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ISA Direct

ISA Direct

Direct Clearing membership for the buy side

Our ISA Direct model combines elements of a direct clearing membership and the traditional service relationship in client clearing - tailored specifically for the buy side. It opens up a new principal client relationship between buy side clients and the CCP, with the regular Clearing Member acting as a Clearing Agent, providing a variety of mandatory and optional service functions.

At a glance

  • Direct buy-side membership via a Clearing Agent
  • The Clearing Agent covers the default fund contribution & default management obligation
  • The member maintains legal and beneficial collateral ownership 
  • Reduced capital requirements
  • Improved buy-side conditions versus bilateral arrangements
  • Enhanced segregation & portability
  • Direct CCP access for cleared Repo, providing a larger liquidity pool

Increased balance sheet capacity

Incorporating additional regulatory challenges while implementing sensible business practices can go hand-in-hand. 
With ISA Direct, buy-side clients gain direct access to centrally cleared Repo and OTC IRS markets. This enables them to directly raise cash and increase their balance sheet. As this is all done within the same ecosystem where the initial and variation margins are posted for other transactions, settlement failures and settlement fees are also reduced. 

Buy-side opportunities in central clearing

Advantages of ISA Direct

Contact us

Fixed Income, Funding & Financing Sales

T +49-69-211-138 59


T +44-20-78 62-72 39