Clearing, settlement and cash clearing on 24 December and 31 December 2021

1.    Introduction

With this circular, Eurex Clearing would like to remind its Members that since 2009, 24 December and 31 December are regular settlement days (elimination of Giovannini Barrier 7). Thus, 24 December and 31 December 2021 were included in the regular clearing and settlement calendar of Eurex Clearing AG (Eurex Clearing).

• All cash amounts due from previous settlement days will be settled on 24 December and 31 December 2021. 
• No cash clearing will take place for Japanese Yen on 31 December 2021.
• Contractual penalties (“Vertragsstrafen”) will apply in accordance with Chapter I Part 1 Number 14.2.2 of the Clearing Conditions of Eurex Clearing AG (Clearing Conditions).
• Month- and year-end reports for December 2021 will be distributed on 31 December 2021.

2.    Required action

All Clearing Members, Basic Clearing Members, FCM Clearing Members, Disclosed Direct Clients of Eurex Clearing and vendors have to ensure that they are prepared to handle clearing-related business, including the assessment of reports and notifications on 24 December and 31 December 2021, in accordance with the Clearing Conditions.

3.    Details

A. Derivatives clearing of Transactions concluded at Eurex Deutschland

On 24 December and 31 December 2021, the C7 Clearing System will open for the clearing of Transactions at the regular times and will close at 20:00 CET. The end-of-day processing will start at 20:00 CET. Please note that on 24 December and 31 December 2021, neither trading nor order management will be possible across the entire product scope of Eurex Deutschland (i.e. no change of previous day’s settlement prices). In addition, exercises will not be possible.

B. Clearing of Transactions concluded at Eurex Repo or Frankfurter Wertpapierbörse (FWB^®, the Frankfurt Stock Exchange)

The C7 Securities Clearing Service System for securities clearing will be available on 24 December and 31 December 2021 with the entire functionality. Buy-in auctions will not be held on these days. Instead, they will be held on the respectively next business day.

For the Late Delivery Process, 24 December and 31 December 2021 will count for determination of the buy-in auction days and for calculation of the ESMA Late Delivery Fine, i.e. they will be considered as regular business days.

C. Clearing of OTC Transactions

EurexOTC clearing services for the clearing of Interest Rate Swaps will be available on 24 December and 31 December 2021 with full functionality between 08:00 CET and 22:00 CET.

D. Risk management

Since the C7 Securities Clearing Service System for securities clearing and EurexOTC Clear Services will be available with the full functionality, intraday Margin Calls may take place during the entire day on 24 December and 31 December 2021 and must be met by Clearing Members. Therefore, C7 Collateral Management Services (CMS) will be available as well.

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, as applicable.
 

Further information