EuroCCP offers two membership categories: General Clearing Participants (GCPs) and Individual Clearing Participants (ICPs). GCPs clear trades for themselves and for firms that are not EuroCCP members (Non-Clearing Firms or NCFs). ICPs clear only for themselves.
EuroCCP provides free membership application processing.
- An applicant must have proven operational experience
- Applicant must be a regulated credit institution or investment firm
- GCP: must have not less than €70M excess regulatory capital
- ICP: must have not less than €20M excess regulatory capital
- Applicant must make specified minimum contributions to the Margin and Guarantee Funds
- Applicant must comply with connectivity and technical standards
General Clearing Participants pay an annual membership fee of €15,000, and Individual Clearing Participants pay an annual membership fee of €12,000. Non Clearing Firms pay an annual fee of €5,000.
In addition, processing fees are payable on clearing, settlement and corporate actions. Click here to view a full Fee Schedule.
EuroCCP has an application process consisting of four stages:
- Stage 1 - Initial Required Documentation for Eligibility Assessment; Questionnaire & Membership Requirement Sheet
- Stage 2 - Legal Documentation
- Stage 3 - Account Set Up/Connectivity – confirmation of the cash and equity settlement agent details and netting preferences
- Stage 4 - Activation - once approved for membership, the confirmation of the applicant’s readiness and go-live date
In order to accelerate the on-boarding process, EuroCCP offers its applicants the opportunity to completethe first 3 stages in parallel.
EuroCCP Risk Management department will assess the applicant’s eligibility based on the initial information provided by the applicant in the first stage of the on-boarding process. The evaluation is presented to the EuroCCP Participation and Compliance Committee who will determine whether the applicant is approved as a EuroCCP Participant.
EuroCCP strives to ensure that applicants can take advantage of its services as soon as possible. As such, EuroCCP projects that an applicant firm can complete its connectivity and all applicable onboarding documents within a month of initiating the membership application process.