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Eurex Clearing
The Executive Board of Eurex Clearing AG has decided to state more precisely the Clearing Conditions in case of a Non-Clearing Member default.
In case a Non-Clearing Member does not fulfill certain conditions agreed upon with its Clearing Member, or if it does not provide in due time the margin determined by or the payments owed to its Clearing Member (e.g. premiums and fees), the respective Clearing Member may declare vis-à-vis the corresponding market and Eurex Clearing AG by way of a written request or a respective entry (“Stop Button”) in the Eurex® system that it is no longer willing to conduct the clearing of transactions of the Non-Clearing Member concerned.
In order to authorize exclusively Clearing Members in such cases to close out or transfer positions of their Non-Clearing Members, Eurex Clearing will amend the Clearing Conditions.
The changes will become effective on June 23, 2010.