Amendments to the Clearing Conditions and the Price List of Eurex Clearing AG

1. Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Clearing Conditions and the Price List of Eurex Clearing AG (Price List) regarding the following topics:

A. Editorial changes to the Price List regarding the removal of the Product Group US11 and the membership types “Basic DC wID” and “DC with Sys Access” from the rebate section

B. Support of Partial Settlements at Clearstream Banking S.A., Luxembourg (CBL) and Euroclear Bank (EB)

C. Introduction of a fee for non-disclosed TES and Eurex EnLight trades in Euro-OAT Futures, Long-Term Euro-BTP Futures and non-disclosed TES trades in Short-Term Euro-BTP Futures

The amendments will become effective as of 1 April 2021.

2. Required action

There is no required action.

3. Details

A. Editorial changes to the Price List regarding the removal of the Product Group US11 and the membership types “Basic DC wID” and “DC with Sys Access” from the rebate section

As the product group US11 does not exist anymore, any references to this product group will be removed from the Price List. Further, as “Basic DCs wID” and “DCs with System Access” can neither qualify for any liquidity provisioning-related rebates nor for any volume rebates due to their setup limitations, these references are removed from the respective rebate section in the Price List to avoid confusion.

To reflect these amendments, the following provisions will be amended as outlined in Attachment 1:

• Numbers 3.1, 3.2 and 3.7 of the Price List

B. Support of Partial Settlements at Clearstream Banking S.A., Luxembourg (CBL) and Euroclear Bank (EB)

With the Regulation (EU) 909/2014 (Central Securities Depositories Regulation – CSDR), "partial settlement” becomes a mandatory functionality at the central securities depositories to reduce failing settlement amounts and buy-ins. Clearstream Banking S.A., Luxembourg (CBL) and Euroclear Bank (EB) confirmed technical implementation of partial settlement already on 8 February 2021, in preparation but independent of the launch of the partial settlement regime under the CSDR (which is envisaged for 1 February 2022). Eurex Clearing will activate (functionally launch) the support of partial settlements (“partial delivery”) at CBL and EB on 15 March 2021.

To reflect the changes, the following provision will be amended as outlined in Attachment 2:

• Chapter V Part 2 Number 2.1 (6) of the Clearing Conditions

C. Introduction of a fee for non-disclosed TES and Eurex EnLight trades in Euro-OAT Futures, Long-Term Euro-BTP Futures and non-disclosed TES trades in Short-Term Euro-BTP Futures

Non-disclosure is an existing, optional service for Eurex EnLight and TES Trade transactions with very high transaction volumes. This service is already offered for several other products, i.e. for index options on the DAX^® (ODAX), among others.

Non-disclosure is an optional feature for transactions above a certain volume threshold. Where this threshold is reached or exceeded, the entering trader of bilateral TES or Eurex EnLight trades can select intraday publication or non-disclosure by Eurex Exchange’s T7 for these trades. The default setting for transactions above a certain volume threshold is set to non-disclosure in T7.

As announced in Eurex circular 022/20, Eurex Deutschland has decided to introduce intra-day non-disclosure limits for TES and Eurex EnLight trades in Euro-OAT Futures, Long-Term Euro-BTP Futures and non-disclosed TES trades in Short-Term Euro-BTP Futures.

Effective 1 April 2021, the following non-disclosure limits will apply:

As of the effective date, Eurex Clearing will introduce transaction fees for individual non-disclosed TES or Eurex EnLight trades in the above-mentioned Fixed Income Futures.

To reflect these amendments, the following provisions will be amended as outlined in Attachment 3:

• Number 3.1 of the Price List

Please refer to Eurex circular 022/20 for further information.

Publication of amendments to the Price List and the Clearing Conditions

As of the effective date, the full version of the amended Clearing Conditions will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:

Clear > Rules & Regs > Rules and Regulations

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.

Attachments:

• 1 – Numbers 3.1, 3.2 and 3.7 of the Price List (related to item A.)
• 2 – Chapter V Part 2 Number 2.1 (6) of the Clearing Conditions
• 3 – Number 3.1 of the Price List (related to item C.)

Further information