The markets we clear.
Membership Types

Membership Types

Welcome to Eurex Clearing

As a multi-asset Clearing House, we offer several Clearing Licenses giving you access to some of the world's leading markets. Roles and requirements to becoming a member of the Clearing House (Eurex Clearing AG) vary across different markets and products, thus in the following a general overview of clearing membership types is provided.

Whether it is applying for a new membership or adding additional Clearing Licenses to access additional markets, Eurex Clearing's teams are ready to help you every step of the way.

Clearing Memberships

In general a Clearing Member is a direct member of the Clearing House and contractual counterpart to Eurex Clearing in its role as Central Counterparty (CCP) and thus responsible for the fulfillment of the obligations related to any transactions traded and cleared at Eurex Clearing.

Given the characteristics of the various asset classes cleared by Eurex Clearing the Clearing Membership Types and applicable admission requirements are tailored to the type of entities directly accessing the Clearing House. An overview of the different Clearing Membership Types and applicable typical type of entity is provided in the table below.
 

Clearing Membership Type

Typical client

Scope

Markets

General Clearing Membership (GCM)

Credit Institutions, Investment Firms and firms with equivalent status

House and client transactions

ETD, Repo/GC Pooling, OTC IRD, Cash Market

Direct Clearing Membership (DCM)

Credit Institutions, Investment Firms and firms with equivalent status

House transactions

ETD, Repo/GC Pooling, OTC IRD, Cash Market

FCM Clearing Membership

Credit Institutions, Investment Firm and firms with equivalent status

House and LSOC client transactions

OTC IRD

ISA Direct Clearing Membership

Investment Funds (UCITS, AIFMD),
Mutual Funds, Pension Funds,
(Re)Insurance Undertakings

Own transactions

Repo/GC Pooling, OTC IRD

ISA Direct Indemnified Clearing Membership

Hedge funds (AIF), Pension Funds

Own transactions

Repo/GC Pooling 

ISA Direct Light License Holder

(Re)Insurance Undertakings, Corporate Clients

Own transactions

GC Pooling

Clearing Agent

see GCM

Facilitate ISA Direct Clearing Memberships

Repo/GC Pooling, OTC IRD

Clients

Entities (Clients) which do not opt to becoming a direct member of the Clearing House can

  • clear their transactions via a General Clearing Member (GCM) or a FCM Clearing Member (FCM)
  • for all Eurex clearing eligible markets and may be
  • either disclosed or undisclosed to the Clearing House (Eurex Clearing AG).
  • Only disclosed clients undergone the onboarding process at Eurex
  • Undisclosed clients are only onboarded to the GCM or FCM and not visible for Eurex
  • Disclosed clients of a FCM Clearing Member are named FCM clients
  • Clients can choose between different levels of asset segregation according to their demand or regulatory obligation.

Click here for further information on how to become a Disclosed Client or a FCM Client.