EurexOTC Clear Release 20.0: Amendments to the Clearing Conditions and the FCM Regulations of Eurex Clearing AG

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:

• EurexOTC Clear Release 20.0
• Further minor amendments

The amendments to the Clearing Conditions and the FCM Regulations will come into effect on 8 December 2025.

Learn more about the EurexOTC Clear Release 20.0 on our dedicated initiative page on the Eurex Clearing website www.eurex.com/ec-en/ under the following link: EurexOTC Clear Release 20.0. Circulars, timeline and much more information is 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

Due to the U.S. Government Shutdown, Eurex Clearing has decided to postpone the rollout of the service enhancements introduced in this Circular to comply with the 10-business-day review period the CFTC has with respect to any rulebook amendments of Eurex Clearing. As of 13 November, the U.S. Government Shutdown has officially ended, thus Eurex Clearing can continue with the publication of rulebook amendments.

The amendments introduced with this Circular shall become effective on 8 December 2025.

Full Portfolio Transfer with a simultaneous collateral transfer

Eurex Clearing is introducing a new type of portfolio transfer – referred to as a “full portfolio transfer” – which enables Clearing Members to move all transactions booked in a specific transaction account at the time of the execution of the transfer to another transaction account held by the same Clearing Member or to another Clearing Member.

Optionally, full portfolio transfers may include the simultaneous transfer of all Eligible Margin Assets in the form of cash or securities booked in the collateral pool linked to the source transaction account, thereby removing the need to prefund the initial margin during the transfer process. If the transfer request passes all internal checks, Eurex Clearing will transfer all Eligible Margin Assets to the pool linked to the relevant target transaction account.

Postponed coupon payments for USD OIS

If the calculation period end date of a USD OIS floating leg coupon falls on a TARGET holiday or a weekend day, it can happen that the coupon fixing is only received by Eurex Clearing on the payment date of the coupon. In such cases, the coupon payment will be postponed by one business day, such that the usual overnight settlement process can be applied. If both legs share the same payment date, the fixed leg coupon payment will also be postponed to the next business day. 

Stub enhancements

From 8 December 2025 onwards, enhancements to stub handling will allow the clearing of IRS Fixed/Float and OIS trades that have front and back stubs on one leg, while the other leg may have no stub at all.
 

To reflect the enhancements and changes, the following provisions will be amended as outlined in Attachments 1 and 2:

• Chapter VIII of the Clearing Conditions and
• Chapter II of the FCM Regulations

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 the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including 5a 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 FCM Regulations of Eurex Clearing AG

Further information