Membership
Becoming a member at RepoClear
Your first step is to get in touch with the Membership Sales team on repocleargroupsales@lch.com. This is an opportunity for you to discuss your business needs with us, and we can provide more detail on the service. If you wish to proceed, the On-boarding Team will can confirm whether your business meets our minimum membership criteria.
You’ll need to provide us with your most recent financial statements showing your current financial position and details of any implicit or explicit support being provided by group or external entities.
Following receipt of this information we will conduct a review to ensure that you meet the minimum requirements for Clearing Member status.
Following confirmation that you meet the minimum criteria, you’ll begin the application process. The Membership Sales team will be able to guide you through the entire process and assist in completing the documents in an onboarding pack that will be sent to you.
The table below summarises the minimum requirements needed to become a RepoClear Member
The next step may include a due diligence visit with us at your offices or via a conference call. The purpose of this meeting is to discuss your corporate structure, the scope of your business generally and specifically your planned and current clearing activities.
The discussion may also focus on the firm’s financials, regulation, its operational processes, its banking facilities, and risk management procedures.
Connectivity: Once you have successfully connected, the relevant Client Relationship Manager will contact you to arrange testing (if applicable).
Testing, including end-to-end testing, will be discussed with you as part of the onboarding process.
LCH requirements state that at least two personnel at all Member firms are fully conversant with clearing procedures. Detailed training will be provided free of charge for all new Clearing Members.
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LCH.Clearnet SA & €GCPlus |
Individual Clearing Member (ICM) |
Clearing Member authorised to clear own business |
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General Clearing Member (GCM) |
A Clearing Member authorised to clear own and/or that of Associated Trading Members |
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Associated Trading Member (ATM) |
A firm that trades on Trading & Matching platforms and has entered into a Clearing Agreement with a Clearing Member |
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Net Capital Requirement |
Clearing own business: Min €100m in clearing member entity |
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Clearing own and third party business: Min €400m in clearing entity |
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Credit Assessment (Clearing Members only) |
Must satisfy a minimum internal credit score which is determined by the Clearing House based on a range of quantitative and qualitative inputs. These include financial analysis, external market data as well as consideration of any implicit or explicit support available to the applicant |
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Regulatory Status (All Participants) |
Be authorised and supervised as either a credit institution or an investment firm by the competent authorities of a member state of the EU (or equivalent if outside the EU) |
For further details about how to become Member of RepoClear, please contact repocleargroupsales@lch.com who will be delighted to answer all your questions.