09 Feb 2021

Eurex Clearing

Equity index derivatives: Introduction of KOSPI 200 Futures

Eurex Clearing Circular 008/21 Equity index derivatives: Introduction of KOSPI 200 Futures

1.  Introduction

Effective 22 March 2021, Eurex Clearing will offer clearing services for Daily Futures on KOSPI 200 Futures introduced at Eurex Deutschland.

In this context, the following measures will apply effective 22 March 2021:

  • Amendment of the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) regarding the inclusion of Daily Futures on KOSPI 200 Futures, 
  • Amendments of the Price List of Eurex Clearing AG (Price List) regarding the inclusion of Daily Futures on KOSPI 200 Futures.

The following provisions will be amended as outlined in the attachments:

  • Chapter II Part 2 Number 2.15 of the Clearing Conditions
  • Number 3.1 of the Price List.

The simulation environment is planned to be available from 15 February 2021.

Please refer to Eurex circular 013/21 for detailed trading-related information as well as the amendments of the relevant Rules and Regulations of Eurex Deutschland.

Simulation start: 15 February 2021
Production start: 22 March 2021

2.  Required action

Similar Korean won (KRW) products are currently traded on Eurex/KRX Link:

  • Daily Futures on KOSPI 200 Options (OKS2)
  • Daily Futures on Mini-KOSPI 200 Futures (FMK2)

The requirement for Clearing Members is the same as for clearing the existing Eurex KOSPI products, i.e. having a KRW payment infrastructure ready prior to the activation for clearing the KRW capacity. Therefore, for Clearing Members who already clear KOSPI products, no additional action is required.

For Clearing Members, who currently do not clear existing KOSPI products and would like to do so, the required action is to follow existing onboarding procedures to set up a clearing account in KRW. For this purpose, please contact your Clearing Key Account Manager or write to

Clients are encouraged to participate in the simulation phase.

3.  Details of the initiative

A. Product overview

B. Contract specifications

For the detailed contract specifications, please refer to Eurex circular 013/21.

C. Product group

The product group of the new products is as follows:

D. Transaction fees

The fees for the new Daily Futures on KOSPI 200 Futures can be retrieved from the updated sections of the Price List, as outlined in Attachment 2.

E. Simulation

Starting 15 February 2021, the new product will be available in the Eurex simulation environment for testing purposes. For further information, please refer to the simulation calendar on the Eurex website under the following link:

Trade > Tech > Simulation calendar

F. Risk parameters

Margins for the new products are calculated in Prisma. For the risk parameters of the new products, please refer to the Eurex Clearing website under the link:

Clear > Services > Risk parameters

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

Clear > Rules & Regs > Rules and Regulations > Clearing Conditions

The 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 15 Business Days (or, in respect of amendments to the Price List, within the first 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. For the purposes of this Eurex Clearing Circular, the term “Clearing Member” shall also include FCM Clearing.


  • 1 – Amended sections of the Clearing Conditions of Eurex Clearing AG
  • 2 – Amended sections of the Price List of Eurex Clearing AG
  • 3 – Onboarding Clearing Form: “Application for Setup/Deletion/Change of Clearer cash Accounts and Pledged Securities Accounts”

Further information


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

Target groups:

Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination



Authorised by:

Jens Janka