Clearing Structure

Membership applicants for the clearing system must prove to CCPA that at the time they obtain membership they meet all requirements of these General Terms and Conditions of Business (especially § 14) as well as all provisions of the law and EMIR, and that they have the required technical installations and connections to the clearing system.

Participant Structure

Clearing Members

Clearing Members

Clearing Members are Exchange Members that have entered into a Clearing Agreement with CCPA and thereby become Members of CCPA with all of the rights and obligations of direct participation in clearing. Clearing Members are responsible for the fulfillment of any financial obligations arising from Membership and are liable vis-à-vis CCPA.

  • General Clearing Members (GCM)
    • General Clearing Members are Clearing Members that in addition to the clearing of their own transactions and those of their Registered Clients and Other Clients have the right to clear transactions of Non-Clearing Members (this includes their own transactions and those of their Registered Clients or Other Clients).
  • Direct Clearing Members (DCM)
    • Direct Clearing Members are Clearing Members that have the right to clear their own transactions and the transactions of their Registered Clients and Other Clients.

CCPA has the right to deny a Clearing Member’s participation for risk considerations provided this is done in writing and founded on an extensive risk analysis.

Clearing Clients

Clearing Clients are participants who do not maintain their own contractual relationships with CCPA and use the services of a Clearing Member for the clearing and separate processing of its transactions.

  • Non-Clearing Members (NCM)
    • are Exchange Members that have joined the trading system but are not Clearing Members and do not take part directly in clearing.
  • Registered Clients (RC)
    • are Companies in the meaning of Article 2 point 15 EMIR, which are neither Exchange Members nor Clearing Members and are registered separately as Clients of Clearing or Non-Clearing Members with CCPA.

Clearing Agents

Clearing Agents support their Agent Clients by providing technical and procedural clearing functions for transactions for which they are responsible under a corresponding Agreement. Clearing Agents do not enter into the transactions of their Agent Clients nor do they assume liability for delivery.

Only the following entities are permitted to act as a Clearing Agent

  • Austrian credit institutions;
  • all credit institutions licensed to operate in a Member State, provided they are fully subject to the valid EC Directives for credit institutions,
  • all enterprises whose business consists of accepting cash or other repayable monies for deposit from the public and to grant loans for their own account, and who have been licensed to carry on this business in other member states as well as in all full member states of the Organization for Economic Cooperation and Development (OECD) and in countries that have entered into agreements with the International Monetary Fund (IMF), in particular, into lending agreements in connection with IMF’s Special Agreement to Borrow, including their branch offices,
  • recognized investment firms within the scope of § 2 no. 31 Austrian Banking Act,
  • clearing houses pursuant to § 2 no. 33 Austrian Banking Act with their registered office or license in an EEA member state that are licenses according to EMIR, and
  • central securities depositories with their registered office in an EEA member state that have signed the “European Code of Conduct on Clearing and Settlement”.