Applicants for ICE Clear Europe membership are required under ICE Clear Europe's Clearing Rules to meet certain membership criteria (detailed in Rule 201(a)) at the time of application and thereafter whilst a clearing member. Membership requirements include, amongst other things:

  1. hold sufficient capital;
  2. are party to a Clearing Membership Agreement;
  3. (for F&O Clearing Membership) are a member of each relevant market that it wishes to clear;
  4. hold all necessary regulatory authorisations, licenses, permissions and approvals;
  5. are domiciled in a jurisdiction approved by ICEU;
  6. are fit and proper (both it and its directors);
  7. have appropriate technical and operational systems and controls;
  8. have appropriate business continuity procedures;
  9. can meet margin requirements;
  10. have contributed to the Guaranty Fund as appropriate; and
  11. are not insolvent or subject to any other event of default.

Each Clearing Member is obliged to sign a Clearing Member Agreement with the Clearing House which includes provisions pursuant to which the Clearing Rules become contractually binding on both parties. In addition, specific obligations to comply with relevant membership criteria and other membership obligations, to meet margin and Guaranty Fund requirements and to post collateral, are included in the agreement. The Clearing Member is also required to enter into appropriate "give-up" agreements with its customers pursuant to which it becomes party to, and solely liable to the Clearing House in respect of, contracts that it will clear and guarantee on behalf of non-clearing exchange members.

Applications for clearing membership must be made in writing using ICE Clear Europe's standard documentation. Upon receipt of an application, ICE Clear Europe's Membership Team will liaise with the applicant to ensure that the application is complete and will undertake a due diligence exercise. Each application will be considered by the Executive Risk Committee, which has delegated authority from the Board to approve or reject such application with a right of appeal due to the applicant in the event of a rejection.

If you have any queries or require any further information, please e-mail: ICE Clear Europe Membership

Clearing Members

EMIR Category 1 Clearing Members for the purposes of the clearing obligation

In accordance with Article 6 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR), ESMA shall maintain a Public Register to inform market participants on the clearing obligation. The details to be included in the Public Register are further specified in Article 8 of the Commission Delegated Regulation (EU) No 149/2013 of the European Parliament and of the Council of 19 December 2012 on inter alia the clearing obligation and the public register, which provides in Section 3.2 (Table 7) the dates from which the clearing obligation takes effect for Index CDS.

As a relevant authorised CCP, ICE Clear Europe is obliged to publish a details, as specified by ESMA, of market participants defined as Category 1 by Article 2 of the Clearing Obligation here.

Click here to view ICE Clear Europe's Category 1 Clearing Members