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Eurex Clearing
This circular contains important information on the production launch of the initial C7 release, related amendments to the Clearing Conditions for Eurex Clearing AG, as well as additional information on the opportunity to use Cross Margining effects with Flexible Accounts.
Production launch of the new clearing architecture C7
C7, the new clearing architecture of Eurex Clearing will replace the existing Eurex Clearing classic system in a stepwise approach. On 30 June 2014 the production launch of the initial Release 1.0 will take place. C7 Release 1.0 will allow for using an unlimited number of Flexible Accounts (Additional Agent Accounts) for the individual segregation of customer transactions and positions.
Amendments to the Clearing Conditions for Eurex Clearing AG
In parallel to the C7 launch the Clearing Conditions for Eurex Clearing AG will be amended. The updated sections of the Clearing Conditions as decided by the Executive Board of Eurex Clearing AG are attached to this circular. All amendments will come into effect on 30 June 2014.
Cross Margining with Flexible Accounts
With the production launch of C7 the calculation of risk for positions on Flexible Accounts will use the Risk Based Margining method. As of 15 September 2014, the portfolio based risk management method Eurex Clearing Prisma will be available on Flexible Accounts for specific product groups. Beyond that date, i.e. starting 29 September 2014, Cross Margining will be supported on Flexible Accounts between Interest Rate Swaps (IRS) on EurexOTC Clear and listed Fixed Income products (FI) as well as Money Market products.