How to become a member

Clearing Members are those participants in MEFFREPO (CCP) with direct responsibility in front of the Clearing House

An entity that wishes to become a Clearing Member of MEFFREPO must meet the following requirements:

1. Be one of the types of entities listed in article 37, number 1 of the Securities Market Law, presenting the corresponding certificate issued by the Comisión Nacional del Mercado de Valores (Spanish Securities Commission), by the Bank of Spain or the competent authority applicable.

2. Sign a contract with MEFFREPO, accepting its rules on procedures and operations under the terms of the Regulations.

3. Post a General Guarantee in favour of MEFFREPO to guarantee compliance at all times with the obligations to post and maintain Margins for open Positions and all kinds of cash settlements on obligations with MEFFREPO according to Circulars published to this effect.

4. Hold a securities account open in the central depositary or entity in charge of the settlement and clearance of the Underlying Asset (currently IBERCLEAR) corresponding to the trades where MEFFREPO acts as counterparty.

5. Hold a cash account in the entity or body where the trades related to the Underlying Asset referred to in the paragraph above will be cleared, or, if not, have signed an agreement to domicile the cash settlement with another entity that holds such account.

6. Have the necessary technical and human resources to adequately carry out its functions, where MEFFREPO will be able to determine the resources required by the corresponding Circulars.

7. Have shareholders' equity of at least one hundred million euros (€100,000,000). MEFFREPO will be able to establish margining methods by Circular so that entities with shareholders' funds below the specified amount can become, or continue to be, Clearing Members, provided that they comply with the remaining requirements.