The Clearing Agreement serves as the foundational document governing the relationship between clearing houses and their members in the Netherlands. This document type is essential when financial institutions seek to participate in centralized clearing activities, ensuring systematic risk management and regulatory compliance. The agreement comprehensively addresses membership criteria, clearing processes, risk controls, and default management procedures while incorporating requirements from Dutch financial law, EU regulations (particularly EMIR), and supervisory expectations from the Dutch Central Bank (DNB) and Authority for Financial Markets (AFM). Used primarily when establishing new clearing relationships or updating existing arrangements, the Clearing Agreement includes detailed provisions for operational procedures, margin requirements, and settlement processes, reflecting the sophisticated nature of modern clearing infrastructure and regulatory frameworks in the Netherlands.
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1. Parties: Identification of the clearing house and clearing member, including regulatory status
2. Background: Context of the agreement, regulatory framework, and purpose of the clearing relationship
3. Definitions: Comprehensive definitions of technical and legal terms used throughout the agreement
4. Membership Requirements: Ongoing conditions for maintaining clearing membership status
5. Clearing Services: Scope of clearing services provided and products covered
6. Settlement Obligations: Process and timing for settlement of cleared transactions
7. Margin Requirements: Initial margin, variation margin, and collateral requirements
8. Default Procedures: Events of default and consequences, close-out procedures
9. Risk Management: Risk monitoring, position limits, and risk controls
10. Fees and Payments: Clearing fees, payment terms, and invoicing procedures
11. Representations and Warranties: Standard and specific representations by both parties
12. Regulatory Compliance: Obligations to comply with applicable laws and regulations
13. Liability and Indemnification: Limitation of liability and mutual indemnification provisions
14. Term and Termination: Duration, renewal, and termination provisions
15. Confidentiality: Protection of confidential information and data privacy
16. Governing Law and Jurisdiction: Choice of Dutch law and jurisdiction provisions
17. Miscellaneous: Standard boilerplate provisions including notices, amendments, and assignment
1. Client Clearing: Additional provisions for clearing members providing client clearing services
2. Cross-Border Provisions: Specific provisions for cross-border clearing activities
3. Emergency Procedures: Procedures for market emergencies or technical failures
4. Tax Provisions: Specific tax-related provisions if clearing involves multiple jurisdictions
5. Special Membership Terms: Additional terms for specific types of clearing membership
6. Data Protection: Enhanced data protection provisions beyond standard confidentiality
7. Force Majeure: Detailed force majeure provisions if required beyond standard provisions
1. Schedule 1 - Eligible Products: List of products eligible for clearing
2. Schedule 2 - Fee Schedule: Detailed fee structure and calculations
3. Schedule 3 - Operational Procedures: Detailed operational and technical procedures
4. Schedule 4 - Margin Methodology: Detailed methodology for calculating margin requirements
5. Schedule 5 - Required Documentation: List of required regulatory and operational documentation
6. Schedule 6 - Contact Details: Contact information for operational and emergency purposes
7. Schedule 7 - Service Level Agreement: Technical performance and service level requirements
8. Appendix A - Account Structure: Details of clearing account structure and segregation
9. Appendix B - Default Fund Contributions: Methodology for default fund contributions
10. Appendix C - Eligible Collateral: List of eligible collateral and haircuts
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Securities Trading
Investment Management
Asset Management
Insurance
Pension Funds
Commodities Trading
Derivatives Trading
Financial Market Infrastructure
Relevant Teams
Legal
Compliance
Risk Management
Operations
Settlement
Collateral Management
Trading
Treasury
Technology
Post-Trade Operations
Regulatory Reporting
Default Management
Relevant Roles
Head of Clearing
Chief Risk Officer
Compliance Officer
Legal Counsel
Operations Manager
Settlement Manager
Collateral Manager
Risk Manager
Chief Operating Officer
Head of Trading
Regulatory Reporting Officer
Treasury Manager
Default Manager
Chief Technology Officer
Head of Post-Trade Operations
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