Segregation Models Support

The main reason for segregation is the separation of positions and collateral in case of a Clearing Member default. Eurex Clearing offers a variety of Segregation Models to address the needs for segregation of different client types.

There are different types of accounts and segregation types:

Under European framework (EMIR):

Net Omnibus Segregated Account (NOSA)
Gross Omnibus Segregated Account (GOSA)
Individual Segregated Account (ISA)

Under US framework:

Legally Segregated Operationally Commingled (LSOC)

The main criteria to decide on the required level of segregation are:

fellow customer risk sharing or not
separate Collateral Pool desired or not
Margin efficiencies net or gross

Clients should contact their Key Account Managers or client.services@eurex.com and clarify, which Segregation Models fits best to their needs. For more details please refer to: Client Asset Protection.

FAQ

Client Asset Protection (CAP) under EMIR service of Eurex offers the possibility for clients to port to a Replacement Clearing Member and continue clearing activities even after their Clearing Member defaults.
Service is available for both:
- Omnibus Segregation
- Individual Segregation
For more information please visit our homepage: Porting under EMIR.
Please contact: Group Client Services, Trading & Clearing and Cash Market
- E-Mail: client.services@eurex.com
- Phone: +49-69-211-1 17 00
Porting to a Replacement ‘Futures Commission Merchant’ (FCM) Clearing Member is also possible for 'Legally Segregated, Operationally Commingled' (LSOC) US-Clients.
For more information please refer to our homepage: Porting under LSOC.

The Fund Manager (Authorized Manager) solution allows a fund specific position account set-up in an operationally efficient manner and is available for all Segregation Models of Eurex.
In general, all position accounts are set-up to separate each relevant fund which is disclosed to the Central Counterparty (CCP).
The Clearing Member can optionally select for its Fund Manager a set-up of multiple transaction accounts in a single risk netting unit.
For more detail please contact your Key Account Manager or client.services@eurex.com.
For more detail please refer to our homepage: Fund Manager set-up.

ISA Direct Model 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.
Please contact: Fixed Income, Funding & Financing Sales
Frankfurt: Phone: +49-69-211-138 59
London: Phone: +44-20-78 62-72 76
E-Mail: FixedIncome.Sales@eurex.com

For more information please refer to our homepage: ISA Direct.

Supporting Documents

Cheat Sheet Segregation Model

Contact

Contact

Eurex Frankfurt AG
Key Account Management

Service times from 09:00 - 18:00 CET

client.services@eurex.com

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Segregation Models Support

1. Which Segregation Model enables greatest Margin efficiencies for clients?

2. Which Segregation Model minimizes fellow customer risk for clients?

3. What happens to clients´ positions and Collateral in case a Clearing Member defaults?

4. Is there a special account set-up for Fund Managers?

5. What is the ISA Direct membership model?

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