Amendments to the Clearing Conditions and the FCM Regulations

1. Introduction 

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and the FCM Regulations of Eurex Clearing AG (FCM Regulations) on the following topics: 

A. Limitations to Clearing Eligibility following the Cessation of the 1-Week (1W) WIBOR Tenor 

B. Incorporation of the Automated Take-Up Functionality into the Eurex Clearing AG Rulebooks 

For the topics set out above, this circular also introduces corresponding amendments to the Clearing Conditions and the FCM Regulations of Eurex Clearing AG. 

The amendments to the service offering, as well as to the Clearing Conditions and the FCM Regulations of Eurex Clearing AG, will become effective on 1 October 2026. 

2. Required action 

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members, vendors and other affected contractual parties should take the amendments to the Clearing Conditions and FCM Regulations into consideration. 

3. Details of the initiative 

A. Limitations to Clearing Eligibility Following the Cessation of the 1-Week (1W) WIBOR Tenor 

As part of the benchmark reform and the orderly phase-out of WIBID and WIBOR rates, GPW Benchmark S.A. will discontinue the publication of the 1-week (1W) WIBOR tenor effective 1 October 2026. The phase-out of the remaining benchmark rates will continue until 1 January 2037. 

Consequently, Eurex Clearing will limit the clearing eligibility of PLN  interest rate swaps referencing WIBOR, if the swaps contain future stub periods relying on 1W WIBOR fixings with or without linear interpolation being specified. The limitation of the clearing eligibility will also be reflected in the MC GUI, the product list will be updated accordingly. 

As part of the related rulebook update, we are also incorporating the cessation of the 2W WIBOR, which was discontinued on 22 December 2025. 

To reflect the enhancements and changes, the following provisions will be amended as outlined in Attachment 2 and Attachment 3: 

• Part 2 No. 2.1.5.1 of Chapter VIII of the Clearing Conditions; and 
• Part 2 No. 2.1.5.1 of Chapter II of the FCM Regulations. 

B. Incorporation of the Automated Take-Up Functionality into the Eurex Clearing AG Rulebooks 

Clearing Members and Clearing Agents may request that Eurex Clearing enables the Automated Take-Up Functionality for OTC Interest Rate Derivative Transactions executed by their Disclosed Clients or ISA Direct Clearing Members where such transactions are submitted without a Credit Limit Token. Once the Automated Take-Up Functionality has been enabled, transactions of the relevant Disclosed Client or ISA Direct Clearing Member received via OSTTRA Connect (formerly known as MarkitWire) will be taken up automatically and will no longer require prior manual Take-up approval by the respective Clearing Member or Clearing Agent. The Automated Take-up Functionaltiy is not supported for transactions received via the Trade Entry API. 

For the avoidance of doubt, the Automated Take-Up Functionality only removes the requirement for manual Take-up approval. All applicable risk checks conducted by Eurex Clearing will continue to be performed as part of the transaction processing workflow. 

Upon explicit request from a Clearing Member or Clearing Agent, Eurex Clearing will configure its systems accordingly to enable the Automated Take-Up Functionality. Members interested in using this service should contact their Key Account Manager. 

To reflect the enhancements and changes, the following provisions will be amended as outlined in Attachment 1, Attachment 2 and Attachment 3: 

• Part 6 No. 1.2 of Chapter I of the Clearing Conditions; 
• Part 1 No. 1.2.1 and 1.2.4 of Chapter VIII of the Clearing Conditions; and 
• Part 1 No. 1.2.1 and 1.2.4 of Chapter II of the FCM Regulations. 

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

Rules & Regs > Eurex Clearing Rules and Regulations 

The amendments to the legal framework of Eurex Clearing published by this circular are deemed accepted by each affected contractual party of Eurex Clearing, unless the respective contractual party objects by written notice to Eurex Clearing 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 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 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 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, as applicable.

Attachments:  

• 1 – Amended sections of Chapter I of the Clearing Conditions 
• 2 – Amended sections of Chapter VIII of the Clearing Conditions
• 3 – Amended sections of Chapter II of the FCM Regulations

Further information