Types of members

Members may be: General Clearing Members, Individual Clearing Members, Non-Clearing Members and Ordinary Non-Clearing Members.

In general, Clearing Members may be General Clearing Members  and Individual Clearing Members.

General Clearing Members carry out their functions and act in BME Clearing, on their own account and on behalf of their Clients, Non-Clearing Members and Ordinary Non-Clearing Members, exercising the rights and obligations corresponding to them before BME Clearing, which shall be their Central Counterparty, and being liable before BME Clearing for any failure to comply with these obligations.

General Clearing Members may hold and manage in the Trades Register all types of Accounts included in this Rule Book, communicate for Registration, request Registration and carry out and accept Transfer of Trades on their own account or on behalf of their Clients. They shall be liable to BME Clearing for any failure to comply with all obligations inherent to the Positions registered in their Accounts and those of their Clients.

General Clearing Members acting in BME Clearing in the name and on behalf of Non-Clearing Members shall be jointly and severally liable before BME Clearing with each of the Non-Clearing Members for any failure to comply with the obligations inherent to the Trades registered in the Accounts opened by the corresponding Non-Clearing Member, irrespective of whether it has complied with this obligation before the General Clearing Member.

General Clearing Members acting in BME Clearing in their own name and on behalf of Ordinary Non-Clearing Members shall be solely and directly responsible before BME Clearing for complying with all the obligations inherent to the Trades registered in the Accounts opened at the request of the Ordinary Non-Clearing Member, irrespective of whether it has complied with this obligation vis-à-vis the General Clearing Member.

When acting for the account of their Clients, Non-Clearing Members or Ordinary Non-Clearing Members, General Clearing Members shall transfer to them any cash or securities which BME Clearing has made available to them in relation to the Trades registered in the corresponding Accounts in the manner established by BME Clearing .

Individual Clearing Members carry out their functions and act in BME Clearing , on their own account and on behalf of their Clients, exercising the rights and obligations corresponding to them before BME Clearing, which shall be their Central Counterparty, and being liable before BME Clearing for any failure to comply with these obligations.

Individual Clearing Members may hold and manage in the Trades Register all the types of Accounts included in this Rule Book, communicate for Registration, request Registration and carry out and accept Transfer of Trades on their own account or on behalf of their Clients. They shall be liable to BME Clearing for any failure to comply with all obligations inherent to the Positions registered in their Accounts and those of their Clients.

When they act on behalf of their Clients they shall transfer the cash amounts or securities that BME Clearing has made available to them in relation with the Trades registered in their Clients' Accounts in the manner established by BME Clearing.

In general, Members which do not have the condition of Clearing Member, may be Non-Clearing Members and Ordinary Non-Clearing Members.

When Non-Clearing Members or Ordinary Non-Clearing Members have the power to trade exclusively on their own account or on behalf of entities in their group, mention of this must be made in their description, so that they are identified as Proprietary Non-Clearing Members or Proprietary Ordinary Non-Clearing Members.

Non-Clearing Members act in BME Clearing, performing their functions and exercising their corresponding rights and obligations before BME CLEARING, which shall be their Central Counterparty, through the General Clearing Members, which act on behalf of the former, being jointly and severally liable the Non-Clearing Members and General Clearing Members before BME Clearing for compliance with these obligations.

Non-Clearing Members may request to open, hold and manage in BME Clearing's Trades Register, Proprietary Accounts, ISA Agency, Indirect Clearing OSA and Indirect Clearing GOSA Accounts, and communicate for Registration, request the Registration and make and accept Transfer of Trades on their own account or on behalf of their Clients.

When they act for their Clients holding an ISA Agency or for Indirect Clients, Non-Clearing Members shall transfer to these Clients any cash or securities which BME Clearing has made available to them, in the manner established by BME CLEARING and through their General Clearing Member, in relation to the Trades executed on behalf of the Clients and Indirect Clients and registered in the corresponding Client Accounts.

The Non-Clearing Member must enter into an agreement with one or, at most, two General Clearing Members, and it shall be separately liable before each of them for compliance with all obligations inherent to the Trades registered in the Accounts that have been identified, in the manner established by it, irrespective of whether the Clients or Indirect Clients have complied with said obligation before the Non-Clearing Member. Such agreements must be forwarded to BME Clearing. Where a Non-Clearing Members enter into agreements with two General Clearing Members, BME Clearing shall inform both General Clearing Members of such circumstance, without disclosing the identity of one to the other

Ordinary Non-Clearing Members act in BME Clearing and perform their functions through General Clearing Members that act in BME CLEARING in their own name and on behalf of these Ordinary Non-Clearing Members. Ordinary Non-Clearing Members hold the rights and obligations deriving from their actions in BME Clearing before General Clearing Members, which shall be their Counterparty.

Ordinary Non-Clearing Members may not hold, maintain or manage an Accounts structure in BME Clearing's Trades Register. For the registration of Trades made by Ordinary Non-Clearing Members on their own account, they may request their General Clearing Member to open ISA PtoP Client Accounts or register these Trades in an OSA. For the registration of Trades made by Ordinary Non-Clearing Members on behalf of Indirect Clients, they may request their General Clearing Member to open an Indirect Clearing OSA or an Indirect Clearing GOSA. The Accounts referred to in this paragraph shall be held by the General Clearing Member, which shall submit a request to BME Clearing to open them, and be responsible for their maintenance and management. Ordinary Non-Clearing Members may communicate for Registration, request the Registration or accept the Transfer of Trades on their own account or on behalf of their Indirect Clients, and may also Transfer Trades between Accounts designated by their General Clearing Member.

The General Clearing Member shall be liable vis-à-vis BME Clearing for compliance with all obligations inherent to the Trades made by the Ordinary Non-Clearing Member, both proprietary trades and trades made on behalf of their Indirect Clients, registered in the Accounts referred to in the preceding paragraph, irrespective of whether the Ordinary Non-Clearing Member has complied with such obligation vis-à-vis the General Clearing Member.

The Ordinary Non-Clearing Member must enter into an agreement with a General Clearing Member, which shall be its Counterparty, and be liable before it for compliance with all obligations inherent to the proprietary Trades and Trades made on behalf of their Indirect Clients and registered in the Accounts opened and held by the General Clearing Member at the request of the Ordinary Non-Clearing Member, irrespective of whether the Indirect Clients have complied with such obligation vis-à-vis the Ordinary Non-Clearing Member. The Ordinary Non-Clearing Member may enter into an agreement with a second General Clearing Member. Such agreement will only be effective in the event that BME Clearing's dealings with the first General Clearing Member are suspended for any reason. Such agreements must be forwarded to BME Clearing.