You are here: HomeIntroductionAn Overview of EurexWhat kind of Exchange Memberships and Clearing Memberships exist?

What kind of Exchange Memberships and Clearing Memberships exist?

 

Exchange members who seek trading participation only are so-called Non-Clearing Members (NCMs). NCMs take part in the clearing process indirectly via a NCM-Clearing Member Agreement with a Clearing Member and Eurex Clearing AG.

Members who wish to take part in the clearing process as Direct Clearing Member (DCM) or General Clearing Member (GCM) need to apply for a Clearing License (Eurex Clearing AG). The license is only given if certain criteria have been fulfilled.

Only clearing members may act as counterparty to transactions with Eurex Clearing AG.

All members have direct access to the trading system.

In addition all members may act as market maker. A special license is not required.

Market makers are market participants that increase market liquidity for the same product (quote) through simultaneous buy and sell entries. Eurex Exchange has certain conditions for quotes. For instance, Eurex Exchange fixes the maximum spread between bid and ask price as well as quote sizes. If the conditions are fulfilled, market makers generally pay lower transaction costs. Eurex Exchange offers various market maker programs with different requirements. More Market Making.

Participation/Trading conditions of Eurex Exchange can be found on the Eurex Homepage.

You can find detailed conditions for the participation in the clearing process of Eurex Clearing AG for different markets (e.g. Eurex Exchange, Eurex OTC, Eurex Repo, Frankfurt Stock Exchange) on the website of Eurex Clearing AG.

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