Eurex Clearing
1. Introduction
This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and includes an amendment to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and the FCM Regulations of Eurex Clearing AG (FCM Regulations) regarding the following topic:
The amendments will become effective as of 2 May 2025.
2. Required action
There is no required action.
3. Details
A. Addition of SEC-Licensed Proprietary Trading Firm as Category of U.S. Clearing Member with Respect to Eurex Transactions
As of 2 May 2024, Eurex Clearing is adding SEC-Licensed Proprietary Trading Firm as a new category of U.S. Clearing Member with respect to Eurex Transactions in Chapter I Part I Section 2.5.1 of the Clearing Conditions. This new category will encompass a U.S. Proprietary Trading Firm that is a broker-dealer registered with the SEC under Section 15(b) of the Exchange Act, but will not include a broker-dealer that is merely notice-registered with the SEC under Section 15(b)(11) of the Exchange Act. For avoidance of doubt, this SEC-Licensed Proprietary Trading Firm category will include an entity that is registered as a broker-dealer but that will only clear futures and options on futures products at Eurex Clearing AG, and not securities products at Eurex Clearing AG. Through this additional category, Eurex Clearing extends its U.S. Clearing Member offering for Eurex Transactions to a broader range of entities.
To reflect the change, the following provisions of the Clearing Conditions will be amended as outlined in Attachment 1:
B. Further minor amendments
Eurex Clearing applies further amendments to Chapter I Part I Section 2.5.2 of the Clearing Conditions by removing the continuing obligations applying to a U.S. Clearing Member qualifying as Proprietary Firm that relate to the Form 1-FR, as these obligations are inapplicable.
Eurex Clearing additionally applies further amendments to Chapter I Part 1 No. 1.7.3 of the Clearing Conditions and Chapter I Part 1 No. 1.7.2 of the FCM Regulations to delete the requirement that a U.S. Clearing Member with respect to ORC IRS Transactions or an FCM Clearing Member disclose whether it has been audited by another derivatives clearing organization as well as the pertinent results of such audit.
To reflect the change, the following provisions of the Clearing Conditions will be amended as outlined in Attachments 1 and 2:
As of the effective date, the full version of the amended Clearing Conditions and FCM Regulations will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:
Rules & Regs > Eurex Clearing Rules and Regulations
The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties.
Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.
Attachments:
Further information
