Admission

Admission criteria

Before starting clearing activities, all direct clearing members must enter into a standardized agreement with the clearing agency according to § 5 CCP.A Clearing Rules and must permit a credit review apart from furnishing proof to the clearing agency of the following:

• payment of the requested amount to the clearing fund
• installation of the technical equipment appropriate for the intended category of clearing membership
• professionally trained staff is available
• instructions issued to set up the required automatic debit/credit facility, the required authorizations to sign and to pledge declarations
• required cash and securities accounts are available
• belong to one of the categories pursuant to Article 2 Financial Collateral Act (Finanzsicherheitengesetz, FSG)
  

Application procedure

Before being admitted to clearing activities, each stock exchange member must submit the following documents to the clearing agency for a credit quality assessment:

• an excerpt from the company's register or commercial register
• the audited financial statements including the notes and management reports for the last three financial years
• if available, the documents on the rating by one of the following internationally recognized rating agencies: Standard&Poors, Moody's or Fitch

In addition, the stock exchange member must set up the required cash and securities accounts with the clearing bank.