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Non-Clearing Membership

Non-Clearing Membership

The main requirements for Non-Clearing Member (NCM) status are the following:

  • Conduct of derivatives trading in a commercial manner
  • Evidence that the respective applicant is subject to proper banking or exchange regulation in its country of origin
  • Minimum equity capital of EUR 50.000, unless the applicant is a bank
  • Admission and registration of at least one Trading Participant (Trader admission)
  • Registration of at least one qualified a back office staff member
  • Participation in the clearing process through a General Clearing Member or a Direct Clearing Member (DCM). A DCM may act as clearer for a NCM provided the companies are 100 percent affiliated.
  • Compliance with mandatory technical requirements for connection to the Eurex? system (connection alternatives)

Companies may become Trading Participants without having a Clearing License as Non-Clearing Members.?Clearing Members (GCMs and DCMs) may clear their own trades as well as those executed on behalf of their customers and the trades of NCMs. NCMs may execute their own and their customers' orders. NCMs are responsible for exercises and position management functions online. At all times they are able to maintain a system-side overview of the payment and delivery obligations that result from their trading activities.

NCMs may enter into agreements with different Clearing Members on a per market basis (e.g. Eurex Exchange, Eurex Bonds, Eurex Repo etc.). Additionally, for Eurex Exchange, an NCM can set up relationships with a maximum of three different Clearing Members. This offering is referred to as multiple clearing relationships (MCR) and enables NCMs to clear different MCR-product groups with different Clearing Members. NCMs continue to have the flexibility to use the "give-up/take-up" functionality to transfer trades within one specific platform to another participant.

Because NCMs have no direct contractual relationship with Eurex Clearing AG, transactions are essentially concluded between Eurex Clearing AG and a given Clearing Member, and in turn between that Clearing Member and the specific NCM. Also, margin deposits and fee payments, for example, are made to the clearing house via the contractually stipulated Clearing Member.

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Market Status

XEUR

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The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.

We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.

An instant update of the Market Status requires an enabled up-to date Java? version within the browser.

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