Amendments to the Clearing Conditions of Eurex Clearing AG: FX Failure to Pay Requirements

1.  Introduction

This circular announces amendments to the Clearing Conditions of Eurex Clearing AG (Eurex Clearing) related to FX Failure to Pay procedures.

In this context, the following changes will apply effective 16 February 2026:

• Amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) to reflect the change of the requirements for back-up cash accounts for FX Failure to Pay procedure.

Production start: 16 February 2026

2.  Required action

FX Clearing Members may review their set of eligible Eurex FX products.

3.  Details of the initiative

The requirement for back-up accounts in the case currency in the physically settled FX products will be obsolete with this change. In the future, Clearing Members will be required to provide only cash accounts in the quote currencies for Variation margin payments as well as active settlement infrastructure via CLS. 

Amendments to the legal framework of Eurex Clearing AG

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

• Chapter II Part 2 Number 2.18.1 (1)
• Chapter II Part 2 Number 2.18.4 (2) and (3)

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:

Eurex Clearing Rules & 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 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:

• Amended Sections of the Clearing Conditions of Eurex Clearing AG
   

Further information