Clearing Model Information

The Omnibus Net account is an integrated trading and clearing account for managing the positions of several clients. Clearing Members can choose to set up several Omnibus Net accounts for administrative purposes.

The margin requirement for an Omnibus Net account is calculated from the total net position across all the clients as a netted total portfolio (i.e. correlation between all instruments and full netting is used). The net margin requirement must be covered by assets on the Omnibus Net account’s collateral account.

Clients whose positions reside on an Omnibus Net account do not have a direct legal relationship with Nasdaq Clearing and as a consequence have credit and counterparty risk against their clearing member.

The Omnibus Gross account is an integrated trading and clearing account for managing the positions of several clients. Clearing Members can choose to set up several Omnibus Gross accounts for administrative purposes.

The margin requirement for an Omnibus Gross account is calculated for each client’s position separately and the gross sum of these Margin requirements must be covered by assets on the Omnibus Gross account’s collateral account.

Clients whose positions reside on an Omnibus Gross account do not hold a direct legal relationship with Nasdaq Clearing and as a consequence have credit and counterparty risk against their clearing member.

End client omnibus account is an omnibus account that from a service and operational point of view designed for the retail segment. End client omnibus account is defined as an Omnibus Net/Omnibus Gross account in Clearing Rules of Nasdaq Derivatives Market.

ECO Net

• One or more clients per clearing account
• Netting of client positions are possible
• Initial Margin is calculated from total net position (for sub-accounts, Initial Margin is calculated for each client's positions separately)

ECO Gross

• One or more clients per clearing account
• No netting of clients positions
• Initial Margin is calculated for each client's positions separately

The Individual segregated client account is an integrated trading and clearing account for one individual client where both positions and collateral are fully segregated to allow portability arrangements entirely independently from any other client account.

The margin requirement for an Individual segregated client account is calculated for the net position on the account (i.e. correlation between all instruments and full netting is used). The net margin requirement must be covered by assets on the ICA/ISA’s collateral account. There is a one-to-one relationship between each Individual segregated client account and custody account.

Nasdaq Clearing offers several different solutions for indirect client clearing, including different levels of segregation of indirect client positions and collateral. The following alternatives for indirect clients are offered by Nasdaq Clearing.

Net Omnibus Segregated Account (NOSA)

The Net Omnibus segregated account is an integrated trading and clearing account for managing the positions of several indirect clients. Clearing Members can choose to set up several Net omnibus segregated account for administrative purposes.

The margin requirement for a Net Omnibus segregated account is calculated from the total net position as a netted total portfolio (i.e. correlation between all instruments and full netting is used). The net margin requirement must be covered by assets on the Net segregated Omnibus account’s collateral account.

Gross Omnibus Segregated Account (GOSA)

The Gross omnibus segregated account is an integrated trading and clearing account for managing the positions of several indirect clients. Clearing Members can choose to set up several Gross omnibus segregated accounts for administrative purposes.

The margin requirement for a Gross Omnibus segregated account is calculated for each indirect client’s positions separately and the gross sum of these margin requirements must be covered by assets on the Gross omnibus segregated collateral account.