Introduction of FX Futures on Scandinavian currency pairs

1.  Introduction

Effective 6 September 2021, Eurex Clearing will offer clearing services for seven new FX Futures on Scandinavian currency pairs introduced at Eurex Deutschland. The corresponding amendments to the legal framework of Eurex Clearing will also become effective on 6 September 2021.

Please refer to Eurex circular 073/21 for detailed trading-related information as well as the amendments of the relevant Rules and Regulations of Eurex Deutschland.

Simulation start: 11 August 2021
Production start:   6 September 2021

2.  Required action

Clearing Members need to have a NOK, SEK and DKK payment infrastructure ready prior to the activation for clearing of the NOK, SEK and DKK capacity. 

For Clearing Members which currently do not have this infrastructure in place and would like to set one up, the required action is to follow existing onboarding procedures to set up a clearing account in NOK, SEK and DKK. 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

* Available in Simulation

B.  Contract specifications

For the detailed contract specifications, please refer to Eurex circular 073/21.

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 FX Futures on Scandinavian currency pairs can be retrieved from the updated sections of the Price List of Eurex Clearing AG, as outlined in Attachment 2.

E.  Simulation

Starting 11 August 2021, the futures on the currency pairs Euro–Norwegian Krone (FCNK), Euro–Swedish Krona (FCSK) and Euro–Danish Krone (FCDK) 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. Variation margin

Please note that variation margin payments in DKK, SEK, NOK will be settled on T+2, as described in Chapter II Part 1 Number 1.2 of the Clearing Conditions.

H. 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 6 September 2021:

• Chapter II Part 1 Number 1.2 of the Clearing Conditions of Eurex Clearing AG
• Numbers 3, 3.1, 3.3, 3.5 and 3.6 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 Set-up/Deletion/Change of Collateral Accounts and Clearer Cash Accounts”
• 4 – "Choice of fee currencies for FX products”

Further information