Eurex Clearing
1. Introduction
This circular contains information regarding amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and the FCM Regulations of Eurex Clearing AG (FCM Regulations) on the following topics:
The amendments to the Clearing Conditions and the FCM Regulations will come into effect on 19 May 2025.
Learn more about the EurexOTC Clear Release 19.0 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/ under the following link: Support > Initiatives & Releases > EurexOTC Clear Releases > EurexOTC Clear Release 19.0.
Circulars, timeline, and much more information are available there for you.
2. Required action
Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members, vendors and other affected contractual parties should take the amendments to the Clearing Conditions and FCM Regulations into consideration.
3. Details of the initiative
A. EurexOTC Clear Release 19.0
The following enhancements of EurexOTC Clear Release 19.0 require an update of the Clearing Conditions and the FCM Regulations:
Eurex Clearing currently collects outstanding margin requirements for specific post-trade events (Trade Transfer, Account Transfer, Portfolio Transfer, and Termination) via direct debit at designated times throughout the business day by automatic direct debit instructions.
With EurexOTC Clear Release 19.0, the automatic direct debit functionality for these post-trade events will no longer be supported by Eurex Clearing. If the Clearing Member fails to provide the necessary margin by the cut-off time for processing the relevant post-trade event, the request for the relevant post-trade event will be rejected during end-of-day processing.
Please note that the direct debit functionality will remain in place for the following post-trade events: Backloaded Trades and Multilateral Compression. The direct debit instructions continue to be automatically processed either during the end-of-day processing with respect to Backloaded Trades or event-based with respect to Multilateral Compression.
To reflect the contemplated changes, the following provisions will be amended as outlined in Attachment 1 and Attachment 2:
B. Further amendments
Eurex Clearing applies further minor amendments to the Clearing Conditions and the FCM Regulations by adding additional clarifications regarding the calculation of the compound rate for Overnight Index Swaps. Eurex Clearing will always apply the Floating Rate Day Count Fraction as set out in the Floating Rate Matrix for the relevant Floating Rate Option.
To reflect the enhancements and changes, the following provisions will be amended as outlined in Attachment 1 and Attachment 2:
A. EurexOTC Clear Release 19.0
The following enhancements of EurexOTC Clear Release 19.0 require an update of the Clearing Conditions and the FCM Regulations:
Eurex Clearing currently collects outstanding margin requirements for specific post-trade events (Trade Transfer, Account Transfer, Portfolio Transfer, and Termination) via direct debit at designated times throughout the business day by automatic direct debit instructions.
With EurexOTC Clear Release 19.0, the automatic direct debit functionality for these post-trade events will no longer be supported by Eurex Clearing. If the Clearing Member fails to provide the necessary margin by the cut-off time for processing the relevant post-trade event, the request for the relevant post-trade event will be rejected during end-of-day processing.
Please note that the direct debit functionality will remain in place for the following post-trade events: Backloaded Trades and Multilateral Compression. The direct debit instructions continue to be automatically processed either during the end-of-day processing with respect to Backloaded Trades or event-based with respect to Multilateral Compression.
To reflect the contemplated changes, the following provisions will be amended as outlined in Attachment 1 and Attachment 2:
B. Further amendments
Eurex Clearing applies further minor amendments to the Clearing Conditions and the FCM Regulations by adding additional clarifications regarding the calculation of the compound rate for Overnight Index Swaps. Eurex Clearing will always apply the Floating Rate Day Count Fraction as set out in the Floating Rate Matrix for the relevant Floating Rate Option.
To reflect the enhancements and changes, the following provisions will be amended as outlined in Attachment 1 and Attachment 2:
As of the effective date, the full version of the amended Rules and 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 to 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
Recipients: | All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
| Contact: | client.services@eurex.com | |
| Web: | Support > Initiatives & Releases > EurexOTC Clear Releases > EurexOTC Clear Release 19.0 | |
| Authorized by: | Manfred Matusza |
