In order for an institution to participate in trading on Wiener Börse in the derivatives and cash markets, it is necessary for it to become a member of Wiener Börse and to have the required technical and human resources. The amendment of the Stock Exchange Act that took effect in August 1999 opened membership to the following institutions:
- credit institutions from EEA Member States or domiciled in third countries
- investment firms from the EEA and recognized investment firms domiciled in third countries
- local firms from EEA Member States and enterprises domiciled in third countries
A prerequisite for companies who wish to become members of Wiener Börse is a confirmation stating that the applicant is authorized to carry on the business of providing investment services in its home country and has been admitted as a member to a regulated market there in addition to being supervised by the competent authority. In the case of companies domiciled in third countries, fulfilment of the admission requirements are examined individually.
A membership application may be submitted for one of the following:
- Participation in trading in securities
- Participation in trading in options and financial futures contracts
- Participation in the settlement system for securities transactions concluded through the exchange
- Participation in the settlement system for trades in options and financial futures contracts concluded through the exchange
The settlement system for the cash and derivatives market is operated by Central Counterparty Austria GmbH (CCP.A).
The following types of membership are possible on the cash and derivatives markets:
- Direct Clearing Member (DCM) are authorized to settle transactions for their own account and
- Non Clearing Member (NCM) have access to the trading system, but are not admitted as clearing members. Trades are settled through a General Clearing Member GCM.
- General Clearing Member (GCM) are authorized to settle transactions for their own account and for customers as well as the transactions of other members (NCM) under the condition that a clearing agreement with such member has been concluded.
- Clearing Agents: A Clearing Agent acts as a technical assistant for the settlement of
securities trades for DCMs for the account of the DCM. The Clearing Member undertakes to guarantee
the fulfillment of customers' trades, but only if said Clearing Member has been put into a position
to meet its obligations by the customer.
How do I become a member?