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Eurex Clearing
The Specified Multiplier determines the maximum margin amount that a Clearing Member can demand from its clients under the Individual Clearing Model (ICM Client) and transfer to Eurex Clearing as Segregated Margin under the Individual Clearing Model.
Article 39(6) EMIR requires with regard to individual client segregation models that any excess margin beyond the applicable margin requirement of the client shall also be transferred to the CCP.
Since the Specified Multiplier concept can result in a limitation of the total amount of Segregated Margin eligible to be transferred to Eurex Clearing, it will be removed with effect from 16 June 2014.
The amended sections of the Clearing Conditions for Eurex Clearing AG including amendments to the Clearing Agreements as decided by the Executive Board of Eurex Clearing AG are attached to this circular.
All amendments will come into effect on 16 June 2014.