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Default of a client

Default of a client

While Eurex Clearing is responsible for handling the default of a Clearing Member including the liquidation of any client positions that could not be successfully transferred to a non-defaulted Clearing Member, the default of a Clearing Member's client is handled by such Clearing Member, rather than by Eurex Clearing.

Different requirements apply depending on whether a disclosed client or an undisclosed client defaults. Undisclosed clients can only participate in omnibus clearing models, while individual segregation is not possible. Disclosed Direct Clients, which can be Basic DCs, DCs with System Access or DC Market Participants, can chose between omnibus segregation and individual segregation. While the identity of undisclosed clients is not known to Eurex Clearing, Eurex Clearing requires contact information for each Disclosed Direct Client and therefore knows their identity.