Membership Alternatives

NASDAQ OMX Derivatives Markets offers three membership alternatives:

• General Clearing Member (GCM)
• Direct Clearing Member (DCM)
• Non Clearing Member (NCM)

These three memberships are regulated and defined in the Rules and Regulations of NASDAQ OMX Derivatives Markets: www.nasdaqomxtrader.com/nordic choose tab Regulation & Surveillance.

General Clearing Member – GCM

A GCM is a financial or credit institution which takes on the position between a principal and the clearinghouse, hence offering access to the markets for non-clearing members of the exchange. A GCM can clear their own, their customers’ and NCM’s trades. The GCM is obligated to inform NASDAQ OMX regarding its GCM-NCM agreements.

Customers can be administrated either by end-customer clearing, where each customer has a direct relationship with NASDAQ OMX Derivatives Markets or by member clearing, where the customer has no direct relationship with NASDAQ OMX Derivatives Markets.

Direct Clearing Member – DCM

A direct clearing member can clear their own and their customers’ business. Customers can be administrated either by end-customer clearing, where each customer has a direct relationship with NASDAQ OMX Derivatives Markets or member clearing, where the customer has no direct relationship with NASDAQ OMX Derivatives Markets.

Non Clearing Member – NCM

A non-clearing member (referred to as an Exchange Member in the Rules & Regulations of NASDAQ OMX Derivatives Markets) can trade but not clear directly with NASDAQ OMX Derivatives Markets. The NCM trades in its own name and has to enter into a clearing agreement with a GCM before getting trading access. The GCM takes on all risk for the NCM trading.