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Eurex Clearing
Due to a regulatory requirement, the Executive Board of Eurex Clearing AG has decided to amend the Clearing Conditions for clearing of OTC Credit Derivatives Transactions.
In the event of a default of a Clearing Member holding a CD Clearing License, Eurex Clearing AG will consult and request assistance from a “CDS Default Management Committee”, composed of experts from Clearing Members, which will be established provided that there are at least three Clearing Members holding a CD Clearing License. In addition, Eurex Clearing AG adjusts the default and liquidation procedures,
notably to reserve the right to hedge the positions of a defaulting Clearing Member.
These measures strengthen the Clearing House as they ensure that it has a broad spectrum of assistance and possible actions in case of a Clearing Member default.
The changes will become effective on November 30, 2010.