LCH SA Membership: Legal Requirements
The membership criteria applicable to the Clearing Members are set out in the following provisions of the Clearing Rules available here (for the CDS Clearing Rule Book, please click on the link entitled "Over-the-counter Credit Default Swaps"):
With regards to RepoClear, you may refer to the Title II of the Rule Book.
With regards to €GCPlus, you may refer to the Title V of the Rule Book.
With regards to CDSClear, you may refer to the Chapters 1 and 2 of Title II of the CDS Clearing Rule Book.
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LCH SA Membership: Capital Requirements
The terms used in the table below are defined in the Clearing Rules as follows:
Individual Clearing Member (ICM):
(i) For 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. (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 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.
| Individual Clearing Member | General Clearing Member | |
|---|---|---|
| RepoClear (including €GCPlus) | €100 million (a Letter of Credit may be accepted up to a maximum amount of 50% of this amount) | €400 million (a Letter of Credit may be accepted up to a maximum of 50% of this amount) |
| CCM | FCM | |
|---|---|---|
| CDSClear | €37 million | $50 million |