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Eurex Clearing
Pursuant to Chapter I Part 1 Number 7.5.1 of the Clearing Conditions of Eurex Clearing AG (Eurex Clearing), the establishment of Default Management Committees (DMCs) is part of Eurex Clearing’s Default Management Process (DMP). Eurex Clearing establishes a separate DMC for each eligible Liquidation Group. Each DMC consists of employees of the Participating DMC Member Institution (or of an Affiliate) and serves in a DMC Meeting as an internal advisory committee for Eurex Clearing. DMC Members are nominated for a two year term. During the occurrence of a default scenario in relation to a Clearing Member, the DMC Members will be seconded to Eurex Clearing to assist in the DMP by advising and assisting the Management Board of Eurex Clearing.
Each DMC does not have the status of an independent legal person and its DMC Members are subject to Eurex Clearing’s direction rights. The advices and recommendations of the DMCs shall contribute to limit the potential losses which may arise due to the default of a Clearing Member. Eurex Clearing maintains the ultimate decision on whether and under what terms and conditions the DMC proposals are implemented.
With this circular the Assignment Phase for the next DMC Term of the Equity Liquidation Group shall be announced. The Assignment Phase shall begin on 31 December 2014 and will end on 1 April 2015.