EMIR Fire Drill 2026 – starting 2 December 2026

1. Introduction

EMIR Fire Drill 2026 – regulatory compliant Default Simulation:

Eurex Clearing AG (Eurex Clearing) conducts annual default simulations, known as Fire Drills, to test its default management process (DMP), internal procedures and Clearing Members’ (CMs’) readiness. In line with EMIR requirements for CCPs to maintain, test and regularly review their default management framework and risk controls, the EMIR Fire Drill 2026 will assess Eurex Clearing’s DMP routines and its effectiveness.

The EMIR Fire Drill 2026 will include a Client Porting Simulation to test the porting process. Participation is voluntary for CMs and Disclosed Direct Clients.

The Default- and Client Porting Simulation, involving CMs and clients, will begin on 2 December 2026. The full schedule will be provided to all CMs in the invitation and to those that have expressed interest.

This circular outlines the required action (Section 2) and Fire Drill scope (Section 3), supplementing Eurex Clearing Circular 032/26 dated 28 May 2026.

2. Required action

Default Simulation:

• All CMs: Update the contact details of your “DMP coordinator” and “DMP deputy” in the Member Section to ensure that messages related to the EMIR Fire Drill 2026 reach the appropriate contacts within your organisation. Guidance is available here: DMP simulations.
• CMs subject to mandatory participation: Eurex Clearing will notify affected CMs of their participation requirements in early October 2026. CMs that do not receive a notification are not required to participate.
• Hedging Auction participants: The Fire Drill will include Hedging Auctions for the major Liquidation Groups.
• Clients and CMs wishing to participate voluntarily: To participate in the EMIR Fire Drill 2026 (e. g. in portfolio liquidation process and/or other parts of the DMP), please contact DMP_Inbox@deutsche-boerse.com and your CM to arrange the required documentation and user access.

Client Porting Simulation:

The Client Porting Simulation allows Disclosed Direct Clients (GOSA, ISA) to test the transfer of positions and allocated collateral to the Replacement CM (RCM). It also allows CMs to test their readiness to act as RCM. To register as a client and RCM, please contact client.services@eurex.com by 30 October 2026.

3. Details

Scope:

The preliminary scope includes the following Liquidation Groups (LGs):

• Equity Derivatives (PEQ01): Futures and options, including Hedging and Liquidation Auctions
• Fixed Income Derivatives (PFI01): Hedging and Liquidation Auctions for listed and OTC fixed income and FX derivatives
• Bonds from Supranational Agencies and FI ETD (PBN01)
• Centrally Cleared Cash Market Products (FWB)

For each asset class, Eurex Clearing designates CMs whose participation is mandatory under Chapter I, Part 1, Number 7.5.5 of the Clearing Conditions of Eurex Clearing AG.

Affected CMs will receive an invitation specifying the final scope, indicative auction schedule and participation requirements.

CMs and clients not subject to mandatory participation may participate voluntarily to familiarize themselves with Eurex Clearing's DMP and applicable requirements.

Important: In an actual Termination Event (default), failure to meet mandatory bidding obligations may result in the juniorization of Default Fund Contributions and monetary penalties. Non-compliance during a simulation or an actual event is reported to Eurex Clearing’s National Competent Authority.

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. 

Further information