A member of
Eurex Clearing
1. Introduction
This circular contains information with respect to an amendment to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and an amendment to the Price List of Eurex Clearing AG (Price List) regarding the following topics:
The amendments will become effective as of 15 June 2026.
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 and Price List into consideration.
3. Details
A. Amendments of the Clearing Conditions resulting from the enhancement of the novation process for ISA Direct Light License Holder transactions
The novation process for ISA Direct Light Trades will be enhanced by implementing a further novation criterion.
Today, an ISA Direct Light trade is novated by Eurex Clearing AG once the ISA Direct Light License Holder provided sufficient funds on his cash account and the cash balance check has been successfully performed within C7 SCS. In future, C7 SCS will additionally check if the ISA Direct Light trade can be instructed to CmaX.
To reflect the amendment in the Clearing Conditions, the following provision will be amended as outlined in Attachment 1:
B. Amendment to the Price List with regards to Service Fees for Master Data Management for the optional Payment Free of Delivery (PFOD) Service
Eurex Clearing AG has implemented the possibility for Clearing Members to opt for a new Cash Offset Instruction Method with the release of C7 SCS 5.0 in November 2026.
These cash offset payments (Debit/Credit) resulting out of repo transactions can be instructed using Payment Free of Delivery (PFOD) instructions for Euroclear Bank clients.
This optional service will be added to the Service Fees for Master Data Management in the Price List of Eurex Clearing AG.
The addition to the Price List of Eurex Clearing AG is outlined in Attachment 2:
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 AG’s 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.
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 | |
Related circulars: | ||
| Contact: | client.services@eurex.com | |
| Web: | Eurex Clearing Rules & Regulations | |
| Authorized by: | Jens Janka |