Renewal of Discounted OTC IRD GOLD Packs for the second half of 2021

1.   Introduction

As part of the annual review for OTC Interest Rate Derivative Transactions, Eurex Clearing will introduce the following amendments with effect from 29 June 2021:

A.    Introduction of two new Discounted OTC IRD GOLD Packs which include unlimited clearing of own OTC Interest Rate Swap (IRS) (including OIS and FRA) and Zero-Coupon Inflation Swap (ZCIS) transactions across all currencies:

1)   1-year Discounted GOLD Pack for a term of one year for EUR 210,000 per month
equal to a discount of ~19% on the regular fees of the combined GOLD Packs)
2)   3-year Discounted GOLD Pack for a term of three years for EUR 185,000 per month
(equal to a discount of ~29% on the regular fees of the combined GOLD Packs)

Both Discounted OTC IRD GOLD Packs can optionally be applied from the first calendar day of the month of booking. 

B.    Offering of an upgrade option for OTC IRD BASIC Pack subscribers to either one of the new Discounted OTC IRD GOLD Packs or the regular OTC IRD GOLD Pack

Features of the Discounted OTC IRD GOLD Pack:

• Available to all Clearing Members (including FCM Clearing Members) and to a group of affiliated Clearing Members (including FCM Clearing Members) and eligible affiliated Disclosed Clients which fulfil the personal prerequisites for a clearing license
• Unlimited clearing of all OTC IRD products including IRS, OIS, Basis, FRA and ZCIS across all currencies – no limits on cleared or outstanding volumes apply
• Subscription deadline: 31 December 2021
• Term: The 1-year Discounted OTC IRD GOLD Pack will have a term of 12 months;
  The 3-year Discounted OTC IRD GOLD Pack will have a term of 36 months
• Price 1-year Discounted OTC IRD GOLD Pack: EUR 2,520,000 p.a. payable in 12 monthly instalments of EUR 210,000 each (compared to the IRS, OIS and FRA GOLD Pack and the ZCIS GOLD Pack this offer equals to a ~19% discount)
• Price 3-year Discounted OTC IRD GOLD Pack: EUR 2,220,000 p.a. payable in 12 monthly instalments of EUR 185,000 each (compared to the IRS, OIS and FRA GOLD Pack and the ZCIS GOLD Pack this offer equals to a ~29% discount)

2.   Required action

Registration for the Discounted OTC IRD GOLD Pack:

Clearing Members (including FCM Clearing Members) may apply for either of the Discounted OTC IRD GOLD Packs by way of submitting the attached registration form. Please proceed the following steps:

i.  Registration for the Discounted OTC IRD GOLD Pack:
Complete the attached EurexOTC-Interest-Rate-Derivative-Registration-Form-for-CM-Discounted-GOLD-Pack and select one of the two Discounted GOLD Packs; if desired, select “Registration of affiliated Clearing Members and Disclosed Clients for GOLD Pack Rebate Scheme” to apply the Discounted OTC IRD GOLD Pack to a group of affiliates.

ii.  Submit the signed form to your Key Account Manager Clearing latest by the end of the month to apply the chosen Discounted OTC IRD GOLD Pack from the first calendar day of the month of booking.

3.   Details of the initiative

A. Renewed Discounted OTC IRD GOLD Packs for the second half of 2021

a. Overview of the Discounted OTC IRD GOLD Packs:

The Discounted OTC IRD GOLD Packs allow subscribing Clearing Members (including FCM Clearing Members) and groups of affiliated Clearing Members (including FCM Clearing Members) unlimited clearing of all OTC IRD products including IRS, OIS, Basis, FRA and ZCIS across all currencies. The 1-year Discounted OTC IRD GOLD Pack has a term of one year (12 subsequent calendar months) whereas the 3-year Discounted OTC IRD GOLD Pack has a term of three years (36 subsequent calendar months). The respective term starts with the first calendar day of the month subsequent to the month of booking.

The 1-year Discounted OTC IRD GOLD Pack is offered at a fixed fee of EUR 210,000 per month which equals a discount of ~19% on the regular fees of the combined GOLD Packs.
The 3-year Discounted OTC IRD GOLD Pack is offered at a fixed fee of EUR 185,000 per month which equals a discount of ~29% on the regular fees of the combined GOLD Packs. Both Discounted OTC IRD GOLD Packs can only be booked until 31 December 2021.

b. Eligible Participants of the Discounted OTC IRD GOLD Pack rebate scheme for Clearing Members:

The Discounted OTC IRD GOLD Packs are available to all Clearing Members (including FCM Clearing Members), groups of affiliated Clearing Members (including FCM Clearing Members) and affiliated Disclosed Direct Clients which fulfil the personal prerequisites for a clearing license according to Chapter I Part 1 Number 2.1.2 (2) of the Clearing Conditions of Eurex Clearing AG. All benefits of the Discounted OTC IRD GOLD Packs may be shared by all Clearing Members (including FCM Clearing Members) and eligible Disclosed Direct Clients that form part of the same group for the same fixed fee. The fixed fee will be allocated monthly to the group affiliates according to their individual performance measured as the sum of the monthly undiscounted gross revenues.

B. Upgrade from the OTC IRD Basic Pack rebate scheme to either of the OTC IRD GOLD Pack rebate schemes

All OTC IRD Basic Pack subscribers and groups of subscribers may upgrade from the OTC IRD BASIC Pack rebate scheme to either one of the Discounted OTC IRD GOLD Packs or the regular OTC IRD GOLD Pack rebate scheme until 31 December 2021. The chosen GOLD Pack may be applied with effect from the first calendar day of the month of booking, if the respective GOLD Pack is booked via one of the eligible registration forms and the form submitted to the respective Key Account Manager by the end of that month. Subscribers that wish to upgrade to the OTC IRD GOLD Pack after 31 December 2021 need to obtain the package for the regular fixed fee in accordance with the Price List of Eurex Clearing AG.

Upgrade and registration for the Discounted OTC IRD GOLD Pack rebate scheme can be done using the attached registration form. Please submit your completed registration form to your Key Account Manager Clearing. 
 

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:

• EurexOTC Interest Rate Derivative Registration Form for CM Discounted GOLD Pack

Further information