A member of
Eurex Clearing
This circular contains information with respect to amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and other related documents regarding direct access, in detail:
1. Introduction of the ISA Direct Model, comprising the new Clearing Member type “ISA Direct Member” (legal term: “Basic Clearing Member”)
2. Amendment of the admission prerequisites for Direct Clearing Members
3. Amendment of Qualified Clearing Staff requirements
4. Amendments to other related documents:
a. Statutes for the EMIR Risk Committee
b. Default Management Committee Rules
c. Default Management Auction Rules
d. Statutes for the Disciplinary Committee
e. Disciplinary Procedures Rules
f. Statutes for the IRS Product Committee
g. General Terms and Conditions to the Agreement on the Technical Connection to the Clearing EDP of Eurex Clearing AG (Connection Agreement)
h. Price List to the Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG (Connection Agreement)
i. Price List of Eurex Clearing AG
The amended sections of the Clearing Conditions and other related documents, as decided by the Executive Board of Eurex Clearing AG, are attached to this circular.
The amendments related to Numbers 1, 2, 3 and 4 (a, b, c, d, e, f and i) will come into effect on 1 June 2016. The amendments related to Number 4(g) will come into effect on 12 May 2016, while changes related to Number 4(h) will be effective from 1 July 2016.
The planned amendments related to Numbers 1 and 2, 4(b) and 4(c) fall within the scope of Special Provisions of the Clearing Conditions and hence are subject to a consultation process to which Eurex Clearing hereby invites affected Clearing Members, affected Non-Clearing Members, affected Registered Customers and affected FCM Clients to submit comments. Further details on the consultation process are included in this circular.