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Porting

Porting

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Within its Client Asset Protection service Eurex Clearing offers omnibus segregation ("OSA" – Omnibus Segregated Accounts) as well as individual segregation ("ISA" – Individually Segregated Accounts or "ICM" – Individual Clearing Model) which provide for client segregation and portability according to European Market Infrastructure Regulation (EMIR) requirements for Disclosed Direct Clients' as well as Undisclosed Direct Clients' transactions and allocated collateral following the default of their Clearing Member to a new Clearing Member ("Replacement Clearing Member").

In line with requirements under the EMIR and Markets in Financial Instruments Regulation (MiFIR), Eurex Clearing also supports segregation for indirect clients, i.e. the clients of a direct client, in all segregation models on request of the respective Clearing Member. These indirect clients can either opt for net omnibus or gross omnibus segregation given that the Clearing Member offers indirect clearing. In the case of a Clearing Member default, Eurex Clearing will act on the instructions of the direct client which will also apply to the respective indirect clients.

Once the termination of a Clearing Member is declared, the following applies to the Defaulted Clearing Member and its clients:

  • The Defaulted Clearing Member and all of its clients 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 client transactions are suspended.
  • Any outstanding delivery obligation and/or cash payment obligation, including Variation Margin payments are either part of the difference claim or part of the porting process. 

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' transactions 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 restrictions within the default management process apply (including the porting mechanism) based on the legal circumstances in the jurisdiction where the Clearing Member is domiciled.

Eurex Clearing AG
Group Client Services, Trading & Clearing and Cash Market

T +49-69-211 1 17 00

 

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