Clearing Members are Exchange Members that have entered into a Clearing Agreement with CCP.A and thereby become Members of CCP.A 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 CCP.A.
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.
CCP.A 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.