Trading and Clearing Admission

Trading Admission Eurex Repo

• The applicant must be under the regulation of a domestic regulatory Authority
• The applicant must be a credit institution or an investment firm according to the definition set forth in Art. 1Paragraph 1 and 2 and Art 4 Paragraph 1 of the Council Directive on markets for financial instruments 2004/39/EG («MiFID»)
• The applicant is responsible for the technical connection to the Eurex Repo® trading system
• The applicant is required to follow the Eurex Clearing clearing process
    - Directly: As a Clearing Member of Eurex Clearing
    - Indirectly: By signing an agreement with an existing Clearing Member

Clearing Admission Eurex Clearing

The applicant may apply for a General-Clearing or Direct-Clearing-Membership. The General Clearing Member (GCM) has the right to clear its own trades as well as the trades of its customers and Non Clearing Members (NCMs). The Direct Clearing Member (DCM) has the right to clear its own trades as well as the trades of its customers and NCMs provided they are 100 % affiliated.

The Clearing Member must be a financial institution located within the European Union or Switzerland and needs the admission to operate custody business, credit operation and receipt of margin by customers in the form of securities and cash.

In addition the Clearing Member must fulfill the following requirements:

• Minimum amount of liable equity capital (see the following table)
• Clearing fund contribution (see the following table)
• Cash Clearing: RTGS eligible account

Settlement and pledging of Securities:

• Securities deposit: at Clearstream Banking or Euroclear
• Pledged Securities Account: at Clearstream Banking Frankfurt or SegaInterSettle

For more information about Clearstream Banking Frankfurt or Euroclear see Links.

1) Capital, which is already in an account for clearing of derivatives or bonds can be taken into account for repo clearing.

2) If admission to repo clearing exist, it is not required to provide evidence of capital for derivatives and cash bonds clearing.