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Eurex Clearing
As announced inEurex Clearing circular 070/14, Eurex Clearing will amend its Clearing Conditions to implement the possibility to close a Liquidation Group at the end of the default waterfall.
Pursuant to Chapter I Part 1 Number 17.3 of the Clearing Conditions, Eurex Clearing has conducted a one month consultation period (from 3 June until 3 July 2014) with all Clearing Members (CMs), Non-Clearing Members (NCMs) and Registered Customers (RCs) regarding the topic of this circular. As part of the consultation process, Eurex Clearing has received feedback from some of its Members. None of the feedback objects or questions the implementation of a possibility to close a Liquidation Group at the end of the default waterfall. Instead, the received feedback included recommendations for additional improvements to Eurex Clearing’s default waterfall. Eurex Clearing appreciates this feedback and will analyse now how the default waterfall can be further improved in the future.
Attached to this circular you will find the updated sections of the Clearing Conditions as, after previous consultation with the Risk Committee, approved by the Executive Board of Eurex Clearing AG on 21 May 2014 and by the Supervisory Board of Eurex Clearing AG on 12 June 2014.
The changes will come into effect on 1 December 2014.