CCP Question 23 - Access model [Last update 7 January 2020]
Article 2 of EMIR - Definitions
(a) When setting up models to access its clearing services (e.g. sponsored models, direct clearing models), whatever the purpose of such an access (e.g. to facilitate buy-side or small participant access to CCPs, to allow for better capital treatment, or for other purposes)
1. can a CCP introduce a new category of entities which would have a direct contractual link with the CCP, mixing some of the clearing member and some of the client features;
2. who bears the responsibility to comply with the financial obligations vis-à-vis the CCP?
(b) Can a CCP set up a clearing model where a client ("the Client") has the possibility to pay to the CCP the financial obligations corresponding to its positions in lieu of the clearing member?
(c) Can a CCP accept an individual as a clearing member?
CCP Answer 23:
(a)(1) CCPs can establish clearing models for different categories of clearing members, clients and indirect clients, based on non-discriminatory, transparent and objective criteria, whatever the purpose of such models (e.g. to facilitate buy-side or small participant access to CCPs, to allow for better capital treatment, or for other purposes).