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An indirect relationship is when non-clearing Members (NCMs) establish relationships with General Clearing Members who clear their business on their behalf. For a list of accredited GCMs who provide services to the market, please
click here.
- A direct relationship is when a firm is also a member of LCH.Clearnet and has a direct relationship either as
- A General Clearing Member (GCM) is able to clear its own trades, trades executed by its customers and trades executed by other member firms (NCMs).
- An Individual Clearing Member (ICM) can only clear trades executed by itself or its customers, not other member firms (NCMs).
A GCM or an ICM cannot self-clear agency business. Such a firm will be required to have an agreement in place with a third party GCM.
For further information on clearing and central counterparty initiatives currently underway, please click here.