Introduction of a new Discounted OTC IRD GOLD Pack for the second half of 2020 for Clearing Members’ own accounts

1.   Introduction

Effective 17 July 2020, Eurex Clearing offers the following:

• Introduction of a new Discounted OTC IRD GOLD Pack which includes unlimited clearing of own OTC Interest Rate Swap (IRS) (including OIS and FRA) and Zero-Coupon Inflation Swap (ZCIS) transactions for EUR 200,000 p.m. (equals a discount of ~23 percent on the regular fees of the combined Gold Packs) for the second half of 2020,
• Upgrades from the OTC IRD BASIC Pack to the new Discounted OTC IRD GOLD Pack with retrospective effect from 1 July 2020 for bookings until 31 July 2020.

Features of the Discounted OTC IRD GOLD Pack:

• Available to all Clearing Members and to a group of affiliated Clearing Members and eligible affiliated Disclosed Clients which fulfil the personal prerequisites for a clearing licence
• Unlimited clearing of all OTC IRD products including IRS, OIS, Basis, FRA and ZCIS across all currencies – no limits on cleared or outstanding volumes apply
• Subscription deadline: 31 July 2020
• Term: 1 July 2020 to 31 December 2020
• All advantages of the OTC IRD GOLD Pack will apply with retrospective effect from 1 July 2020.
• Price: EUR 1,200,000 payable in 6 monthly instalments of EUR 200,000 each (compared to the IRS, OIS and FRA GOLD Pack and the ZCIS GOLD Pack this offer equals to a ~23 percent discount)

2.   Required action

Registration for the Discounted OTC IRD GOLD Pack:

Clearing Members may apply for the Discounted OTC IRD GOLD Pack by way of submitting the attached registration form. Please proceed the following steps:

• Registration for the Discounted OTC IRD GOLD Pack: Complete the attached EurexOTC-Interest-Rate-Derivative-Registration-Form-for-CM-Discounted-GOLD-Pack and select the Discounted GOLD Pack; if desired, select “Registration of affiliated Clearing Members and Disclosed Clients for GOLD Pack Rebate Scheme” to apply the Discounted OTC IRD GOLD Pack to a group of affiliates.
• Submit the signed form to your Key Account Manager Clearing latest by 31 July 2020 to benefit from the Discounted OTC IRD GOLD Pack from 1 July 2020 until 31 December 2020.

3.   Details

Overview of Discounted OTC IRD GOLD Pack

The Discounted OTC IRD GOLD Pack allows subscribers unlimited clearing of own transactions (that are booked to the respective house (i.e. P) account) for all OTC IRD products including Interest Rate Swaps (IRS), Overnight Index Swaps (OIS), Basis Swaps, Forward Rate Agreements (FRA) and Zero-Coupon Inflation Swaps (ZCIS) across all currencies from 1 July until 31 December 2020. Subscribers receive all benefits of the Discounted OTC IRD GOLD Pack for a monthly fixed fee of only EUR 200,000 which equals a discount of ~23 percent compared to the regular GOLD Pack fees. The offer is only valid until 31 July 2020. If booked, the advantages of the Discounted OTC IRD GOLD Pack will apply with retrospective effect from 1 July 2020.

Eligible Participants of the Discounted OTC IRD GOLD Pack rebate scheme

Eurex Clearing makes the Discounted OTC IRD GOLD Pack available to all Clearing Members, groups of affiliated Clearing Members and affiliated Disclosed Clients which fulfil the personal prerequisites for a clearing licence according to Chapter I Part 1 Number 2.1.2 (2) of the Clearing Conditions with effect from 1 July 2020. As of this date, all benefits of the Discounted OTC IRD GOLD Packs may be shared by all Clearing Members and eligible Disclosed Clients that form part of the same group for the same fixed fee. The fixed fee will be allocated monthly to the group affiliates according to their individual performance measured as the sum of the monthly undiscounted gross revenues.

Upgrade from the OTC IRD Basic Pack rebate scheme to the Discounted OTC IRD GOLD Pack rebate scheme

All OTC IRD Basic Pack subscribers and groups of subscribers may upgrade from the OTC IRD BASIC Pack rebate scheme to the Discounted OTC IRD GOLD Pack rebate scheme with retrospective effect from 1 July 2020 by booking the Discounted OTC IRD GOLD Pack until 31 July 2020. Therefore, Clearing Members and groups of affiliates may apply for the Discounted OTC IRD GOLD Pack rebate scheme by filling in the attached registration form and submitting it to the respective Key Account Manager Clearing.

Subscribers that wish to upgrade to the OTC IRD GOLD Pack after 31 July 2020 need to obtain the package for the regular fixed fee in accordance to the Price List of Eurex Clearing AG.

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

Resources > Rules and Regulations

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.
 

Attachment:

• Registration form for the Discounted OTC IRD GOLD Pack

Further information