A member of
Eurex Clearing
In order to ease the administrative burden for English and Welsh Clearing Members arising from registering pledges created over any Difference Claim under the Individual Clearing Model (ICM) at the Companies House, Eurex Clearing AG (Eurex Clearing) has established a Security Trustee structure. Thereby, English and Welsh Clearing Members only need to register the pledges over the Difference Claims once in favour of a Security Trustee company holding such security for all ICM Clients of the relevant Clearing Member. The registration of every single pledge will be substituted by a single registration of a Trust Agreement according to which the CM grants the Security Trustee a pledge over all its Difference Claims against Eurex Clearing under the ICM provisions. Therefore, Eurex Clearing established a new company as a 100 percent subsidiary with the name “Eurex Clearing Security Trustee GmbH”.
Attached to this circular you will find the amended sections of the Clearing Conditions including the relevant Clearing Agreements and the new Security Trust Agreement, on which the Security Trustee Structure is based. As decided by the Executive Board of Eurex Clearing AG, the amendments as outlined in the attachments will become effective on 3 February 2014.