Clearing Membership Agreement

CCP Austria may also allow clearing agents to process and transmit instructions between the Austrian CCP and clearing members. In addition, CCP Austria may authorise the management of compensation guarantees by a clearing agent, limited to the group of agent`s client agents. In accordance with ICE Clear Europe`s clearing rules, candidates for membership in ICE Clear Europe must meet certain membership criteria (detailed in Rule 201(a)) at the time of application and then as a clearing member. The affiliation requirements shall include, inter alia, that, in accordance with Article 6 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR), ESMA shall maintain a public register to inform operators of the clearing obligation. The details to be included in the public register are specified in Article 8 of Delegated Regulation (EU) No 149/2013 of the Commission of the European Parliament and of the Council of 19 December 2012 on, inter alia, the clearing obligation and the public register, which indicates in section 3.2 (Table 7) the dates from which the clearing obligation for index CDS takes effect. Each clearing member is required to sign a clearing member agreement with the clearing house which contains provisions that the clearing rules become contractual for both parties. In addition, the agreement contains specific obligations concerning compliance with the relevant membership criteria and other membership obligations, compliance with margin and guarantee obligations and the deposit of guarantees. The clearing member is also required to enter into appropriate “give up” agreements with its clients under which it becomes a contracting party and exclusively vis-à-vis the clearing house in respect of contracts that it issues and guarantees on behalf of members of the non-clearing exchange. Annex ./5 of the Annexes to the Netting Agreement authorises CCP Austria to collect claims from default security/funds.

This Annex is optional and may be withdrawn if necessary. However, we draw attention to the fact that this authorisation represents a considerable time saving in the clearing process, both for the member and for the Austria CCP. The form for withdrawing this authorization is signed at (a) ccpa.at and returned in the original by mail. Before starting the clearing activity, each clearing member must conclude a clearing contract with CCP Austria. Clearing customers participate indirectly in the settlement and, in principle, do not have an intrinsic contractual relationship with CCP Austria. They shall use the services of a clearing member for the clearing and separate settlement of their transactions. Applications for compensation membership must be submitted in writing using ICE Clear Europe`s standard documentation….