OTC IRD Pricing Pack Special Offers and Credit Index Futures Price List changes 2026

1. Introduction

As part of the annual review for OTC Interest Rate Derivative (IRD) Transactions, Eurex Clearing AG will introduce the following amendments with effect from 21 November 2025:

• A. Introduction of an OTC IRD Basic Pack Special Offer 2026 which includes a fixed-fee based clearing of own OTC Interest Rate Derivative Transactions (IRS, OIS and FRA and Basis swaps) as well as Standard-Coupon Inflation Swaps (SCIS) and Zero-Coupon Inflation Swaps (ZCIS) for EUR 125,000 per month. Compared to the Basis Pack, the included volume thresholds are 60 percent higher, and the OTC IRD Basic Pack Special Offer 2026 also includes unlimited clearing of SCIS and ZCIS transactions. 
• B. Introduction of an OTC IRD Gold Pack Special Offer 2026 which includes unlimited clearing of own OTC Interest Rate Derivatives Transactions (IRS, OIS, FRA and Basis swaps) as well as Standard-Coupon Inflation Swap (SCIS) and Zero-Coupon Inflation Swap (ZCIS) transactions across all currencies for a fixed fee of EUR 220,000 per month. This is equal to a discount of 15 percent on the regular fees for the combined Gold Packs. 

Current OTC IRD Basic Pack subscribers may upgrade to either the OTC IRD Basic Pack Special Offer or the OTC IRD Gold Pack Special Offer.  

The Executive Board of Eurex Clearing AG decided with effect from 1 January 2026 to amend the standard fees, rebates and thresholds for Credit Index Futures, pursuant to Number 3 of the Price List of Eurex Clearing AG as outlined in the Attachments. 

2. Required action

A. Registration for the OTC IRD Basic Pack or the OTC IRD Gold Pack Special Offer 2026:  

Clearing Members (including FCM Clearing Members) may register for either the OTC IRD Basic Pack or the OTC IRD Gold Pack Special Offer 2026 by submitting the corresponding registration form attached to this circular. Please proceed with the following steps: 

i. Registration for the OTC IRD Basic Pack Special Offer 2026: Complete the attached EurexOTC-Interest-Rate-Derivative-Registration-Form-for-CM-Basic-Pack (Attachment 1) and select the OTC IRD Basic Pack Special Offer; if desired, select “Registration of affiliated Clearing Members and Disclosed Clients for OTC IRD Basic Pack Special Offer” to apply the OTC IRD Basic Pack Special Offer to a group of affiliates.

Registration for the OTC IRD Gold Pack Special Offer 2026: Complete the attached EurexOTC-Interest-Rate-Derivative-Registration-Form-for-CM-Gold-Pack (Attachment 2) select one of the two Gold Packs; if desired, select “Registration of affiliated Clearing Members and Disclosed Clients for Gold Pack Rebate Scheme” to apply the Discounted OTC IRD Gold Pack to a group of affiliates.

Submit the signed form to your Key Account Manager Clearing latest by the end of a month to apply for the chosen OTC IRD Pricing Pack 2026 from the first calendar day of the month subsequent to the month of booking. 

3. Details of the initiative

A. Overview of the OTC IRD Basic Pack Special Offer 2026 

The OTC IRD BASIC Pack Special Offer 2026 allows subscribers the clearing of own transactions that are booked to the respective house account (i.e. P account) for all OTC IRD products including IRS, OIS, Basis swaps, FRA, SCIS and ZCIS across all currencies without extra booking fees and maintenance fees up to the following volume thresholds: 

• Booking Fees: no booking fees up to the following volume thresholds (cumulated cleared notional, measured for the subscription period from start to end):
  • IRS/OIS/Basis: EUR 300 bn (instead of EUR 200 bn as in the standard BASIC Pack according to the Price List)
  • FRA: EUR 750 bn (instead of EUR 500 bn as in the standard BASIC Pack)
  • SCIS/ZCIS: unlimited (not included in the standard BASIC Pack) 
• Maintenance Fees: no maintenance fees up to the following thresholds (outstanding notional at the end of a month covered by the BASIC Pack Special Offer subscription):
  • IRS/OIS/Basis: EUR 750bn (instead of EUR 500 bn as in the standard BASIC Pack)
  • FRA: n/a
  • SCIS/ZCIS: unlimited (not included in the standard BASIC Pack) 

All transactions above these volume thresholds are billed according to the Standard Pricing Model A (as set out in the Price List) and will be charged in addition to the monthly fee for the OTC IRD BASIC Pack Special Offer 2026.

The OTC IRD BASIC Pack Special Offer 2026 is valid for 12 calendar months, starting from the first calendar day of the month subsequent to the month of booking, or in case of an ongoing rebate scheme subscription, on the first calendar day of the month subsequent to the expiry of a previous rebate scheme by Eurex Clearing. The price for the OTC IRD Basic Pack Special Offer 2026 is EUR 125,000 per month (compared to the regular BASIC Pack and the SCIS/ZCIS GOLD Pack this offer is equal to an implied discount of 60 percent). 

To the extent not provided otherwise in the attached registration form, the provision in Number 10.4 on the BASIC Pack applies mutatis mutandis to the OTC IRD BASIC Pack Special Offer 2026. 

B. Overview of the OTC IRD Gold Pack Special Offer 2026 

The OTC IRD Gold Pack Special Offer 2026 allows subscribing Clearing Members (including FCM Clearing Members), groups of affiliated Clearing Members (including FCM Clearing Members), and eligible affiliated Disclosed Clients (who fulfil the personal prerequisites for a clearing license) unlimited clearing of all OTC IRD products including IRS, OIS, Basis, FRA, SCIS and ZCIS across all currencies - without any limits on cleared or outstanding volumes. 

The OTC IRD Gold Pack Special Offer 2026 will be valid until 31 December 2026, starting from the first calendar day of the month subsequent to the month of booking, or in case of an ongoing rebate scheme subscription, on the first calendar day of the month subsequent to the expiry of a previous rebate scheme by Eurex Clearing. The price for the OTC IRD Gold Pack Special Offer 2026 is EUR 220,000 per month which is equal to a discount of 15 percent compared to the regular fees for the combined Gold Packs. 

The OTC IRD Gold Pack Special Offer 2026 can be booked until 31 March 2026. 

C. Eligible Participants of either of the OTC IRD Pricing Pack Special Offers 2024 rebate schemes for Clearing Members 

The OTC IRD Basic Pack Special Offer 2026 as well as the OTC IRD Gold Pack Special Offer 2026 are available to all Clearing Members (including FCM Clearing Members), groups of affiliated Clearing Members (including FCM Clearing Members) and affiliated Disclosed Direct Clients which fulfil the personal prerequisites for a clearing license according to Chapter I Part 1 Number 2.1.2 (2) of the Clearing Conditions of Eurex Clearing AG. 

All benefits of the respective pricing pack may be shared by all Clearing Members (including FCM Clearing Members) and eligible Disclosed Direct Clients that form part of the same group for the same fixed fee. The respective subscription fee will be allocated monthly to the group affiliates according to their individual performance measured as the sum of the monthly undiscounted gross revenues. 

D. Upgrade from the OTC IRD Basic Pack rebate schemes 

All OTC IRD Basic Pack subscribers and groups of subscribers may upgrade from the OTC IRD BASIC Pack rebate scheme to the OTC IRD Gold Pack Special Offer 2026 until 31 March 2026. The chosen Gold Pack may be applied with effect from the first calendar day of the month of booking, if the respective Gold Pack is booked via one of the eligible registration forms and the form submitted to the respective Key Account Manager by the end of that month. Subscribers currently benefiting from the OTC IRD Basic Pack will be automatically eligible for an upgrade to the Basic Pack Special Offer 2026, ensuring a seamless transition to enhanced benefits - no additional steps required.

Subscribers wishing to upgrade to the OTC IRD Gold Pack Special Offer 2026 rebate scheme may do so by submitting the attached registration form to their Key Account Manager Clearing by 31 March 2026, after which the Gold Pack will only be available at the regular fixed fee in accordance with the Price List. 

E. Credit index Futures 

The Standard Fees in Credit Index Futures will be changed according to the amended Price List of Eurex Clearing in the Attachment. In addition, volume rebates in Credit Index Futures according to section 3.2.2.2 (3) c. of the Eurex Clearing Price List will no longer be offered. 

Between 1 January 2026 and 30 June 2026, Eurex Clearing will grant 50 percent discount on clearing fees for transactions in Credit Index Futures. A discount of 25 percent will be granted from 1 July 2026 to 31 December 2026. 

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:

• 1 – EurexOTC-Interest-Rate-Derivative-Registration-Form-for-CM-Basic-Pack-Special-Offer-2026 

• 2 – EurexOTC-Interest-Rate-Derivative-Registration-Form-for-CM-Gold-Pack-Special-Offer-2026 

• 3 – Overview OTC Interest Rate Derivative Special Offers 2026  

• 4 – Amended Price List of Eurex Clearing AG 
   

Further information