ISA Direct Better deals. Locked in.

Direct clearing access for the buy side

Our direct clearing access suite for the buy side (ISA Direct) combines elements of a direct clearing membership and the traditional service relationship in client clearing - tailored specifically for the buy side. It opens up a new principal client relationship between buy side clients and the CCP, with the regular Clearing Member acting as a Clearing Agent, providing a variety of mandatory and optional service functions. ISA Direct comprises of the three access models  

  • ISA Direct 
  • ISA Direct Indemnified and
  • ISA Direct light

providing direct clearing access for OTC IRD and Repo.

ISA Direct Clearing Model

Typical client



ISA Direct

Investment Funds (UCITS, AIFMD),
Mutual Funds, Pension Funds,
(Re)Insurance Undertakings

Own transactions

Repo/GC Pooling, OTC IRD

ISA Direct Indemnified

Hedge funds (AIF),
Pension Funds

Own transactions

Repo/GC Pooling 

ISA Direct Light

(Re)Insurance Undertakings, Corporate Clients

Own transactions

GC Pooling*

*Net cash provider at all times

Key features

Key features

  • Direct buy-side membership via a Clearing Agent
  • The Clearing Agent covers the default fund contribution & default management obligation
  • The member maintains legal and beneficial collateral ownership 
  • Reduced capital requirements
  • Improved buy-side conditions versus bilateral arrangements
  • Enhanced segregation & portability
  • Direct CCP access for cleared Repo, providing a larger liquidity pool

Your benefits at a glance

  • Higher capacity: Profit from high capital efficiencies and larger liquidity pools
  • Lower risk: Benefit from a strong risk management framework
  • Better economics: Profit from improved conditions
  • Increased balance sheet capacity: gain direct access to centrally cleared Repo and OTC IRS markets enabling you to directly raise cash and increase your balance sheet. As this is all done within the same ecosystem where the initial and variation margins are posted for other transactions, settlement failures and settlement fees are also reduced. 

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FIC Derivatives & Repo Sales