Membership-SA: Legal and Regulatory Requirements

Applicants to Securities, Derivatives and Fixed Income, please refer to the Rule Book (Title II, Chapter 1, Section 2.1.1.1).
Applicants to €GCPlus, please refer to the Rule Book (Title V : Triparty Repo clearing services)
Applicants to CDSClear, Please refer to the CDS rulebook (Sections 2.1.1 and 2.2.1).

Membership-SA: Market Capital Requirements

  Individual Clearing Member             General Clearing Member
Regulated Markets      €10 million
or
€5 million + Bank Guarantee
€25 million up to 9 Trading Members Cleared
or €30 million from the tenth Trading Member Cleared
or €33.75 million from the fifteenth Trading Member Cleared
or €37.5 million from the twentieth Trading Member Cleared
Fixed Income (wholesale debt market clearing) €100 million    €400 million
€GCPlus €100 million €400 million
  CCM FCM
Credit Default Swaps        €37 million                    $50 million        

For more detailed information on Cash and Derivatives markets and Fixed Income products please refer to the Clearing Rules:

Minimum levels of net capital: Title II, Chapter 3, Section 2.3.2 of the Rule Book;

Appropriate Central Bank arrangements: Title II, Chapter 2, Section 2.2.3 of the Rule Book;
Staff of sufficient experience and knowledge of the products being cleared: Title II, Chapter 2, Section 2.2.2.B of the Rule Book;
Appropriate systems to manage their clearing activities: Title II, Chapter 2, Article 2.2.1.1 of the Rule Book.
For more detailed information on CDSClear please refer to the Clearing Rules:

Minimum levels of net capital: Section 2.2.2 of the Rule Book;
Appropriate Central Bank arrangements: Article 2.2.1.1 (xiii) (a) of the Rule Book;
Staff of sufficient experience and knowledge of the products being cleared: Article 2.2.1.1 (xi) (xiv) of the Rule Book;
Appropriate systems to manage their clearing activities: Article 2.2.1.1 (xiv) of the Rule Book.

Definitions

Individual Clearing Member (ICM):

(i) For Securities and Derivatives Products Groups or for Baskets, as set-out in an Instruction, a Clearing Member authorised to clear Transactions dealt for its own account, or allocated to it or which have been concluded for the account of its Non Trading Members; (ii) for Fixed Income Securities Product Group, as set-out in an Instruction, a Clearing Member authorised to clear Transactions dealt for its own account exclusively.

General Clearing Member (GCM):

(i) For Securities and Derivatives Products Groups, as set-out in an Instruction, a Clearing Member authorised to clear Transactions which have been dealt for its own account, or have been concluded for the account of its Non Trading Members and/or Trading Members; and (ii) for Fixed Income Securities and Basket Product Group, as set-out in an Instruction, a General Clearing Member is a Clearing Member authorised to clear the Transactions which have been dealt for its own account or for the account of its Associated Trading Members.

Clearing Members (CCMs):

For the CDS market, CCMs must be at least a banking institution, credit institution, securities firm, investment banking firm or similar entity licensed by the competent authorities of a member state of the European Union, or the equivalent of a banking institution, credit institution, securities firm, investment banking firm or similar entity licensed by the competent authorities of a country outside European Union and which is subject to prudential rules considered by the Clearing House to be at least as stringent as those applicable to banking institutions, credit institutions, securities firms, investment banking firms or similar entities, as applicable, within the European Union.

Futures Commissions Merchant (FCM): 

For the CDS market, an FCM must be registered with the CFTC as an FCM and be incorporated or otherwise organised under the laws of a state within the United States, and at all times be a member in good standing with the NFA.