Admission to direct participation in the Clearing Process can take place as General Clearing Membership (GCM) or Direct Clearing Membership (DCM). Participation as a GCM or DCM requires the granting of the appropriate license, for which specific requirements must be fulfilled.

A General Clearing Member (GCM) may clear its own transactions, those of its customers, as well as those of trading participants which do not hold a Clearing License (Non-Clearing Member - NCM). A Direct Clearing Member (DCM) is entitled to clear only its own transactions, those of its customers, and those of its 100 percent corporate affiliated NCMs. Only a Clearing Member - GCM or DCM - may be a counterparty of Eurex Clearing AG in a transaction.

Companies may apply for one or more Clearing Licenses:

• Eurex Derivatives Clearing License
  
• Eurex Bonds Clearing License
  
• Eurex Repo Clearing License
  
• FWB® Equity Clearing License
  
• ISE Equity Clearing License
  
• EEX Clearing License
  

Financial institutions located within the European Union or Switzerland which are authorized to operate custody business, credit operations and receipt of margin requirements by customers in the form of securities and cash may apply for a Clearing License at Eurex Clearing AG.

Clearing Members must comply to the minimum capital requirements of Eurex Clearing AG and contribute to the Clearing Fund. Appropriate clearing and settlement accounts and adequate back office installations are required for Clearing Members.