Introduction Eurex Clearing AG is the central counterparty for on-exchange trades executed on either Xetra® or the floor of FWB® Frankfurter Wertpapierbörse (Frankfurt Stock Exchange) in equitites that are subject to collective safe custody, denominated in euro and listed on Xetra. In its role as clearinghouse, it additionally assures the fulfillment and clearing of trades on the Eurex® derivatives exchange, Eurex Bonds® and Eurex Repo®. Please click here for detailed information on Eurex Clearing AG. 
Role as a central counterparty When a trade is executed in these markets, Eurex Clearing AG stands between the buyer and seller as clearinghouse for, and counterparty of, both contractual partners. The clearinghouse enables the transaction parties to make further decisions fully independent of each other and limit counterparty risks to a single contractual partner. The clearing system of Eurex Clearing AG, with its integrated safety and control mechanisms, thus guarantees fulfillment of every trade executed on these markets.
Clearing membership Admission to direct participation in the clearing process can take place in the form of a - General Clearing Membership (GCM) or
- Direct Clearing Membership (DCM).
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Participation as a GCM or DCM requires issuance of the appropriate license, for which the following requirements in particular must be fulfilled: - Any institution domiciled in a country of the European Union or in Switzerland with the license to conduct safe custody business, lending operations and the receipt of collateral in the form of cash or securities.
- Sufficient liable equity capital in the given local currency as per the provisions of applicable laws.
- Granting of a clearing guarantee issued by a third-party bank. The amount of the contribution provided shall be determined by Eurex Clearing AG for each Clearing Member.
- Maintainance of current accounts with the central banks or other fund clearing institutions stipulated by Eurex Clearing AG, as well as securities accounts at those central custodian organizations designated by Eurex Clearing AG (e.g. Clearstream Banking).
- Necessary technical installations and personnel required for back-office clearing operations.
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Please click here for detailed information on clearing membership.
Risk-based margining In order to ensure the fulfillment of all trades, Eurex Clearing AG protects itself against the risk of default by any of its members. The mainstay of this security system is margin, i.e., the funds or securities which must be deposited by Clearing Members as collateral for a given position. Eurex Clearing AG’s Risk Based Margining encompasses the entire process of measuring, calculating and administering the margin required for open positions in order to cover any contractual risks that may arise. Please click here for detailed information on risk-based margining.
Settlement Taking part in the settlement process are exchange and clearing members, Eurex Clearing AG, central securities depositories (Clearstream Banking) and central banks. Clearing Members are responsible for ensuring that they have the cash and securities necessary in order to successfully settle all transactions. Although the clearing member is responsible for settlement, there is the possibility to stipulate a separate settlement institution for the settlement of transactions. Prerequisites for settlement are an account at the German Federal Bank (Bundesbank) and a securities account at one central depository recognized by Eurex Clearing AG. The accounts are to be held either by the settlement institution of the clearing member with the necessary power of attorney.
Equities Clearing Fees The Eurex Clearing AG Price List provides for the complete information on Eurex Clearing Fees & Prices. Please click here for detailed information on equities clearing fees.
Contacts We would be pleased to provide you with further information on clearing.
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