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Jul 17, 2014

Eurex Clearing

Consultation on changes to Special Provisions: Elementary Clearing Model and Individual Clearing Model for Clearing Members domiciled outside the European Union

Eurex Clearing sees market demand from Clearing Members and customers located outside the European Union (non-EU countries) for Eurex Clearing´s omnibus (Elementary Clearing Model – ECM) and individual segregation (Individual Clearing Model – ICM) models. Under the European Market Infrastructure Regulation (EMIR), omnibus or individual segregation of clients’ positions and assets is obligatory for central counter­parties (CCPs) and Clearing Members located within the EU. EMIR requirements and the related legal framework that ensures the validity of the segregation arrangements may however not be mirrored in all non-EU jurisdictions. Eurex Clearing will offer a modified form of its omnibus and individual segregation models to non-EU Clearing Members in jurisdictions where local law might interfere with its standard clearing models.

The requirements and availability for Clearing Members located in the EU to offer EMIR compliant models to their clients remain unchanged.

The planned offering falls within the scope of Special Provisions and hence is subject to a consultation process.

The consultation will start on 17 July 2014 and end on 17 August 2014.