Onboarding

The overviews below are for entities that aim to clear Cross Currency Swaps and OTC FX at Eurex Clearing or Non-Deliverable forwards (NDFs) at Eurex Clearing.

Cross Currency Swaps and OTC FX Onboarding

This overview is for entities that aim to clear Cross Currency Swaps and OTC FX at Eurex Clearing.

Become a Clearing Member

In order to clear Cross Currency Swap and OTC FX transactions, you must become a General Clearing Members (GCM) or a Direct Clearing Member (DCM) with EurexOTC Clear. For our EurexOTC Currency Clearing Service, a separate license is required. If you are interested in joining us, please contact us at FX@eurex.com.

Onboarding process for existing EurexOTC Clear members

For our existing Clearing Members with EurexOTC Clear, the onboarding and admission process is simplified, as most documentational requirements, KYC documentation, capital- regulatory- and operational requirements, etc., are already fulfilled.

Whether a market participant applies for a new membership or simply adds additional Clearing Licenses to its existing membership, Eurex teams are ready to support you along the way.

Onboarding process for new EurexOTC Clear members

Onboarding for our EurexOTC Currency Clearing Service entails several steps on the level of Clearing Members, Eurex and on a joint level. These steps include:

  • legal documentation and admission requirements
  • static data setups at Eurex and CLS
  • technical and operations requirements
  • completion of testing and trialing phases

A special feature of our clearing service for Cross Currency Swap and OTC FX transactions is the settlement of transactions via the CLS CCP Service. For this, our Clearing Members must complete mandatory testing and trialing before confirming production readiness and going live with the OTC Currency Clearing Service. Testing and trialing are conducted jointly with Eurex and the Clearing Members and coordinated by dedicated Eurex teams.

If you require more information on our onboarding process and requirements, please contact us at onboarding@eurex.com.

Admission requirements

As a multi-asset Clearing House, Eurex offers a number of Clearing Licenses. Next to the main requirements and general considerations of obtaining clearing memberships at Eurex, we require the following specific requirements for our OTC Currency Clearing Service:

Operational requirements:

  • Ability to actively pay-in funds into the CLS CCP, either directly or using a Nostro agent, with Eurex as named beneficiary for settlement
  • Operational readiness of Clearing Members and their Nostro agents
  • Mapping of Clearing Members to Eurex Clearing for failure management purposes.
  • Confirmation of a license agreement between Clearing Member and Swaps Monitor Publications
  • Successful completion of all Testing and Trialing phases

Technical requirements:

  • Technical connection to the clearing system of Eurex, to 360T for OTC FX products and to MarkitWire for Cross Currency Swap products.
  • Optional registration and subscription to Eurex Clearing’s Closed User Group for ISO20022 messaging for receiving payment information for settlement.

Specific forms:

  • Application for the Granting of a Clearing License of Eurex Clearing AG
  • Clearing Agreement between ECAG and CM
  • Eurex OTC Clear Currency Products Static Data Form for Clearing Member incl. CLS Static Data Form


Become a client

We also provide options for clients to connect indirectly to our EurexOTC Currency Clearing Service. As an end-user, clients can make use of our OTC Currency Clearing Service by routing trades to a Clearing Member who clears on their behalf. You can have one or many Clearing Members and one or many executing brokers. Further information on client types, additional documentation and segregation model can be extracted here


NDF Onboarding

This overview is for entities that aim to clear Non-Deliverable forwards (NDFs) at Eurex Clearing.

Become a Clearing Member

In order to clear FX NDF transactions, you must become a General Clearing Members (GCM), a Direct Clearing Member (DCM), or a client of a General Clearing Member (GCM) with EurexOTC Clear. Our NDF Clearing Service requires a separate license. If you are interested in joining us, please contact us at FX@eurex.com.

Onboarding process for existing EurexOTC Clear members

For our existing Clearing Members with EurexOTC Clear, the onboarding and admission process is simplified, as most documentational requirements, KYC documentation, capital- regulatory- and operational requirements, etc., are already fulfilled.

Whether market participants apply for a new membership or simply add additional Clearing Licenses to their existing membership, Eurex teams are ready to support you along the way.

Onboarding process for new EurexOTC Clear members

Onboarding for our EurexOTC NDF Clearing Service entails several steps on the level of Clearing Members, Eurex and on a joint level. These steps include:

  • legal documentation and admission requirements
  • static data setups at Eurex 
  • middleware connectivity to MarkitServ, Traiana, or 360T
  • technical and operations requirements

If you require more information on our onboarding process and requirements, please contact us at onboarding@eurex.com.

Admission requirements

As a multi-asset Clearing House, Eurex offers several Clearing Licenses. Next to the main requirements and general considerations of obtaining clearing memberships at Eurex, we require the following specific requirements for our OTC NDF Service:

Technical requirements:

  • Technical connection to the clearing system of Eurex and to either 360T, MarkitServ, or Traiana for NDF trade matching and submission

Specific forms:

  • Application for the Granting of a Clearing License of Eurex Clearing AG
  • Clearing Agreement between ECAG and CM
  • Eurex OTC Clear Currency Products Static Data Form for Clearing Member

Become a client

We also provide options for clients to connect indirectly to our EurexOTC NDF Clearing Service. As an end-user, clients can make use of our OTC NDF Clearing Service by routing trades to a Clearing Member who clears on their behalf. You can have one or many Clearing Members and one or many executing brokers. Further information on client types, additional documentation and segregation model can be extracted here.