Service Navigation

Clearing Process

Clearing Process

Only a market participant which has been admitted as a Clearing Member may be a counterparty of Eurex Clearing AG. Companies may become General Clearing Members (GCM) or Direct Clearing Members (DCM) of Eurex Clearing AG and may apply for one or more Clearing Licenses.

If a market participant does not itself hold a Clearing License, it must clear its transactions via a GCM or a company-affiliated DCM. In such cases, the contractual party of the Non-Clearing Member (NCM) will not be Eurex Clearing AG directly, but rather the GCM or company-affiliated DCM, which in turn is the contractual party of Eurex Clearing AG. Customers have contractual relationships solely with the respective market participants which execute customer orders and settle the transactions that have been made.

Possible Contractual Relationship upon Conclusion of Transaction

Each Clearing Member is obliged to demand from its customers and NCMs margin amounts which are at least as high as the levels that result from the Eurex Clearing AG method of calculation.

At Eurex Exchange, the give-up trade functionality allows market participants to hand over a trade during order entry, or subsequent to matching, to a Clearing Member other than the one they have a clearing arrangement with.

The financial clearing guarantees which must be put up by all Clearing Members are placed in the Eurex Clearing AG guarantee fund, so that a sufficient safety buffer is available with the Clearing House in the case of the insolvency of a member.

Further information