Eurex Clearing Readiness Newsflash | EMIR 3.0 Active Account Regime (AAR) compliance and guidance on Eurex Clearing processes

With this newsflash, Eurex Clearing informs you about the essential information regarding EMIR 3.0 Active Account Regime (AAR) compliance and guidance on Eurex Clearing processes.

EMIR 3.0 AAR Onboarding

As previously communicated in Eurex Clearing Circular 097/24, Clearing Members should ensure that clients in scope of the AAR under EMIR 3.0 have the necessary connection to an EU-domiciled CCP to maintain operational accounts, such as Eurex Clearing. If clients have not already established this connection, please take the necessary steps as soon as possible. 

Review and Update Static Data

To ensure a smooth transition and operational readiness under the AAR, Eurex Clearing strongly advise Clearing Members to review clients’ (i.e. Basic DCs) static data held at Eurex Clearing. Even if clients are already onboarded, it is crucial to verify that the information provided is accurate and up to date. Incorrect and/or out of date static data since may affect trade processing and regulatory reporting. E.g., there may be changes to the client (Basic DC) master data that have not yet been disclosed to Eurex Clearing, the Approved Trade Source (ATS) or other third parties involved in the full lifecycle processing of client related trades.

There are several tools to review and update static data available, such as the onboarding tool C7 CAS or the Static Data Report “CD298”. Please liaise with client, Eurex Clearing, Approved Trade Source and/or other relevant third-party providers to synchronize the information (e.g. process changes of data at Eurex Clearing via the C7 CAS tool).

This attached guide outlines necessary steps to verify client static data and perform a pilot trade within Eurex Clearing. 

Testing and Verification

Once static data is up to date and internal processes are established, Eurex Clearing recommends initiating a pilot OTC IRD test trade in production. This will help to ensure smooth trade processing and clearing. Clients can use the EurexOTC Clear GUI and access reports within the Common Report Engine (CRE) to monitor the test trade. 

AAR reporting requirements

Entities in scope of the AAR will need to regularly report amongst others their in-scope activity to their competent national authority (NCA), as outlined in the ESMA technical standards. Eurex Clearing offers several reports that entities could refer to, if needed, accessible also for Basic DCs via the Common Report Engine (CRE). To retrieve these reports, Basic DCs need to be setup under their own Member ID and need to establish a technical connection to the CRE. Clients can find more information about this in the EurexOTC Clear Report Manual (available in the Member Section under the path Resources > Eurex Clearing > Documentation & Files > EurexOTC Clear > System Documentation > Reports) and the Common Report & Upload Engine User Guide.

Service Availability and Support

Trades can be submitted to Eurex Clearing 24/7 via connected ATS. Trade processing within Eurex Clearing may occur on business days from 08:00 until 22:00 CET. Trades submitted outside of these hours will be queued for processing. Post Trade Events (PTEs) can only be initiated and processed during operating hours from 08:00 until 22:00 CET.

For assistance or further queries regarding onboarding, static data updates, testing, or reporting, clients may contact the following Eurex Clearing Helpdesks:

Attachment: 

• Quick guide: Verifying Client Static Data & performing a Pilot Trade

Kind regards,
Your Client Services Team

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