Amendments to the legal framework of Eurex Clearing AG with respect to the introduction of the NDF Clearing Service - End of Consultation

1. Introduction

As announced and further explained in Eurex Clearing circular 090/21, Eurex Clearing AG (Eurex Clearing) proposed, among other things, changes and amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and the Default Management Auction Rules regarding the following topics and conducted a Consultation under the Clearing Conditions:

• Amendments to Chapter I of the Clearing Conditions (Attachment 4)
• Amendments to the Default Management Auction Rules (Attachment 5)

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

Therefore, all changes and amendments regarding the above-mentioned topics as well as changes that were not subject to the Consultation, as notified in Eurex Clearing circular 090/21, will come into effect on 6 December 2021. 

PLEASE NOTE: This Circular only relates to the implementation of the NDF Clearing Service into the legal framework of Eurex Clearing. The actual go-live of the NDF Clearing Service remains subject to the receipt of the regulatory approval by the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin). Eurex Clearing will publish the go-live date in a separate Circular after receipt of the approval by BaFin. 

2. Required action

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

3. Details

Please refer to Eurex Clearing circular 090/21 for details.

As of the effective date, the full versions of the Clearing Conditions and Default Management Auction Rules 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

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:
(numbering according to Eurex Clearing circular 090/21)

• 4 – Amended sections of Chapter I of the Clearing Conditions (DMP-related amendments)
• 5 – Amended sections of the DM Auction Rules

Further information