Find
Nov 06, 2017

Eurex Clearing

Amendments to the Clearing Conditions and other related documents of Eurex Clearing AG and consultation on changes or amendments of Special Provisions in the Clearing Conditions of Eurex Clearing AG

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and corresponding amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and other related documents regarding the following topics:

  1. Introduction of the framework for indirect clearing and Gross Omnibus Segregated Accounts (GOSA) for Direct Clients;
  2. Introduction of an appropriation right with respect to pledged margin securities of defaulted Clearing Members (CM) and mobilisation regarding Default Fund Contributions in the form of securities;
  3. Amendments to the Pledge Agreement with regard to items 1. and 2.

The amendments regarding item 1. will become effective on 4 December 2017. Please note, that the Delegated Regulations on indirect clearing arrangements under EMIR and MiFIR have not yet been finally published in the Official Journal of the European Union. Likewise, no official guidance on the interpretation of the Delegated Regulations has been published yet hence subsequent adaptions cannot entirely be excluded.

The planned amendments related to items 2. and 3. fall within the scope of Special Provisions of the Clearing Conditions and hence are subject to a consultation process (Consultation).

The Consultation will start on 7 November 2017 and shall end on 7 December 2017 at midnight (Consultation Period).

The amended sections of the Clearing Conditions, as decided by the Executive Board of Eurex Clearing, are attached to this circular.