Eurex Clearing has initiated the DMP. At this point in time, we are not in a position to provide you with any additional information regarding the concrete steps to be taken or the timing thereof. Due to confidentiality agreements, we are currently not able to inform you what financial resources have been utilized or not. Eurex Clearing will inform all members at the earliest possible point in time of any DMP relevant information via a news board message, on the Eurex Clearing website or via circular (which will be distributed to all Clearing Members).

The legal basis for the DMP are Chapter I Part 1 Number 7.5 of the Clearing Conditions, the Default Management Committee Rules and the Default Management Auction Rules which can all be found on the Eurex Clearing website under Rules & Regulations – Eurex Clearing Rules & Regulations > 1. Clearing Conditions and 5. Ancillary Clearing Documents.

Eurex Clearing has initiated the DMP. At this point in time, we are not in a position to provide you with any additional information regarding the concrete steps to be taken or the timing thereof. Due to confidentiality agreements, we are currently not able to inform you what financial resources have been utilized or not. Eurex Clearing will inform all members at the earliest possible point in time of any DMP relevant information via a news board message, on the Eurex Clearing website or via circular (which will be distributed to all Clearing Members).

The legal basis for the DMP are Chapter I Part 1 Number 7.5 of the Clearing Conditions, the Default Management Committee Rules and the Default Management Auction Rules which can all be found on the Eurex Clearing website under Rules & Regulations – Eurex Clearing Rules & Regulations > 1. Clearing Conditions and 5. Ancillary Clearing Documents.

Eurex Clearing has initiated the DMP. At this point in time, we are not in a position to provide you with any additional information regarding the concrete steps to be taken or the timing thereof. Due to confidentiality agreements, we are currently not able to inform you what financial resources have been utilized or not. Eurex Clearing will inform all members at the earliest possible point in time of any DMP relevant information via a news board message, on the Eurex Clearing website or via circular (which will be distributed to all Clearing Members).

The legal basis for the DMP are Chapter I Part 1 Number 7.5 of the Clearing Conditions, the Default Management Committee Rules and the Default Management Auction Rules which can all be found on the Eurex Clearing website under Rules & Regulations – Eurex Clearing Rules & Regulations > 1. Clearing Conditions and 5. Ancillary Clearing Documents.

Eurex Clearing has initiated the DMP. At this point in time, we are not in a position to provide you with any additional information regarding the concrete steps to be taken or the timing thereof. Due to confidentiality agreements, we are currently not able to inform you what financial resources have been utilized or not. Eurex Clearing will inform all members at the earliest possible point in time of any DMP relevant information via a news board message, on the Eurex Clearing website or via circular (which will be distributed to all Clearing Members). Please, note that participants whose participation is mandatory will be informed directly via email.

The legal basis for the DMP are Chapter I Part 1 Number 7.5 of the Clearing Conditions, the Default Management Committee Rules and the Default Management Auction Rules which can all be found on the Eurex Clearing website under Rules & Regulations – Eurex Clearing Rules & Regulations > 1. Clearing Conditions and 5. Ancillary Clearing Documents.

Eurex Clearing has initiated the DMP. At this point in time, we are not in a position to provide you with any additional information regarding the concrete steps to be taken or the timing thereof. Due to confidentiality agreements, we are currently not able to inform you what financial resources have been utilized or not. Eurex Clearing will inform all members at the earliest possible point in time of any DMP relevant information via a news board message, on the Eurex Clearing website or via circular (which will be distributed to all Clearing Members).

The legal basis for the DMP are Chapter I Part 1 Number 7.5 of the Clearing Conditions, the Default Management Committee Rules and the Default Management Auction Rules which can all be found on the Eurex Clearing website under Rules & Regulations – Eurex Clearing Rules & Regulations > 1. Clearing Conditions and 5. Ancillary Clearing Documents.

Eurex Clearing maintains a multi-layered security system, called the default waterfall. The default waterfall foresees that upon a Clearing Member's default all financial resources of the defaulted CM will be used to cover potential losses occurring during the DMP. If the defaulted Clearing Member’s resources are insufficient to cover all losses, Eurex Clearing’s own contribution to the Default Waterfall, the so-called “Dedicated Amount” or “Skin in the Game” (SITG), is applied. If the SITG is insufficient to cover all remaining losses, non-defaulted Clearing Members’ contributions to the Default Fund and "Second Skin in the Game" of Eurex Clearing (SSITG) are utilized.

At no time is margin collateral of non-defaulted Clearing Members or their clients at risk to be utilized to cover losses resulting from another Clearing Member's default.

Due to confidentiality agreements, we are not able to inform you what financial resources have been utilized or not. Eurex Clearing will inform all members at the earliest possible point in time of any DMP relevant information via a news board message, on the Eurex Clearing website or via circular.

The legal basis for the order in which financial resources will be utilized can be found in Chapter I Part 1 Number 6.2.1 of the Clearing Conditions, available on the Eurex Clearing website under Rules and Regulations > Eurex Clearing Rules & Regulations > 1. Clearing Conditions.

Further information regarding the default waterfall can be found here.

If Clearing Members’ pre-funded Default Fund contributions and SSITG of Eurex Clearing  are insufficient to cover all losses resulting from a member’s default, Clearing Members have to provide Eurex Clearing with additional financial resources, the so-called Assessments (also called “recovery cash calls”). 

Further information regarding the Assessments can be found here.

The legal basis for the Assessments can be found in Chapter I Part 1 Number 6.3 of the Clearing Conditions, available on the Eurex Clearing website under Rules and Regulations > Eurex Clearing Rules & Regulations > 1. Clearing Conditions.

All affected clients have been set on HOLD following your Clearing Member's default. As an individually segregated client you generally have two options:
   a) find a new Clearing Member (Replacement Clearing Member) and request a clearer change, or
   b) choose for your portfolio to be liquidated and any excess collateral to be returned to you

All individually segregated clients of the defaulting Clearing Member are directly contacted by Eurex Clearing and provided with the options and information on necessary steps.

In case you wish your positions to be liquidated, we recommend sending the election notice as soon as possible, in order for Eurex Clearing to hedge and liquidate your position as early and efficiently as possible.

Yes, you are locked / set to hold (i.e. no trading nor clearing) until you are ported to a new Clearing Member. All affected clients are contacted by Eurex Clearing. Furthermore, you can always reach us via default@eurex.com or +49-69-211-1 3399.

As an individually segregated client you have time until 13:00 CET on T+1 (the day after the default) to provide an election notice. On the election notice you state whether you have a Replacement Clearing Member at your disposal or whether you want your portfolio to be liquidated. Furthermore, the Replacement Clearing Member will also have to provide documents.
Relevant porting documents can be found on Eurex Clearing’s website under Porting under EMIR.

All affected clients have been set on HOLD following your Clearing Member's default. As a gross omnibus segregated client you generally have two options:
    a) find a new Clearing Member (Replacement Clearing Member) and request a clearer change, or
   b) choose for your portfolio to be liquidated and any excess collateral to be returned to Disclosed Direct Clients directly.

All Disclosed Direct Clients are directly contacted by Eurex Clearing and provided with the options and information on necessary steps.

Your activities will remain on hold until you are ported to a new Clearing Member.

To avoid liquidation, you need to align with all other net omnibus segregated clients in the same transaction account(s) of the defaulted Clearing Member and agree on one new Replacement Clearing Member.

While Eurex Clearing cannot advise or recommend any potential Replacement Clearing Members, a list of Clearing Members and which markets they clear is available on the Eurex Clearing website under Join > Clearing contacts.

With regards to contacting other net omnibus segregated clients in the same transaction account, we recommend contacting your defaulting Clearing Member.

Your porting period, i.e. the time you and the Replacement Clearing Member have time to fulfill the porting pre-requisites is four business hours after the publication of the ECM Porting Notice or occurrence of an Insolvency termination event.

All Disclosed Direct Clients of the defaulting Clearing Member are contacted directly by Eurex Clearing and informed on their options and necessary steps, contacts etc. All information on Porting can be found on the Eurex Clearing website under Services > Risk management > Client Asset Protection under EMIR / Client Asset Protection under LSOC > Porting under EMIR / Porting under LSOC.

You can reach us via default@eurex.com or +49-69-211-1 3399.

Collateral of several omnibus clients are held in the same pool. Collateral from this pool have been assigned to you and will either be ported with you or used to secure the losses faced during the liquidation of your position. Note that the collateral assigned to you might differ in nature and quantity from what was deposited with your Clearing Member.

While Eurex Clearing cannot advise or recommend any potential Replacement Clearing Members, a list of Clearing Members and which markets they clear is available on the Eurex Clearing website under Join > Clearing contacts.

Please contact us at: +49-69- 211-1 24 52 or risk@eurex.com.

Please contact us at: +49-69- 211-1 24 52 or risk@eurex.com.

For the affected Disclosed Direct Clients (of the defaulted Clearing Member) Eurex Clearing will offer a conference call (one for OSA clients, one for ISA clients) in which Eurex Clearing will provide an overview of the client porting process and answer questions from the clients. Details (time, dial-in number) will be provided to the affected clients. In such calls clients are not obligated to disclose themselves to each other.

In theory a liquidation portfolio could be taken over completely as an independent sale outside of the planned auction. The planned auction would be cancelled if the liquidation portfolio could be sold via Independent Sale beforehand.
Contact DMP_Inbox@deutsche-boerse.com if you want to buy the portfolio via independent sale.

If you qualify as an auction participant you will receive (/you have recently received) an email from Eurex Clearing shortly, including all relevant details, such as the portfolio to be auctioned, the applicable auction format, the applicable auction timing and information on how to get access to the auction tool (via which bids are to be entered).

Please send an E-Mail to DMP_Inbox@deutsche-boerse.com

Please send an E-Mail to DMP_Inbox@deutsche-boerse.com

If you have received an invitation from Eurex Clearing to participate in an auction (which does not explicitly mention your participation to be voluntary) participation is mandatory. If you fail to comply with your bidding obligation, fines may apply.

Consequences of a Clearing Member's failure to comply with its bidding obligation are described in Chapter I Part 1 Number 7.5.3 (5) and 7.5.3 (6) of the Clearing Conditions, which can be found on the Eurex Clearing website under Rules & Regulations > Eurex Rules & Regulations > 1. Clearing Conditions.

Registered users can reset their passwords directly in the Eurex Clearing Auction Tool Deutsche Börse Group - DMP Auction Tool.

Should you have any issues, please contact DMP_Inbox@deutsche-boerse.com.

As an excel spread sheet. Description of equity auction files is available in the secured member section area of the Eurex Clearing website.

In CSV format (human-readable overview) and in FpML (detailed). Description of OTC IRS / fixed income auction files is available in the secured member section area of the Eurex Clearing website.

Only once the auction has been set up and the invitations have been sent out.