Clarification and further amendments to the Default Management (DM) Auction Rules - End of Consultation

1.    Introduction

As announced and further explained in Eurex Clearing circular 089/19, Eurex Clearing AG proposed the following changes and amendments to the Default Management Auction Rules regarding the following topic and conducted a Consultation under the Clearing Conditions:

• Clarification and further amendments to the Default Management (DM) Auction Rules

Eurex Clearing received comments that led to further changes as described under point 3. below.

The changes and amendments as notified in topic F. of the above-mentioned Eurex Clearing circular and as further outlined under 3. below will come into effect on 2 December 2019.

2.    Action required

Clearing Members, Basic Clearing Members, FCM Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors and all other affected contractual parties should take the amendments to the Default Management Auction Rules into account.

3.    Details

Please refer to Eurex Clearing circular 089/19, topic F., for details of the initial changes and amendments to the Default Management Auction Rules.

The further changes based on comments received during the consultation process are as follows: 

• Clarification regarding consideration of criteria to be fulfilled during the auction invitee selection process,
• Clarification of definition of Participating Bidder,
• Editorial changes.

All of the above changes to the Default Management Auction Rules are consolidated in Attachment 1 and will become effective on 2 December 2019.

Please also see Attachment 2, which, for transparency reasons, highlights only the further changes due to comments received during the consultation period of the Default Management Auction Rules.

As of the effective date, the full version of the amended Default Management Auction Rules will be available for download on the Eurex Clearing website www.eurexclearing.com under the following link:

Resources > Rules and Regulations > Clearing Conditions

The changes and amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG within the first ten (10) Business Days after publication. Any ordinary right of Eurex Clearing AG to terminate the respective contract (including a Clearing Agreement, if applicable) shall remain unaffected.

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.

Attachments: 

• Attachment 1: Amended sections of Numbers 1, 3-7, 9-12 of the DM Auction Rules and affected related forms (consolidated version of amendments pre and post consultation period) 
• Attachment 2: Amended sections of Numbers 3.3.1, 3.4.2, 3.6.1, 3.6.4, 4.1, 5.1.6, 5.4, 5.5 (amendments post consultation period) 

Further information