Position Account Structure
Eurex Clearing will maintain Clearing Members Own Accounts as well as on request one or more account(s) for its Undisclosed Direct Clients (NOSA Direct Client Account). For DC Market Participants / Indirect Client Market Participants and Disclosed Direct Clients set-up in the systems of Eurex Clearing with a Member ID, Own Accounts and one or more account(s) for the clients of such Direct Disclosed clients are available if client business is permitted. Eurex Clearing establishes accounts for Direct Disclosed Client (not set-up with a Member ID) as A-accounts of the Clearing Member and additional indirect client accounts as NOSA and GOSA as well as additional NOSA Direct Client Accounts when requested by the Clearing Member.
Transaction Accounts Groups
Position accounts will be combined in certain groups for porting and close-out purposes per clearing model. Accounts groups are based on the information provided by the Clearing Member. Per default Eurex Clearing will combine transaction accounts available under the Direct Disclosed Client, setup with a Member ID, into the respective accounts group under the respective Member ID.
All Clearing Member Own Accounts together form part of this transaction accounts group.
This accounts group consists of one DC Own Account and any other Transaction Account linked to this DC Own Account, which may include one or more DC Own Accounts relating to the same Disclosed Direct and/or one or more Indirect Client Accounts.
All ISA Transaction Accounts of a Clearing Member relating to a particular Disclosed Direct Client under the ISA Provisions (including the indirect client transaction account) shall form a separate group of Transaction Accounts.
This accounts group consists of one NOSA Direct Client UDC Account (containing transactions of two or more Undisclosed Direct Clients) and one or more indirect client accounts (relating to transactions of the clients of these Undisclosed Clients).
With regards to client-related OTC Interest Rate Derivatives Transactions and OTC Currency Transactions, the Clearing Member can optionally select for its client a set-up of multiple transaction accounts in a single risk netting unit thus benefiting from net initial margin across transactions account. This single risk netting unit can only be assigned to one collateral pool and within a transaction accounts group. Moreover, it is not possible to link direct and indirect accounts. This set-up does not change the risk model or margin model.
For further information please see Eurex Clearing Circular 031/20.
