Trade
Eurex Listed
EurexOTC Clear
About EurexOTC Clear Service Offering for PSAs EMIR 3.0 - active account CCP Switch On-boarding Compression Service Product Scope Interest Rate Swaps Inflation Swaps Settlement Prices
Eurex NDF Clearing
On-boarding
Eurex Repo
Eurex/KRX Link
Deutsche Börse Cash Market
Xetra and Börse Frankfurt
Clearing volumes
image-2023-10-23-14-12-02-899
Membership Types
Clearing Member ISA Direct Member ISA Direct Light Licence Holder Clearing Agent Client
ISA Direct
LSOC
Admission criteria and scope Infrastructure and collateral LSOC model Porting under LSOC
Partnership Program OTC IRD
Partnership Program Participants Participant views
Partnership Program Repo
Partnership Program Participants Participant views
Partnership Program STIR
Partnership Program Participants
Clearing contacts
ESG Visibility Hub
image-2023-10-23-14-12-02-899
image-2023-10-23-14-12-02-899
Initiatives & Releases
Cross-Project-Calendar C7 Releases C7 SCS Releases C7 CAS Releases EurexOTC Clear Releases Prisma Releases Member Section Releases Simulation calendar Archive
Onboarding
Technology
C7 EurexOTC Clear C7 SCS Prisma Common Report Engine ISV & Service Provider Connectivity
Clearing Activity
User ID Maintenance Clearing Hours Clearing Reports Product Specifications Clearing on behalf Delivery Management Transaction Management Collateral Management
Risk
Collateral Transparency Enabler Files Segregation Models Reports Default Fund Intraday Margin Calls OTC Clear Procedures OTC Clear Tutorials Cross Margining Support Supplementary Margins
Regulation
Compliance
Information Channels
Service Status Implementation news Eurex App Circulars & Newsflashes
image-2023-10-23-14-12-02-899
Risk management
Default Waterfall Model validation Stress testing Default Management Process Client Asset Protection under EMIR Client Asset Protection under LSOC Credit, concentration & wrong way risk System-based risk controls Pioneering CCP Transparency
Risk parameters
Haircut and adjusted exchange rates Securities margin groups and classes Prices Rolling Spot Future File services Bond Clusters
Transaction management
Listed derivatives OTC derivatives Listed securities Cash management Delivery management CCP eligible instruments
Funding
Collateral management
Cash collateral Securities collateral Margin settlement Collateral valuation
Margining
Eurex Clearing Prisma Cross-product margining Margining process
Margin Calculators
Eurex Clearing Prisma Margin Calculators RBM Calculator
ESG Clearing Compass
Volume statistics
image-2023-10-23-14-12-02-899
Eurex Clearing Rules & Regulations
Regulations
CFTC DCO Filings U.S. Taxation Legal opinions Sanctions regimes
EMIR 3.0 - active account
SA-CCR
IBOR Reform
Uncleared Margin Rules
image-2023-10-23-14-12-02-899
Eurex Newsletter Subscription
Circulars & Newsflashes Subscription
Corporate Action Information Subscription
Circulars & Readiness Newsflashes
News
Videos
Webcasts on demand
Publications
Forms
Events
Eurex Clearing Contacts
Hotlines Contact for whistleblowers
FAQs
Corporate governance
Corporate structure Executive Board Supervisory Board Eurex Clearing Committees Annual reports
About us
Company profile Regulatory standards Remuneration Pillar 3 Disclosure Report Licensing & supervision Compliance standards Business continuity planning
Production Newsboard
image-2023-10-23-14-12-02-899

Trade
image-2023-10-23-14-12-02-899

Clear

Eurex Listed

Eurex Repo

Eurex/KRX Link

Clearing volumes
image-2023-10-23-14-12-02-899

EurexOTC Clear

About EurexOTC Clear

Service Offering for PSAs

EMIR 3.0 - active account

CCP Switch

On-boarding

Compression Service

Product Scope

Interest Rate Swaps

Inflation Swaps

Settlement Prices
image-2023-10-23-14-12-02-899

Eurex NDF Clearing

On-boarding
image-2023-10-23-14-12-02-899

Deutsche Börse Cash Market

Xetra and Börse Frankfurt
image-2023-10-23-14-12-02-899

Join

ISA Direct
image-2023-10-23-14-12-02-899

Membership Types

Clearing Member

ISA Direct Member

ISA Direct Light Licence Holder

Clearing Agent

Client
image-2023-10-23-14-12-02-899

LSOC

Admission criteria and scope

Infrastructure and collateral

LSOC model

Porting under LSOC
image-2023-10-23-14-12-02-899

Partnership Program OTC IRD

Partnership Program Participants

Participant views
image-2023-10-23-14-12-02-899

Partnership Program Repo

Partnership Program Participants

Participant views
image-2023-10-23-14-12-02-899

Partnership Program STIR

Partnership Program Participants
image-2023-10-23-14-12-02-899

Clearing contacts

ESG Visibility Hub
image-2023-10-23-14-12-02-899

Support

Onboarding

Regulation

Compliance
image-2023-10-23-14-12-02-899

Initiatives & Releases

Cross-Project-Calendar

C7 Releases

C7 SCS Releases

C7 CAS Releases

EurexOTC Clear Releases

Prisma Releases

Member Section Releases

Simulation calendar

Archive
image-2023-10-23-14-12-02-899

Technology

C7

EurexOTC Clear

C7 SCS

Prisma

Common Report Engine

ISV & Service Provider

Connectivity
image-2023-10-23-14-12-02-899

Clearing Activity

User ID Maintenance

Clearing Hours

Clearing Reports

Product Specifications

Clearing on behalf

Delivery Management

Transaction Management

Collateral Management
image-2023-10-23-14-12-02-899

Risk

Collateral

Transparency Enabler Files

Segregation Models

Reports

Default Fund

Intraday Margin Calls

OTC Clear Procedures

OTC Clear Tutorials

Cross Margining Support

Supplementary Margins
image-2023-10-23-14-12-02-899

Information Channels

Service Status

Implementation news

Eurex App

Circulars & Newsflashes
image-2023-10-23-14-12-02-899

Services

Funding

ESG Clearing Compass

Volume statistics
image-2023-10-23-14-12-02-899

Risk management

Default Waterfall

Model validation

Stress testing

Default Management Process

Client Asset Protection under EMIR

Client Asset Protection under LSOC

Credit, concentration & wrong way risk

System-based risk controls

Pioneering CCP Transparency
image-2023-10-23-14-12-02-899

Risk parameters

Haircut and adjusted exchange rates

Securities margin groups and classes

Prices Rolling Spot Future

File services

Bond Clusters
image-2023-10-23-14-12-02-899

Transaction management

Listed derivatives

OTC derivatives

Listed securities

Cash management

Delivery management

CCP eligible instruments
image-2023-10-23-14-12-02-899

Collateral management

Cash collateral

Securities collateral

Margin settlement

Collateral valuation
image-2023-10-23-14-12-02-899

Margining

Eurex Clearing Prisma

Cross-product margining

Margining process
image-2023-10-23-14-12-02-899

Margin Calculators

Eurex Clearing Prisma Margin Calculators

RBM Calculator
image-2023-10-23-14-12-02-899

Rules & Regs

Eurex Clearing Rules & Regulations

EMIR 3.0 - active account

SA-CCR

IBOR Reform

Uncleared Margin Rules
image-2023-10-23-14-12-02-899

Regulations

CFTC DCO Filings

U.S. Taxation

Legal opinions

Sanctions regimes
image-2023-10-23-14-12-02-899

Find

Eurex Newsletter Subscription

Circulars & Newsflashes Subscription

Corporate Action Information Subscription

Circulars & Readiness Newsflashes

News

Videos

Webcasts on demand

Publications

Forms

Events

FAQs

Production Newsboard
image-2023-10-23-14-12-02-899

Eurex Clearing Contacts

Hotlines

Contact for whistleblowers
image-2023-10-23-14-12-02-899

Corporate governance

Corporate structure

Executive Board

Supervisory Board

Eurex Clearing Committees

Annual reports
image-2023-10-23-14-12-02-899

About us

Company profile

Regulatory standards

Remuneration

Pillar 3 Disclosure Report

Licensing & supervision

Compliance standards

Business continuity planning
image-2023-10-23-14-12-02-899
Risk
Collateral Transparency Enabler Files Segregation Models Reports Default Fund Intraday Margin Calls OTC Clear Procedures OTC Clear Tutorials Cross Margining Support Supplementary Margins

Segregation Models Support

The main reason for segregation is the separation of positions and collateral in case of a Clearing Member default. Eurex Clearing offers a variety of Segregation Models to address the needs for segregation of different client types.

There are different types of accounts and segregation types:

Under European framework (EMIR):

  • Net Omnibus Segregated Account (NOSA)
  • Gross Omnibus Segregated Account (GOSA) 
  • Individual Segregated Account (ISA)


Under US framework:

  • Legally Segregated Operationally Commingled (LSOC)

W129_segregation-models_clearing124











The main criteria to decide on the required level of segregation are: 

  • fellow customer risk sharing or not
  • separate Collateral Pool desired or not
  • Margin efficiencies net or gross

Clients should contact their Key Account Managers or client.services@eurex.com and clarify, which Segregation Models fits best to their needs. For more details please refer to: Client Asset Protection.

FAQ

  • Net Omnibus Segregated Accounts have the highest Margin efficiency stemming from the fact that positions of several clients are commingled and netted within one account. 
  • However, this Segregation Model also incurs the highest fellow customer risk. 

  • Individually Segregated Accounts have no fellow customer risk as both the positions and the assets of the client are separated from both Clearing Member's assets and other clients.
  • Gross Omnibus Segregated Accounts offer only a limited protection from fellow customer risk as the Collateral Pool is shared with other clients.

  • Client Asset Protection (CAP) under EMIR service of Eurex offers the possibility for clients to port to a Replacement Clearing Member and continue clearing activities even after their Clearing Member defaults.
  • Service is available for both: 
    • Omnibus Segregation
    • Individual Segregation 
  • For more information please visit our homepage: Porting under EMIR.
  • Please contact: Group Client Services, Trading & Clearing and Cash Market
  • Porting to a Replacement ‘Futures Commission Merchant’ (FCM) Clearing Member is also possible for 'Legally Segregated, Operationally Commingled' (LSOC) US-Clients. 
  • For more information please refer to our homepage: Porting under LSOC.

  • The Fund Manager (Authorized Manager) solution allows a fund specific position account set-up in an operationally efficient manner and is available for all Segregation Models of Eurex.
  • In general, all position accounts are set-up to separate each relevant fund which is disclosed to the Central Counterparty (CCP). 
  • The Clearing Member can optionally select for its Fund Manager a set-up of multiple transaction accounts in a single risk netting unit.
  • For more detail please contact your Key Account Manager or client.services@eurex.com.  
  • For more detail please refer to our homepage: Fund Manager set-up.

  • ISA Direct Model combines elements of a direct clearing membership and the traditional service relationship in client clearing - tailored specifically for the buy side. 
  • It opens up a new principal client relationship between buy side clients and the CCP, with the regular Clearing Member acting as a ‘Clearing Agent’, providing a variety of mandatory and optional service functions.
  • Please contact: Fixed Income, Funding & Financing Sales
    Frankfurt: Phone: +49-69-211-138 59
    London: Phone: +44-20-78 62-72 76
    E-Mail: FixedIncome.Sales@eurex.com

For more information please refer to our homepage:  ISA Direct.

Supporting Documents

Contact

Contact

Eurex Frankfurt AG
Key Account Management

Service times from 09:00 - 18:00 CET

T +49-69-211-10 333

client.services@eurex.com


STIR partnership program

Market-led solution to create an alternative liquidity pool for € short-term interest rate derivatives
Read more

About us

Contacts

Follow us

News Services

Eurex Eurex Clearing Eurex Repo Market EEX 360T Xetra Börse Frankfurt Clearstream Qontigo
Disclaimer Privacy notice Imprint Eurex Clearing Rules & Regulations Sitemap