A member of
Eurex Clearing
1. Introduction
This circular contains information with respect to amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) regarding the following topics:
The amendments will become effective as of 15 December 2025.
2. Required action
Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors and other affected contractual parties should take the amendments to the Clearing Conditions into consideration.
3. Details
A. Renaming of Clearstream Banking AG to Clearstream Europe AG
Clearstream announced a renaming of ‘Clearstream Banking AG’, to ‘Clearstream Europe AG’ effective 26 September 2025, see Clearstream announcement D25023.
To reflect the name change, various chapters in the Clearing Conditions and related documents are amended accordingly.
B. Cash Settlement after a Failure to Deliver Securities
Eurex Clearing AG may in its reasonable discretion waive the premium set out in for the determination of the cash settlement amount, e.g. if orderly transfer of securities is not possible at a CSD after a reorganization of the issuer of a share.
To reflect the amendments in the Clearing Conditions, the following provisions will be amended as outlined in Attachment 1:
C. Hold/release status changes for settlement instructions
Eurex Clearing will support hold/release status changes at the respective Settlement Location for all settlement instructions. For buy transactions, i.e. instructions with an obligation of Eurex Clearing to deliver securities to the Clearing Members, the Clearing Member (or its Settlement Institution) shall ensure that such receipt instruction will automatically be released prior to or on the Contractual Settlement Date.
To reflect the amendments in the Clearing Conditions, the following provisions will be amended as outlined in Attachment 2:
D. Implementation of operational measures in case of Extraordinary Events
In case of Extraordinary Events (as defined in Chapter 2 Part 1 Number 1.11), Eurex Clearing AG shall have measures available for the Repo and GC Pooling Market to mitigate detrimental effects of such events and ensure operational resilience. Those measures will be included in the Clearing Conditions of Eurex Clearing AG.
To reflect the amendments in the Clearing Conditions, the following provisions will be amended as outlined in Attachment 3:
Publication of amendments to the Clearing Conditions
As of the effective date, the full versions of the amended Clearing Conditions will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:
Clearing Conditions
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
Recipients: | All 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: | www.eurex.com/ec-en/ | |
| Authorized by: | Jens Janka |