OTC IRD Client Activation Program

As the end date for CCP equivalence nears, Eurex Clearing introduced the OTC IRD Client Activation Program which rewards parties that start clearing their OTC IRDs in 2023 or 2024 with an attractive incentive award of up to EUR 50,000. 

The program is available for Disclosed Direct Clients, FCM Clients and ISA Direct Clearing Members – even if you are already processing OTC IRD volumes at Eurex Clearing. All you need to do is fulfill the milestones below by clearing your OTC IRDs [OTC Interest Rate Swap (IRS), Overnight Index Swap (OIS), Basis Swap and/or Zero Coupon Inflation Swap (ZCIS)] transactions with Eurex Clearing between 1 January 2023 and 30 June 2024. 

Registration for this program is free and possible until 31 December 2023.

The incentive reward of up to EUR 50,000 is paid directly to the individual participant in the second half of 2024. The requirements for receiving the full reward are listed in the milestones below.

Milestones 

Participants qualify for the respective incentive once all milestones are met: 

Milestone 1: 
n/a – Milestone 1 is no longer a requirement to qualify for the Swap Incentive Reward or the Inflation Incentive Reward.

Milestone 2: 
Execute, during the qualification period that runs from 1 January 2023 to 30 June 2024: 

• For the Swap Incentive Reward: Clear your IRS, OIS and/or Basis Swap transactions with a cumulated cleared notional volume of EUR 2.5bn. 
• For the Inflation Incentive Reward: Clear your ZCIS transactions with a cumulated cleared notional volume of EUR 150mn. 

Milestone 3:
Applicable only for the Swap Incentive Reward: an Initial Margin requirement relating to your own OTC IRD transactions of at least EUR 50mn on any of the following dates: 30 April 2024, 31 May 2024, or 28 June 2024.