Membership Types

Becoming an ISA Direct Light License Holder

Our ISA Direct Light Model allows clients to directly clear GC Pooling Reverse Repo transactions (Secured Funding) using a centrally CCP cleared framework tailored specifically for the buy side and further reflecting the characteristics of secured funding transactions.

Buyside clients who onboard under the ISA Direct Light model are called ISA Direct Light License Holders.

Eurex Clearing requires the proof of the applicant's participation requirements to become an ISA Direct Light License Holder as follows:

  • Domiciled within the EU
  • Admitted for trading on Eurex Repo GmbH as a Select Enterprise in relation to GC Pooling Repo Select
  • Provision of cash- and securities settlement infrastructure (GC Pooling transactions)
  • Evidence of an own participation authorization regarding Xemac, Cmax and/or other TPCM

The following provisions are not applicable to holders of an ISA Direct Light License Holder

  • Obligation to have available own funds
  • Margin requirements
  • Default fund contributions

Eurex Clearing will also need to carry out know your customer (KYC) checks. For further information click here.

Application for the Granting of a ISA Direct Light License 
This is the initial form to start the onboarding process. 

Clearing Agreement for the Clearing of GC Pooling Repo Transactions with an ISA Direct Light License Holder
This forms the legal basis of the relationships and obligations of the ISA Direct Light License Holder and Eurex Clearing.

ISA Direct Pledge Agreement
This is only used if the IDCM/CA is pledging securities in order to meet margin requirement. It is essentially to ensure the enforceability of a pledge in a default situation. One pledge agreement covers all securities accounts.