General Clearing Member is one of nine Exchange participant classes.
The Exchange refers to this class as GX-GCM. It sits in the Clearing & Settlement group and carries the obligations set out below in addition to the requirements common to every participant.
Admission test: Everything required of a Clearing Member, plus segregated client accounts, a published client agreement, and capital scaled to the largest client position it is authorised to carry.
Exchange Designation
Class Group
Public Register Entry
Rule Change Notice
Obligations of the Class
What it does
A General Clearing Member extends access to the clearing house to operators who cannot meet clearing membership requirements directly — smaller producers, cooperatives, and regional traders — and is answerable to the Exchange for every position it carries on their behalf.
Client segregation
Client margin is held in accounts segregated from house positions and is not available to meet the member's own obligations. Segregation is confirmed daily against the clearing house record.
Concentration limits
No single client may represent more than a set share of a General Clearing Member's cleared exposure without prior Exchange approval and additional capital.
Porting on default
If a General Clearing Member defaults, client positions and the margin backing them are transferred to another General Clearing Member wherever a receiving member can be identified within the porting window.
Standing
Published
Admission, restriction, suspension and withdrawal for this class are published on the participant register with the effective date and the rulebook section relied on.
Reviewed annually
Standing is reviewed every year against the admission test, and at any time on a material change in the participant's circumstances.
Appealable
Adverse decisions may be referred to the Exchange review panel, which sits independently of the desk that made the original determination.
