Clearing members

Participating clearing members

• Direct clearing members (DCM)
  Direct clearing members are authorized to settle and clear their own transactions as well as agent transactions for their own account. DCMs must have own funds of at least EUR 2,500,000. They are not authorized to settle and clear transactions of stock exchange members that do not participate in clearing (non-participating clearing members).
  
• General clearing members (GCM)
  General clearing members are those clearing members that in addition to their own transactions agree to the clearing of transactions of stock exchange members (non-participating clearing members/NCMs- irrespective of whether proprietary or agent trades) that do not participate in the clearing system. GCMs must have own funds of at least EUR 5,000,000.

Non-participating clearing members (NCM)

• NCMs are those stock exchange members that participate in the trading system, but not in the clearing system.

• NCMs must enter into a clearing agreement with a general clearing member (GCM) and deposit clearing collateral with said general clearing member of at least the same amount that the clearing agency would request the general clearing member to deposit for them.