On 30th March 2016, Eurex Clearing announced its plan to launch a new membership type that allows buy-side participants to have a direct contractual relationship with the clearinghouse facilitated by a clearing agent. The so-called ISA Direct service addresses changes in the regulatory landscape and will contribute to the safety, robustness and efficiency of the overall market. For buy-side firms, ISA Direct is a unique way to meet new regulatory requirements with reduced counterparty risk and strong protection for their assets. For clearing agents, the new service eases the adaptation to the new capital rules as it frees up equity capital currently required for client’s business while maintaining existing client relationships.

The new model will be available from summer 2016 onwards and will initially be offered for Eurex Clearing’s interest rate swaps and repo transactions of Eurex Repo’s “Select Finance” service. Listed derivatives and securities lending transactions are to follow. All regulatory approvals have been received.

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