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Eurex Clearing
Central Counterparties (CCPs) that directly and/or indirectly clear over the counter (OTC) swaps for U.S. Persons need to register with the U.S. Commodity Futures Trading Commission (CFTC) as a derivatives clearing organization (DCO). According to the Commodity Exchange Act (CEA), it is unlawful for a CCP to “perform the functions of a DCO” with respect to OTC swaps, unless the CCP is registered as DCO with the CFTC.
Since Eurex Clearing AG’s registration as DCO with the CFTC is not yet completed, Eurex Clearing AG needs to identify and reject OTC Interest Rate Derivative Transactions for clearing in which U.S. Persons are involved with immediate effect.
Attached to this circular is 1) the EurexOTC Clear U.S. Person Representation Letter which Eurex Clearing AG uses to ask Clearing Members and Registered Customers already admitted for the clearing of OTC Interest Rate Derivative Transactions to submit representations about their own U.S. Person-status and the U.S. Person-status of their customers for which they submitted OTC Interest Rate Derivative Transactions for clearing until 18 June 2014 as well as 2) changes in the Clearing Conditions regarding U.S. Persons. As decided by the Executive Board of Eurex Clearing, the changes as outlined in Annex 2 will become effective on 18 June 2014.