A member of
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
providing direct clearing access for OTC IRD and Repo.
ISA Direct Clearing Model | Typical client | Scope | Markets |
ISA Direct | Investment Funds (UCITS, AIFMD), | 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