DC Market Participants
DC Market Participants are Trading Participants who do not hold a clearing licence, but execute their own transactions on the exchange. DC Market Participants must have their own infrastructure to manage positions and back office activities, either directly or by outsourcing this function. A Eurex Direct Market Participant is also required to have a Qualified Back-Office Staff member (QBO).
Direct Market Participants are required to have access to the Common Report Engine as well as trading and clearing systems. Direct Market Participants are eligible for all segregation models.
Disclosed Clients (DCs)
DCs do not have a clearing licence and are not a Eurex Trading Participant. The DC concept was initially introduced with Eurex Clearing’s EurexOTC Clear IRD offering and was later extended to include the Eurex Exchange. For OTC IRD, clients are required to be a member/ user of an Approved Trade Source, such as MarkitWire or Bloomberg, to enter OTC IRD trades. DCs may also be active in listed derivatives but they are not able to execute their own trades. All segregation models are eligible for DCs.
DCs may have access to the Eurex Clearing Common Report Engine (CRE) and, at the discretion of their CM, individually segregated DC's may have access to the Eurex Clearing Graphic User Interfaces (GUIs).
FCM Clients are Basic Disclosed Clients and are always operating within the LSOC environment.
Fund Managers (FMs)
Eurex Clearing has developed a specific approach to facilitate the on-boarding of fund managers. The fund manager set-up allows the asset management company to sign on behalf of an unlimited number of funds (when the funds have no legal personality). The Fund manager becomes a technical DC and sits above an umbrella of funds, each of which is given their own position account. Each fund becomes the legal DC. Fund managers may use any one of our available segregation models.
