Membership Process

Once you’ve made the decision to apply for membership to NYPC, you will need to complete the necessary documentation. We have split the membership process into four components. Some of the stages can overlap and exist in parallel.

1 - BASIC REQUIREMENTS: In order to comply with Know Your Customer (KYC) / Anti Money Laundering (AML) compliance procedures, we need documentation that allows us to identify the Applicant and to confirm that its senior officers are fit and proper persons. In addition, we will assess the Applicant’s ability to meet NYPC’s Membership Standards. As soon as we receive all Stage 1 documentation, we can begin the membership approval process.

2 - LEGAL AGREEMENTS: Potential members are required to execute a number of legal agreements and forms based on the membership type and entity type. These agreements can be completed in parallel with Stage 1 documentation, but do not need to be submitted at the same time as Stage 1. Completed Stage 1 and Stage 2 documents are required to receive approval from the NYPC Board of Directors.

3 - CONNECTIVITY: FICC and NYSE Euronext are service providers for NYPC; as a result, Members will need to establish connectivity to FICC to access their Report Center and Clearing Fund Management systems, and to NYSE to access their “Trade Registration System” (TRS) and “Clearing Processing System” (CPS). If you already have connectivity to these applications, you can leverage that connectivity for NYPC.

4 - ACTIVATION: After Stage 1 & 2 documentation has been received complete and in good form, the Applicant is evaluated and presented to the NYPC Board of Directors for consideration. The NYPC Board is responsible for the approval of the applicant for NYPC membership. After approval has been granted and connectivity has been established, only a few documents remain to activate the Member.

To see a list of the required documents, read the New York Portfolio Clearing – Guide to Membership