In order for an institution to participate in trading on the Vienna Stock Exchange in the cash market, it is necessary for it to become a member of the Vienna Stock Exchange 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 the Vienna Stock Exchange 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.
Types of memberships
- Participation in trading in securities
- Participation in the settlement system for securities transactions concluded through the exchange
The settlement system for the cash market is operated by Central Counterparty Austria GmbH (CCP.A) and die Central Securities Depository Austria (CSD.A).
Differentiation of the membership categories
- Direct Clearing Members (DCM) are authorized to settle transactions for their own account and for customers.
- Non Clearing Members (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 Members (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 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.
More information about clearing and settlement on the cash market
How do I become a member?
If you have interest in a membership, please contact:
