Equity Index Derivatives: Termination of clearing for Derivatives under the KRX cooperation

1. Introduction

Effective 6 June 2025, Eurex Clearing AG will terminate the clearing for KOSPI Index- and FX Derivatives Products. 

In this context, the Executive Board of Eurex Clearing AG decided the following effective 6 June 2025: 

• To terminate the clearing for Daily Futures on Options on KOSPI 200 (OKS2), Weekly Options on KOSPI 200 (OKW 1,3-5), Futures on KOSPI 200 (FBK2), Mini Futures on KOSPI 200 (FMK2) and Futures on the USD/KRW currency pair (FCUW).
• To change the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) according to Attachment 1.
• To change the Price List of Eurex Clearing AG (Price List) according to Attachment 2.
• To discontinue with the Asian cooperation the KOSPI Liquidation Group (PAC01) and the Asian cooperation KRW FX Derivatives Liquidation Group (PAF01). 
• To terminate the Product Specific Supplements „Equity Index 17”, “Equity Index 18“, “Equity Index 53“, “Equity Index 65“ and “Foreign Exchange 03” according to Attachments 3-7.

Please refer to Eurex Circular 042/25 for detailed trading-related information, including fee classification and the related amendments to the Rules and Regulations of Eurex Deutschland. 

Last trading day of the affected products will be 4 June 2025. 

2. Required action

For the participants, no actions are required.  

3. Details of the initiative

A. Product Overview 

Please refer to the table below for the overview of the products. 

B. Contract specifications 
 
For the detailed contract specifications, please refer to Eurex Circular 042/25. 
 
C. Product group 

Please refer to the table below for the product group of the deleted products. 

Due to the termination of the cooperation between the Korea Exchange (KRX) and Eurex, Eurex Clearing AG will terminate the Product Specific Supplements according to Attachments 3-7.

D. Transaction fees 
 
The transaction and maintenance fees for the delisted products will not be valid anymore after the last settlement day (can be retrieved from the updated sections of the Price List, as outlined in Attachment 2). Please be informed that the occurred transaction and maintenance fees up to the last settlement day will be debited at the beginning of the subsequent month (July 2025) in the regular billing run.  
 
E. Risk parameters 
 
Margins for the new products are calculated in Prisma. For the risk parameters of the new products, please refer to the Eurex Clearing website www.eurex.com/ec-en/ under the following link: 
 
Services > Risk parameters 
 
F. Amendments to the legal framework of Eurex Clearing 
 
To reflect this decision in the legal framework of Eurex Clearing, the following provisions will be amended as outlined in Attachments 1 and 2:

• Chapter II Part 2 Numbers 2.1.2, 2.15 and 2.28 of the Clearing Conditions
• Numbers 3, 3.1, 3.2.1.2 and 3.2.2.2 of the Price List 

As of the effective date, the full versions of the amended Clearing Conditions and Price List 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: 

• 1 – Amended sections of the Clearing Conditions of Eurex Clearing AG 
• 2 – Amended sections of the Price List of Eurex Clearing AG 
• 3 – Equity Index 17 - Eurex Daily Futures on Mini-KOSPI 200 Futures_2025
• 4 – Equity Index 18 - Eurex Daily Futures on KOSPI 200 Options_2024
• 5 – Equity Index 53 - Eurex Daily Futures on KOSPI 200 Futures_2025
• 6 – Equity Index 65 - Eurex Daily Futures on KOSPI 200 Weekly Options_2024 
• 7 – Foreign Exchange 03 - Eurex Daily USDKRW Futures on US Dollar Futures

Further information