Membership | Euronext Clearing

Download Euronext Clearing member list

Euronext Clearing offers a robust and efficient clearing solution for a wide range of asset classes, providing members with access to a secure and resilient post-trade environment. By becoming a member, participants can benefit from streamlined processes and advanced risk management. The membership framework is designed to support a broad spectrum of participants, from banks to investment firms, ensuring seamless integration and operational excellence.

Dedicated support is available throughout each stage of the membership process. Prospective members can find comprehensive and detailed information in Euronext Clearing Rules and Regulations on eligibility criteria, application procedures and ongoing obligations, enabling them to make informed decisions and maximise the advantages of Euronext Clearing’s services.

Who can become a Euronext Clearing member?

EU Entities admitted to the system

May be granted the status of Member

Banks and Investment Firms authorised to carry out banking business or provide one or more Investment Services in Italy
Banks and Investment Firms authorised to provide such Services in Italy under a mutual recognition regime
Central Banks of the European Union
Public Entities or public enterprises, such as the Ministry of Economy and Finance, as well as companies whose activities are supported by a public guarantee
Other central counterparties authorized and recognized pursuant to EMIR Regulation

Non-EU entities admitted to the system

Non-EU banks and Investment Firms which are not authorised in Italy to carry out banking business or provide Investment Services in Italy, provided that – in the context of a procedure to recognise the activities of the central counterparty in their State of origin, with the involvement of the Bank of Italy and Consob – the simultaneous presence of the following conditions has been established:

Provisions in the State of origin which are equivalent to those applicable in Italy with respect to the supervision of banks and brokerage companies
The State of origin applies provisions which are equivalent to those contained in the EMIR Regulation with respect to clearing
The State of origin has in place equivalence arrangements with respect to access to the central counterparty

Appropriate agreements are in place between the Bank of Italy, Consob and the competent authorities of the State of origin.

Types of Membership for Euronext Clearing

General Clearing Member (GCM)

Direct access to clearing system– for proprietary and/or client and/or Trading Clients’ transactions

Individual Clearing Member (ICM)

Direct access to clearing system – for proprietary and/or client transactions

Trading Client

Trading Clients admitted to Euronext Fixed Income Segments on the Legacy Clearing System are members to the CCP.

Trading Clients admitted to all other CCP Sections are clients to their GCM.

In the event of membership to multiple Sections, it is possible to choose to hold the same membership qualification or different qualifications, also within the same Section.

Membership requirements

General clearing member

Minimum capital requirements
Section	Supervisory Capital	N. of Trading Clients
Equity, Financial Derivatives, Soft Commodity Derivatives, Power Derivatives, ICSD Bond, Bond (Retail Markets)	25m	Up to 1
	30m	From 2 to 5
	35m	From 6 to 10
	40m	Above 10
Bond (Wholesale Markets)	400m	Any
Euronext Clearing accepts a guarantee for the difference between the Supervisory Capital requirements and the following minimum level of Supervisory Capital held:
€15m for all Sections, including Bond (Retail Markets)
€200m for Bond (Wholesale Markets)

In cases of participation to multiple CCP clearing sections, the highest minimum requirement will apply

Individual Clearing Member

Minimum capital requirements
Section	Supervisory Capital
Equity	3m
Financial Derivatives, Soft Commodity Derivatives, Power Derivatives,	10m
ICSD Bond, Bond (Retail Markets)	10m
Bond (Wholesale Markets)	100m
Euronext Clearing accepts a Bank guarantee for the difference between the Supervisory Capital or Net Capital requirement and the following minimum level of Supervisory Capital held:
€3m (of Supervisory Capital) for all Sections, including Bond (Retail Markets)
€50m (of Supervisory Capital) for Bond (Wholesale Markets)