El estatuto jurídico de los miembros de la entidad de contrapartida central

Resumen

The efficient performance of a Central Counterparty depends largely on who are its Members. It is therefore important to determine who can have access to the Membership, which categories of Members may exist, and what rights and obligations have the different types of Members. All these aspects shape the legal status of Members, which in the case of the Spanish Central Counterparty BME Clearing it has been materialized by a complex set of rules, from different level and nature. In this paper we consider, with particular reference to BME Clearing, the various elements of the statute of the Members, exploring, with systematic perspective, the following issues: (i) the acqusition, maintenance, suspension and loss of Membership; (ii) the types of Members that may exist, deepening in the distinction between Clearing Members and Non-Clearing Members and their different subcategories; and (iii) the rights and obligations of the various types of Members considering the different relationships established between (i') the Members and the Central Counterparty, (ii') the Clearing Members and Non-Clearing Members and (iii') the Members with their Clients.