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Eurex Clearing
This circular describes amendments to the Conditions for Utilization of OTC Trade Entry Facilities (General Conditions for Participation) (hereafter: “General Conditions”) regarding introduction of new penalties and amendments to existing penalties:
1. Redefined rule for a timely trade entry including the obligation to provide evidence upon request and introduction of a fine regime for violations of the timely trade entry
2. Reduction of the “mistrade” fee for the cancellation of trades in the context of the General Conditions
3. Introduction of a penalty for:
• violations of the prohibition of in-house crossing
• cases of fraud, deceit or manipulation of evidence
• failure to provide evidence of the underlying transactions for Exchange for Physicals (EFP), Exchange for Physicals for Index/FX-Futures (EFPI) and Exchange for Swaps (EFS) transactions
4. Reduction of the penalty for “Block Trade” order aggregation
5. Eurex Clearing is granted the right to instruct an auditor to check compliance with the General Conditions
The amended sections of the General Conditions are attached to this circular. The amendments will come into effect on 5 May 2014 with the exception of the introduction of a fine regime for violation of a timely trade entry which will come into effect on 1 September 2014.