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”.