Clearing licenses:

  • GCM Eurex Derivatives Clearing License
  • DCM Eurex Derivatives Clearing License


Clearing & settlement accounts*
We offer Members flexibility when setting up the pledge securities accounts and settlement accounts that are required for clearing membership. Members can choose to set up accounts at either Clearstream Banking AG, Frankfurt, Clearstream Banking S.A., Luxembourg or SIS SegaInterSettle for pledge securities accounts. For settlement purposes, members have the choice of Clearstream Banking AG, Frankfurt and/or SIX SIS AG Zurich (SIS).


Cash account

Pledged securities account

Settlement account

Eurex Derivatives Clearing License

TARGET2 account of a Eurozone national central bank (EUR)
or
Swiss Interbank Clearing AG account (EUR; optional for Swiss Clearing Members)

Clearstream Banking AG, Frankfurt
or
Clearstream Banking SA, Luxembourg
or
SIX SIS AG, Zurich (SIS)

Clearstream Banking AG Frankfurt
or
SIX SIS AG, Zurich (SIS)

* Note in the case that Xemac / CmaX are utilised for margin collateral, pledged securities accounts are not required.

In addition to the membership requirements outlined above for a Eurex Derivatives Licence, there are some specific requirements to consider if you would like to clear the products traded through one of our Co-operations partnerships.

Eurex/KRX Link

To enable trading of the Korean Won (KRW) denominated Eurex KOSPI Products, please contact your Trading Account Manager.

If you want to be able to clear these products on Eurex Clearing AG, there are some additional requirements:

  • KRW account with one of the two participating payment banks (Shinhan Bank or HSBC Seoul Branch) in South Korea directly or provided by a correspondent bank to settle cash obligations at the payment bank.
  • Power of attorney in favour of Eurex Clearing for all cash transactions resulting from the Eurex KOSPI Products denominated in KRW.

As an operational prerequisite, the participating Clearing Members that settle expired positions in the Eurex KOSPI Products into positions on KRX will be subject to a Supplementary Asia (“SUPA”) margin in Prisma to address the overnight risk of the actual positions.

In addition to the details provided in the admission requirement overview, specific requirements apply for Frankfurter Wertpapierbörse.

Members can choose between the following Frankfurter Wertpapierbörse Clearing licenses:

  • GCM Frankfurter Wertpapierbörse Clearing License
  • DCM Frankfurter Wertpapierbörse Clearing License

Clearing & settlement accounts*

We offer Members flexibility when setting up the pledge securities accounts and settlement accounts that are required for clearing membership. Members can choose to set up accounts at either Clearstream Banking AG, Frankfurt, Clearstream Banking S.A., Luxembourg or SIS SegaInterSettle for pledge securities accounts. For settlement purposes, members have the choice of Clearstream Banking AG, Frankfurt and SIX SIS AG Zurich (SIS).


Cash account

Pledged securities account

Settlement account

Frankfurter Wertpapierbörse Clearing License

TARGET2 account of a Eurozone national central bank (EUR)
or
Swiss Interbank Clearing AG account (EUR; optional for Swiss Clearing Members)

Clearstream Banking AG, Frankfurt
or
Clearstream Banking SA, Luxembourg
or
SIX SIS AG, Zurich (SIS)

Clearstream Banking AG Frankfurt
and
SIX SIS AG, Zurich (SIS)

* Note in the case that Xemac / CmaX are utilised for margin collateral, pledged securities accounts are not required.