Certificate course

Certified clearing specialist

Clearing is of particular importance for financial market stability. More and more financial instruments are being included in clearing. In this course, participants receive the necessary know-how about the clearing processes. They learn how Eurex Clearing, as one of the world's leading central counterparties, manages counterparty risk. Especially for employees in operations, the practical introduction to transaction management of both exchange-traded and over-the-counter derivatives is indispensable.

Agenda

  1) Eurex Clearing: markets and financial instruments

  • Introduction
  • The role of a clearing house

    - Novation/open offer
    - Clearing membership

  • Cleared markets and tradeable instruments

    - Eurex Exchange
    - Frankfurt Stock Exchange
    - Eurex Repo

  • Regulation

    - European financial supervision
    - Global governance aspects
    - Regulatory initiatives

2) Core clearing knowledge

  • Clearing members and their clients 

    - Disclosed Direct Clients
    - Undisclosed Direct Clients

  • Segregation models

    - Omnibus Segregated Accounts
    - Individual Segregated Accounts

  • Delivery management

    - Netting methods
    - Settlement of exchange transactions
    - Delay in delivery

  • Risk management

    - Types of risks
    - Types of margin
    - Margining methods
       - Risk Based Margining
       - Prisma

  • Default management

    - Liquidation groups
    - Process
    - Default waterfall

  • Collateral management

    - Eligible collaterals
    - Collateral management in C7
    - Permanent cash balance
    - Deposit and withdrawal of securities

  3) Transaction management for listed derivatives

  • Product overview Eurex Deutschland

    - Stock options
    - Stock index options
    - Equity index and fixed income futures

  •  Overview Eurex Clearing Prisma
  •  Pre- and post-trade risk controls
  • Transaction management in C7

    - Account transfer
    - Open/close adjustment
    - Average price
    - Give-up/take-up
    - Close-out
    - Excercise/assignment
    - Notification/allocation

4) EurexOTC Clear

  • Overview EurexOTC Clear

    - Products   
    - Approved trade sources

  • Transaction transmission to the CCP

    - Novation
    - Incremental risk check

  •   Post-trade events
     - Trade transfer
     - Account transfer
     - Termination
     - Change of clearer
     - Netting
     - Multilateral compression

Target audience

The certificate programme is suitable for all persons who wish to acquire a good basic knowledge of the core functions and processes of clearing. It is particularly aimed at employees of Clearing Members and/or Direct Client Market Participants (exchange participants without own clearing license) of Eurex Clearing AG. Participation in Course Unit 2 will be recognised by Eurex Clearing AG as evidence of qualification as a Qualified Clearing Staff (QCS). Participation in Course Unit 3 shall be recognised by Eurex Clearing AG as evidence of qualification as Qualified Back-Office Staff (QBO). The passing of the final examination shall be recognised by Eurex Clearing AG as evidence for the qualification as QCS and/or QBO.

Certificate and examination

Successful graduates receive the degree “ Certified Clearing Specialist” from Deutsche Börse AG. The examination comprises 135 multiple-choice questions and is taken on the computer. Participants have 2 hours to complete the exam. The examination regulations for the course contain a detailed description of the examination.

Examination dates

Exam participation is already included in the booked course. The exam is offered once a month, so that participation at a later date is also possible. The examination takes place as a face-to-face event in the training rooms of Deutsche Börse Group in Eschborn or via Microsoft Teams.

Course: 09.05. - 13.05.2022 (face-to-face in Eschborn and via Microsoft Teams)
The course in held in German.
Exam: 28.06.2022, 13.00 - 15.00 (via Microsoft Teams)
Exam: 29.06.2022, 13.00 - 15.00  (face-to-face in Eschborn)

Course: 19.09. - 23.09.2022 (face-to-face in Eschborn and via Microsoft Teams)
The course in held in German.
Exam: 26.10.2022, 13.00 - 15.00 (face-to-face in Eschborn)
Exam: 28.10.2022, 10.00 - 12.00 (via Microsoft Teams)

Course: 17.10. - 21.10.2022 (via Microsoft Teams)
The course is held in English.
Exam: 22.112022, 13.00 - 15.00 (via Microsoft Teams)
Exam: 23.11.2022, 13.00 - 15.00 (face-to-face in Eschborn)

Face-to-face or live stream - The choice is yours

This gives you the flexibility to choose whether you want to participate at our premises in Eschborn or at the location of your choice (with a good internet connection). To broadcast the event, we use Microsoft Teams, which you can use in your browser without installation. Questions during the event are possible via the chat function or verbally via microphone. The presentation and a questionnaire for exam preparation will also be made available to you as a PDF file.

When booking, simply select the desired location (Eschborn or live stream). As with face-to-face events, our speakers are also happy to receive your discussion contributions and questions in the live stream.

Your trainer

Steffen Kabitzke

Steffen Kabitzke studied economics at the Gottfried Wilhelm Leibniz University of Hanover and holds the title of Certified International Investment Analyst from the ACIIA. He

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Matthias Luck

Matthias Luck has been a trainer at the Capital Markets Academy of Deutsche Börse AG and various other academies and banks for more than 20 years. He studied banking and business administration and

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Ann-Kathrin Schleicher

Ann-Kathrin Schleicher has been a trainer at the Capital Markets Academy for over 15 years and is a member of the Examination Commissions of Eurex Deutschland and Frankfurter Wertpapierbörse (FWB,

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Alwin Schwarz

Alwin Schwarz started his professional career at Eurex Clearing AG as a student trainee in 2011. After successfully completing his Master's degree in Management at Goethe University Frankfurt, he

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