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26 Jul 2021

Eurex Clearing

Amendments to the Clearing Conditions of Eurex Clearing AG - End of Consultation

Eurex Clearing Circular 067/21 Amendments to the Clearing Conditions of Eurex Clearing AG - End of Consultation

1. Introduction

As announced and further explained in Eurex Clearing circular 051/21, Eurex Clearing AG (Eurex Clearing) proposed changes and amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) regarding the following topics and conducted a Consultation under the Clearing Conditions:

A. Introduction of Hedging Auctions as a tool to improve the hedging process during a Default Management Process (DMP),

B. Adaptation to the Default Fund waterfall due to the introduction of Hedging Auctions and implementation of further general amendments to increase clarity and readability.

Eurex Clearing has received no comments that led to further changes or amendments of the Special Provisions of the Clearing Conditions and no requests for the application of a Prolonged Notification Period. 

Compared to the Consultation version, further minor changes were made based on customer feedback and the histories as attached to this circular shall be decisive.

Therefore, all changes and amendments regarding the above-mentioned topics, as notified in Eurex Clearing circular 051/21, including minor changes as outlined in the Attachments hereto, will come into effect on 17 August 2021.

2. Required action

Clearing Members, Basic Clearing Members and Disclosed Direct Clients of Eurex Clearing AG should take the amendments to the Clearing Conditions into account.

3. Details

Please refer to Eurex Clearing circular 051/21, items A. and B. for details.

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

Rules and 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 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
  • 2 – Amended sections of the DM Auction Rules
  • 3 – Amended sections of the FCM Default Rules


Further information

Recipients:

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

Target groups:

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

Related circular:

Eurex Clearing circular 051/21

Contact:

client.services@eurex.com

Web:

www.eurex.com/ec-en/

Authorized by:

Jens Janka