Prolongation of OTC IRD Booking Fee discount for Standard Pricing Model B, amendments to the Price List relating to the Admission and Licence Fee Model and to Service Fees

1. Introduction

As part of the annual review of the Price List of Eurex Clearing AG (Price List), Eurex Clearing will introduce the following amendments with effect from 1 January 2021:

• A. Prolongation of the current discount of 15 percent on the OTC Interest Rate Derivatives (IRD) Booking Fee for Standard Pricing Model B for Disclosed Clients until 31 December 2021
• B. Removal of the admission and annual clearing licence fee waiver for the Direct Clearing Licences relating to Repo Transactions
• C. Service Fees for Eligible Margin Assets in the Form of Cash – changes to the day count convention

2. Required action

There is no action required from the Participants.

3. Details

A. Prolongation of the current discount of 15 percent on the OTC Interest Rate Derivatives (IRD) Booking Fee for Standard Pricing Model B for Disclosed Clients until 31 December 2021

Eurex Clearing introduced the OTC IRD Standard Pricing Model B for Disclosed Direct Clients with System Access and Basic Disclosed Clients with Reports (Disclosed Clients) in March 2019 to provide for an alternative fee schedule for clients which prefer clearing fee charges based on initial margin requirements. The new model was initially introduced with a fixed discount of 15 percent on the applicable Booking fee and set to expire on 31 December 2020. With this circular, Eurex Clearing prolongs the fixed discount of 15 percent on the booking fee for Standard Pricing Model B until 31 December 2021. As of 1 January 2022, a volume-depending rebate scheme will come into effect and replace the fixed discount of 15 percent on the booking fee. The details will be announced in 2021.

B. Removal of the admission and annual clearing licence fee waiver for the Direct Clearing Licences relating to Repo Transactions

Effective 1 January 2021, Eurex Clearing will amend its admission and annual clearing licence fee model by removing the current fee waiver for Direct Clearing Licences relating to the clearing of Repo Transactions. For Basic Clearing Member Licences relating to Repo Transactions, the current fee waiver with respect to the admission and annual clearing licence fees will continue to apply.

To reflect the change, the following provision will be amended as outlined in the Attachment:

• Number 1 of the Price List

C. Service Fees for Eligible Margin Assets in the Form of Cash – changes to the day count convention 

Currently, Number 9.1 of the Price List stipulates that Eurex Clearing calculates the cash handling fee with the day count convention of act/365 for all eligible currencies based on the value of the Eligible Margin Assets in the form of cash delivered and recorded in the respective internal margin account of the Clearing Member or Basic Clearing Member. Eurex Clearing will change this calculation method to align with the market standard as follows: act/360 for CHF, EUR, and USD; act/365 for GBP. 

To reflect the change, the following provision will be amended as outlined in the Attachment: 

• Number 9.1 of the Price List

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:

• Amended sections of the Price List of Eurex Clearing AG

Further information