Only section members may acquire the right to trade on the Exchange. A section member may acquire the right to trade in a section where it is a member.

A section member’s right to trade in a particular section may cover certain exchange products or certain groups of products (e.g. dematerialized or non-dematerialized securities) transaction classes or certain markets separately. The special rules that apply are set forth in the Code of Trading and in KELER Rules.

A section member can settle with KELER as a clearing member or as a sub-clearing member.

Clearing membership is granted by a clearing agreement concluded with KELER Ltd.

A sub-clearing member needs a clearing agreement with a general clearing member and a statement of unconditional liability whereby the general clearing member guarantees the performance of the transactions of the sub-clearing member that has a clearing agreement in place and ensures that the transactions of the sub-clearing member are cleared in conformity with the rules of the Exchange and KELER rules.

A sub-clearing Member may have only one effective clearing agreement in place with a single general clearing member, whilst the latter may have clearing agreements with several sub-clearing members at any point in time.