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Eurex Clearing
The Executive Board of Eurex Clearing AG decided to clarify in the Clearing Agreements between Eurex Clearing AG and the Clearing Members (CMs) and Non-Clearing Members (NCMs) and in the Clearing Conditions for Eurex Clearing AG that upon employment of third parties (service providers) for execution of contracts CMs and NCMs must guarantee that the third parties employed fulfill the regulations of the Clearing Conditons.
In October 2009, the obligation for conclusion of a four-partite or tripartite agreement (“Clearing Services Agreement“), respectively, between Eurex Clearing AG, the CM and a settlement service provider was abolished in order to simplify administrative processes. Since then, no immediate duty of the employed settlement service provider exists vis-á-vis Eurex Clearing AG for compliance with the Clearing Conditions.
The new regulation is intended to clarify that CMs and NCMs are obliged to guarantee compliance with the Clearing Conditions by the employed settlement service provider.
Legal positions and liability in the relationship between Eurex Clearing AG and the CM remain unaffected by the change.
For implementation of the decision, the Clearing Conditions for Eurex Clearing AG will be modified pursuant to the attachment, effective November 8, 2010.