In case of a Clearing Member default, Eurex Clearing offers its direct clients [disclosed and undisclosed clients including clients of such direct clients (Indirect Clients)] of the defaulted Clearing Member the porting of their positions and collaterals to a new clearing member ("Replacement Clearing Member").
In case of a Clearing Agent1 default, Eurex Clearing offers the affected ISA Direct Clearing Members2 of the defaulted Clearing Agent to continue the clearing of their transactions with a new clearing agent ("Replacement Clearing Agent") or acting as a Direct Clearing Member.
1 The term Clearing Agent also comprises Indemnifying Clearing Agent.
2 The term ISA Direct Clearing Members also comprises ISA Direct Indemnified Clearing Members.
