Collateral Pricing Redesign 2026: Amendments to the service fees for eligible margin assets in form of cash, securities and default fund contributions

1.    Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG on the following topic with effect from 1 January 2026: 

• a. Amendments to the Price List of Eurex Clearing AG (Price List) regarding the service fees for eligible margin assets of cash, securities and default fund contributions 
• b. Introduction of a 100 percent securities collateral fee discount on securities provided to cover the new margin concentration add-on for OTC interest rate derivatives (IRD) portfolios for all clearing participants for a period of 12 subsequent calendar from 1 January 2026 to 31 December 2026 

a. Effective 1 January 2026, Eurex Clearing will amend the service fees for eligible margin assets in form of cash, securities and default fund contributions. The changes aim at increasing the attractiveness of cash provisions to secure margin requirements and to cover default fund contributions by significantly improving the return on cash by circa 5 basis points. Furthermore, Eurex Clearing will relax the soft cash ratio requirement for Clearing Members in the context of the securities collateral concentration add-on concept by reducing the threshold for the cash ratio from 40 percent to 30 percent. Moreover, the securities collateral concentration add-on fee will be reduced from 0.10 percent to 0.075 percent. 

In addition, Eurex will adjust the securities collateral fees and further harmonize and simplify the collateral fee schedule to provide clearing participants with more flexibility in collateralizing the individual margin requirements and default fund contributions. 

b. In addition, Eurex Clearing will introduce a 100 percent securities collateral fee discount on securities provided to cover the new margin concentration add-on for OTC IRD portfolios which was announced in Eurex Clearing Circular 083/25. The fee waiver will be introduced with effect from 1 January 2026 and last until 31 December 2026. 

2.    Required action

There is no action required.

3. Details of the initiative

a. Effective 1 January 2026, Eurex Clearing will amend the service fees for eligible margin assets in form of cash, securities and default fund contributions. The changes consist of the following individual measures: 

1. Eligible margin assets in form of cash: 

• Eurex Clearing will change the benchmark for euro cash deposits from ECB Deposit  
  Rate - 10 basis points to Euro short-term rate (€STR)
• The standard service fee for delivered cash will be reduced from 0.20 percent to 0.175 percent
• The discount of 50 percent on the standard service fee provided as cover for OTC Interest Rate Derivatives Transactions booked on FCM Client Margin Accounts will be discontinued  

2. Eligible margin assets in form of securities: 

• Standard service fee rate (applied to Eurex Clearing’s exposure collateralized by the delivered securities, per annum) will increase from 0.10 percent to 0.175 percent
• Fee rate for securities booked on internal ISA Direct Margin Accounts will be adjusted from 0.05 percent to 0.0875 percent
• Fee rate for securities delivered via GC Pooling re-use functionality to cover Eurex Clearing exposure for transactions other than Repo will be adjusted from 0.075 percent to 0.175 percent
• Fee rate for securities delivered as cover for disclosed client-related transactions under use of the cross-margining functionality will the adjusted from 0.10 percent to 0.175 percent
• Fee rate for securities delivered as cover for disclosed client-related OTC interest rate derivatives transactions will be adjusted from 0.00 percent to 0.015 percent 

In addition, the following changes apply to the securities collateral concentration add-on fee model: 

• The cash ratio requirement threshold will be adjusted from 40 percent to 30 percent
• The securities collateral concentration add-on fee which applies if the individual cash ratio of a Clearing Member for the relevant internal margin accounts is below the Cash Ratio threshold will be adjusted from 0.10 percent to 0.075 percent 

3. Service fees for default fund contributions: 

• The changes outlined in 1) eligible margin assets in form cash apply mutatis mutandis to contributions to the default fund
• The changes outlined in 2) related to eligible margin assets in form of securities under “standard service fee rate” apply mutatis mutandis to contributions to the default fund 

The following provisions of the Price List of Eurex Clearing AG will be amended as outlined in the Attachment: 

• Number 9.1
• Number 9.2
• Number 9.3

b. Effective 1 January 2026, Eurex Clearing will introduce a securities collateral fee discount of 100 percent on securities provided to cover the new margin concentration add-on for OTC IRD portfolios which was announced in Eurex Clearing Circular 083/25. The fee discount implementation assumes that cash deposits are applied first to satisfy the initial margin requirement, with any remaining initial margin and the new OTC SUMA covered by available securities. The securities collateral fee discount will be introduced with effect from 1 January 2026 and last until 31 December 2026. 

As of the effective date, the full versions of the amended Price List of Eurex Clearing AG will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link: Price List.

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. 

Attachment: 

• Updated sections of the Price List of Eurex Clearing AG 

Further information