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Non-Clearing Members (NCMs) are companies without a clearing license. They take part in clearing as clients of a Clearing Member on the markets for which ECC provides clearing services.

For the transactions to be cleared, the NCM has to contact a Clearing Member of his choice. The legal relationship between an NCM and a CM is defined by the Clearing Conditions and the NCM Agreement. Within this constellation the CM takes over financial settlement in order to perform financial transactions through one interface.

Admission by ECC constitutes a fundamental precondition for trading for NCMs. Admission ensures that settlement, delivery and hedging of the transactions will be secured by the clearing house.

The following requirements are necessary for admission by ECC:

  • completion of a Know-Your-Customer Questionnaire if requested by ECC and passing of the ECC KYC assessment or other applicable access policies of ECC
  • conclusion of a corresponding NCM Agreement with the co-operating Clearing Member and ECC
  • the clearing license of the Clearing Member co-operating with said Non-Clearing Member has to comprise the product concerned
  • in case of physical delivery, the conclusion of a balance group agreement with the respective TSO is required