Clearing Agreement Template for Germany

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Key Requirements PROMPT example:

Clearing Agreement

"I need a Clearing Agreement under German law for our investment bank to become a clearing member of EuroClear, with specific provisions for client clearing services and cross-border operations with UK entities, to be implemented by March 2025."

Document background

The Clearing Agreement serves as the foundational document establishing the legal and operational framework for clearing services in the German financial markets. This document is essential when a financial institution seeks to become a clearing member of a clearing house or CCP, enabling them to clear trades either for themselves or on behalf of their clients. The agreement incorporates requirements from German banking law, securities regulations, and EU legislation (particularly EMIR), ensuring compliance with both domestic and European regulatory frameworks. The Clearing Agreement covers crucial aspects such as membership criteria, margin requirements, default management, risk procedures, and operational processes, making it a critical document for financial institutions operating in German markets.

Suggested Sections

1. Parties: Identification of the clearing member and the clearing house/CCP

2. Background: Context of the agreement and brief description of the clearing relationship

3. Definitions and Interpretation: Definitions of key terms and interpretation rules

4. Membership Requirements: Qualifications and ongoing requirements for maintaining clearing membership

5. Scope of Clearing Services: Description of clearing services provided and products covered

6. Clearing Member Obligations: Core obligations including margin requirements, contributions to default fund, reporting requirements

7. Clearing House Obligations: Services to be provided, handling of positions and collateral

8. Risk Management: Risk monitoring, margin calculations, position limits

9. Default Procedures: Events of default, consequences, and default management process

10. Margin Requirements: Types of margin, calculation methods, eligible collateral

11. Settlement and Payment: Settlement procedures, payment obligations, currency provisions

12. Representations and Warranties: Standard legal representations and specific clearing-related warranties

13. Term and Termination: Duration, termination events, consequences of termination

14. Confidentiality: Handling of confidential information and trade data

15. Governing Law and Jurisdiction: Choice of German law and jurisdiction provisions

16. General Provisions: Standard boilerplate clauses including notices, amendments, assignment

Optional Sections

1. Client Clearing: Additional provisions for clearing members providing services to clients

2. Cross-Border Services: Additional provisions for clearing services across multiple jurisdictions

3. Segregation Options: Different account segregation models and associated requirements

4. Additional Services: Terms for optional services such as compression, reporting, or collateral management

5. Emergency Provisions: Procedures for market emergencies or technical failures

6. Tax Provisions: Specific tax-related provisions if relevant to the clearing relationship

7. Data Protection: Additional GDPR and data protection requirements if handling personal data

Suggested Schedules

1. Schedule 1 - Eligible Products: List of products and contracts eligible for clearing

2. Schedule 2 - Fee Schedule: Clearing fees, charges, and payment terms

3. Schedule 3 - Operational Procedures: Detailed operational processes and technical requirements

4. Schedule 4 - Risk Management Procedures: Detailed risk management procedures and calculations

5. Schedule 5 - Eligible Collateral: Types of acceptable collateral and haircuts

6. Schedule 6 - Contact Details: Contact information for various functions and notices

7. Schedule 7 - Forms and Notices: Standard forms for various notices and requests

8. Appendix 1 - Technical Specifications: Technical requirements for systems and connectivity

9. Appendix 2 - Service Level Agreement: Service levels and performance standards

10. Appendix 3 - Business Continuity: Business continuity and disaster recovery procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Banking

Securities Trading

Derivatives Trading

Capital Markets

Investment Banking

Asset Management

Financial Technology

Market Infrastructure

Relevant Teams

Legal

Compliance

Risk Management

Operations

Trading

Treasury

Regulatory Reporting

Post-Trade Services

Market Infrastructure

Client Services

Technical Operations

Business Development

Product Management

Relevant Roles

Head of Clearing

Clearing Operations Manager

Risk Manager

Compliance Officer

Legal Counsel

Chief Operating Officer

Head of Trading

Treasury Manager

Chief Risk Officer

Regulatory Reporting Officer

Operations Director

Head of Market Infrastructure

Senior Compliance Manager

Legal Director

Head of Post-Trade Services

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Authors

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