A Clearing Member is a guarantor and payment agent for all trades concluded at the Spot Market and steps between the transactions of ECC and Non Clearing Member to be contractual counter party for both on the Derivatives Market. A Clearing Member clears transactions as well as OTC-registered trades concluded on one of our Partner Exchanges for ECC-approved products.

As a participant in the clearing procedure, the Clearing Member holds a clearing license that covers all ECC approved products in Euro. It is based on a contract with ECC, the ECC Clearing Conditions, Technical Regulations and ECC’s Price List.

The Clearing license can be limited to Partner Exchanges or products upon a request by the Clearing Member.
 

Types of Clearing MembershipECC offers two types of clearing membership:

• Direct Clearing Member  (DCM)
  authorised to clear transactions on its own account, customer transactions as well as transactions by affiliated Non-Clearing Members
• General Clearing Member (GCM) 
  authorised to clear transactions on its own account, customer transactions or transactions by Non-Clearing Members
   
  

PrerequisitesA Clearing Member has to fulfill the following basic conditions:

• based in a member state of the European Union or Switzerland
• bank license of the local fiscal authority
• liable equity fund (EUR 30 m for GCMs / EUR 7.5 m for DCMs)
• TARGET2 account (own account or 3rd party account)
• settlement account at Clearstream Banking Frankfurt for the deposit of the contribution to the clearing fund
• technical access to ECC settlement system (EUREX/SMSS)
• proof of the operation of an adequate technical access (back-office access) and proof of qualified personnel
• contribution to the clearing fund (EUR 3.0 m for GCM / EUR 0.5 m for DCMs)

Please refer to the ECC Clearing Conditions for further details.