08 Jun 2021

Eurex Clearing

Introduction of Eurex Daily USD/KRW Futures Contracts on US Dollar Futures of the Korea Exchange (KRX)

Eurex Clearing Circular 046/21 Introduction of Eurex Daily USD/KRW Futures Contracts on US Dollar Futures of the Korea Exchange (KRX)


1.  Introduction

Effective 26 July 2021, Eurex Clearing will offer clearing services for Eurex Daily USD/KRW Futures introduced at Eurex Deutschland. The corresponding amendments to the legal framework of Eurex Clearing will also become effective on 26 July 2021.

Please refer to Eurex circular 050/21 for detailed trading-related information as well as the amendments of the relevant Rules and Regulations of Eurex Deutschland.

Simulation start: 18 June 2021
Production start: 26 July 2021

Learn now more about the introduction of Eurex Daily USD/KRW Futures Contracts on US Dollar Futures of KRX on our dedicated initiative page under the following link: Support > Initiatives & Releases > Product Introduction. Documentation, circulars, timeline and much more information are available there for you

...and on the go via the personalized Eurex App.

2.  Required action

The requirements for Clearing Members are the same as for clearing of the existing Eurex KRX products (i.e. Eurex Daily Futures on KOSPI 200 Options (OKS2), on Mini-KOSPI 200 Futures (FMK2) and on KOSPI 200 Futures (FBK2)). Clearing Members need to have a KRW payment infrastructure ready prior to the activation for clearing the KRW capacity. 

Therefore, for Clearing Members already clearing Eurex KRX products, no additional action is required.

For Clearing Members which currently do not clear Eurex KRX 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 contact client.services@eurex.com.

Clearing Members and clients are encouraged to participate in the simulation phase.

3.  Details of the initiative

A.  Product overview

Currency Pair

Product ID

Underlying ISIN

Product ISIN

USD/KRW

FCUW

XC000A0C37D4

DE000A2QMB07

B.  Contract specifications

For the detailed contract specifications, please refer to Eurex circular 050/21.

C.  Product group

The product group for the new product is as follows:

D.  Transaction fees

The fees applicable to the clearing of the new Eurex Daily USD/KRW Futures Contracts can be retrieved from the updated sections of the Price List, as outlined in Attachment 2.

E.  Simulation

Starting 18 June 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 www.eurex.com under the following link:

Support > Initiatives & Releases > 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:

Services > Risk parameters

G.  Amendments to the legal framework of Eurex Clearing

Corresponding to the new clearing service offering, the following provisions will be amended as outlined in Attachments 1 and 2 with effective date 26 July 2021:

  • Chapter II Part 2 Number 2.28 of the Clearing Conditions of Eurex Clearing AG
  • Numbers 3 and 3.1 of 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 website under the following link:

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 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 – 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 Collateral Accounts and Clearer Cash Accounts”


Further information

Recipients:

All Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, all FCM Clearing Members, vendors and other affected contractual parties 

Target groups:

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

Related circular:

Eurex circular 050/21

Web: 

Support > Initiatives & Releases > Product Introduction

Contact:

client.services@eurex.com

Authorized by:

Jens Janka