Client Asset Protection under EMIR

Finding the Right Degree of Segregation

Our Segregation Models

In order to accommodate the different regulatory requirements and client priorities, Eurex Clearing offers a broad variety of segregation models. Our client segregation offering supports both omnibus clearing segregation (OSA) and individual segregation (ISA). We also support distinct memberships for clients that would like to become direct participants of the CCP which include ISA Direct Membership, Direct Clearing Membership and General Clearing Membership.

Since the segregation models each have different considerations, some important questions to consider while choosing the ideal model are:

For Clearing Members:

  • What type of clients do you support?
  • What type of operational arrangements (such as position and collateral accounts) would be required?
  • What type of collateral protection would be required? (value/specific asset)

For Clients:

  • Is fellow customer risk acceptable for you or your clients?
  • What type of collateral protection would be required? (value/specific asset)
  • Is porting of positions and assets more important than the liquidation (close-out) of your positions in case of a default of your Clearing Member?
  • How important is portfolio margining?

Eurex Clearing offers a variety of segregation models to address the needs of different client types