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II Structural Elements of Clearing, 4 CCP Access Structures »

Christina Sell
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson
This chapter explains central counterparty (CCP) access structures. It describes clearing member types, client clearing models under European and US law, and the relatively new type of direct access models. The chapter does this by illustrating a concrete case study: the (over-the-counter, OTC) access structures of Eurex Clearing AG (Eurex Clearing). Eurex Clearing was authorized as a CCP under the European Market Infrastructure Regulation (EMIR) in 2014 and as a Derivatives Clearing Organization (DCO) for the clearing of swaps in relation to entities located in the United States by the US Commodity Futures Trading Commission (CFTC) in 2016. The in-depth explanation of Eurex Clearing’s access structures is followed by a reflection of their market take-up and related developments. The chapter also draws direct comparisons between OTC patterns and other market structures, such as those existing for Eurex Clearing’s listed derivates and repo markets as well as other CCPs.