19 Nov 2020

Eurex Clearing

Clearing, settlement and cash clearing on 24 December and 31 December 2020

Eurex Clearing Circular 101/20 Clearing, settlement and cash clearing on 24 December and 31 December 2020


1.    Introduction

With this circular, we would like to remind the clients that since 2009, the regular settlement days have been 24 December and 31 December (elimination of Giovannini Barrier 7). Thus, the 24 December and 31 December 2020 were included in the regular clearing and settlement calendar of Eurex Clearing AG (Eurex Clearing).

All cash amounts due from previous days’ settlements will be settled on both days (24 December and 31 December 2020).

No cash clearing will take place for Japanese Yen on 31 December 2020.

Contractual penalties (“Vertragsstrafen”) will apply in accordance with Chapter I Part 1 Number 14.2.2 of the Clearing Conditions of Eurex Clearing AG (Clearing Conditions).

Month- and year-end reports for December 2020 will be distributed on 31 December 2020.

2.    Required action

Clearing Members, FCM Clearing Members, Clearing Agents and Basic Clearing Members have to ensure that they are prepared to handle Clearing-related business, including the assessment of reports and notifications, on 24 and 31 December 2020, in accordance with the Clearing Conditions.

3.    Details of the initiative

a. Derivatives clearing for transactions concluded at Eurex Deutschland

On 24 December and 31 December 2020, the C7 Clearing System opens for clearing of transactions at the regular times and closes at 20:00 CET. The End-of-Day processing will start at 20:00 CET. Please note that on 24 December and 31 December 2020, neither trading nor order management will be possible across the entire product scope of Eurex Deutschland (i.e. no change of previous day’s settlement prices). In addition, exercises will not be possible.

b. Clearing of equities, bonds and ETF transactions at Eurex Repo, Frankfurter Wertpapierbörse and clearing of transactions resulting from Securities Lending

The CCP System for securities clearing will be available on 24 December and 31 December 2020 with the entire functionality including services for Securities Lending. Buy-in auctions will not be held on these days. Instead, they will be held on the respective next business day.

For the Late Delivery Process, determination of the buy-in auction days as well as calculation of the ESMA Late Delivery Fine, 24 December and 31 December 2020 will be included and counted as regular business days.

c. EurexOTC clearing

EurexOTC clearing services for clearing of Interest Rate Swaps are available on 24 December and 31 December 2020 with full functionality between 08:00 CET and 22:00 CET.

d. Risk management

Since the CCP System for securities clearing and EurexOTC Clear Services are available with the full functionality, Intraday Margin Calls may take place during the entire day and must be met as usual by Clearing Members. Therefore, C7 Collateral Management Services (CMS) is open as usual.


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.


Further information

Recipients:

All Clearing Members, Basic Clearing Members, FCM Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors

Target groups:

Front Office/Trading, Middle + Back Office, IT/System Administration

Contact:

Clearing Operations, tel. +49-69-211-1 12 50, clearing@eurexclearing.com;
Risk Exposure Management, tel. +49-69-211-1 28 28, risk@eurexclearing.com

Web:

www.eurexclearing.com

Authorised by:

Jens Janka

clearing-circular