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    General Clearing Member Model

    Different options for accessing clearing services through a GCM

    General Clearing Member (GCM)

    A GCM is an entity that has been approved by the clearing house for clearing of principal transactions and client transactions on behalf of GCM clients.

    A general clearing member signing a general clearing membership agreement with the clearing house must be an entity with one of the following qualifications:

    • A credit institution licensed in accordance with legislation implementing the Directive 2006/48/EC (Consolidating Banking Directive).
    • An investment firm licensed in accordance with legislation implementing the Directive 2004/39/EC (Markets in Financial Instruments Directive).
    • An entity holding a similar license from another jurisdiction approved by the clearing house Nasdaq Stockholm AB and Nasdaq Oslo ASA.

    The general clearing member must hold all authorizations necessary under applicable laws for acting as such.

    A GCM is an entity that has been approved by the clearing house for clearing of principal transactions and client transactions on behalf of GCM clients.

    A general clearing member signing a general clearing membership agreement with the clearing house must be an entity with one of the following qualifications:

    • A credit institution licensed in accordance with legislation implementing the Directive 2006/48/EC (Consolidating Banking Directive).
    • An investment firm licensed in accordance with legislation implementing the Directive 2004/39/EC (Markets in Financial Instruments Directive).
    • An entity holding a similar license from another jurisdiction approved by the clearing house Nasdaq Stockholm AB and Nasdaq Oslo ASA.

    The general clearing member must hold all authorizations necessary under applicable laws for acting as such.

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    GCMs allocate clearing accounts with the clearing house in their own name for recording of clearing transactions. The general clearing member may register clearing transactions for the account of GCM clients and for their own account. 

    The GCM is without any limitations entitled and responsible as a counterparty to clearing houses for any and all transactions registered on clearing accounts where the GCM is an account holder.

    GCM Contact List

    GCMs allocate clearing accounts with the clearing house in their own name for recording of clearing transactions. The general clearing member may register clearing transactions for the account of GCM clients and for their own account. 

    The GCM is without any limitations entitled and responsible as a counterparty to clearing houses for any and all transactions registered on clearing accounts where the GCM is an account holder.

    GCM Contact List ->

    GCM Clients

    GCM clients are the clients of the GCM. GCM clients are not allocated clearing accounts at the clearing house in their own names, but will have their transactions recorded on clearing accounts established in the name of a general clearing member. GCM clients do not become counterparty to the clearing house under such transactions and no contractual relationship will arise between the clearing house and GCM client.

    GCM clients are the clients of the GCM. GCM clients are not allocated clearing accounts at the clearing house in their own names, but will have their transactions recorded on clearing accounts established in the name of a general clearing member. GCM clients do not become counterparty to the clearing house under such transactions and no contractual relationship will arise between the clearing house and GCM client.

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    Sponsored Access

    Sponsored access (SA) refers to arrangements where a member permits a client to transmit orders electronically in the member’s identity directly from the client's trading infrastructure or through a third party vendor to the trading system, with no routing through the member's internal electronic trading system. The general clearing member/exchange member retains all responsibility under the trading rules for the transactions executed by such.

    Non-Clearing Member

    A general clearing member may authorize GCM clients that have entered into a non-clearing membership (NCM) agreement with Nasdaq Oslo ASA to carry out exchange transactions to be registered on clearing accounts in the name of the general clearing member without further approval from the general clearing member. The non-clearing member will assume all responsibility under the trading rules for such transactions. The general clearing member must meet the requirements for clearing of the relevant transactions with the clearing house.

    Clearing and Cash Accounts

    When approving a general clearing member, the clearing house will establish the following clearing accounts and portfolios with the general clearing member as account holder: 

    • Intraday account for preliminary registrations. 
    • General clearing account for principal transactions. Collateral calls are calculated separately for general clearing accounts. 
    • Clearing client account for client transactions. 
    • Separate clearing client accounts for individual GCM clients if requested by the general clearing member or the clearing house.

    Contact our team

    Support

    Commodities Sales
    salescommodities@nasdaq.com
    +47 67 528 032

    Nasdaq Commodities - European Commodity Exchange ->

    Related Information

    General Clearing Member Contact List

    GCM Contact List

    Contact Nasdaq Commodities GCMs.

    Commodities Membership Categories

    Membership Categories

    Exchange, direct clearing and general clearing membership.