Money Market Derivatives: Introduction of ECB Dated Euro STR (€STR) Futures Contracts

1. Introduction

Effective 15 December 2025, Eurex Clearing AG (Eurex Clearing) will offer clearing services for ECB Dated Euro STR (€STR) Futures contracts. 

In this context, the Executive Board of Eurex Clearing AG took the following decisions effective 15 December 2025: 

• Amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) as outlined in Attachment 1 and  
• Price List of Eurex Clearing AG (Price List) as outlined in Attachment 2 regarding the ECB Dated Euro STR (€STR) Futures 

Production start: 15 December 2025

2. Required action

There is no action required for participation.

3. Details of the initiative

A. Product overview

Please refer to the table below for the product overview of the new product.

B. Contract specifications 
 
For the detailed contract specifications, please refer to Eurex Circular 106/25. 

C. Product group 

Please refer to the table below for the product group of the new product: 

D. Transaction fees 
 
The transaction and maintenance fees for the new products can be retrieved from the updated section of the Price List, as outlined in the Attachment. 

E. Risk parameters

Margins for the new products are calculated in Prisma. For the risk parameters of the new product, please refer to the Eurex Clearing website www.eurex.com/ec-en/ under the following link:

Risk parameters
 

F. Amendments to the legal framework of Eurex Clearing AG 

To reflect this decision in the legal framework of Eurex Clearing AG, the following provisions will be amended as outlined in the Attachment:  

• Chapter II Part 2 Number 2.1.2, 2.2.2 of the Clearing Conditions of Eurex Clearing AG (Attachment 1)
• Numbers 3.1, 3.3, 3.4 of the Price List of Eurex Clearing AG (Attachment 2) 

As of the effective date, the full version of the amended Clearing Conditions and Price List will be available for download on the Eurex Clearing website under the following link: 

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 Price List of Eurex Clearing AG

Further information