Eurex Clearing
1. Introduction
Effective 28 March 2022, Eurex Clearing will offer clearing services for Daily Futures on KOSPI 200 Weekly Options (OKW1/3/4/5) introduced at Eurex Deutschland.
In this context, the following measure will apply effective 28 March 2022:
The following provisions will be amended as outlined in Attachment 2:
The simulation environment is planned to be available from 25 February 2022.
Please refer to Eurex circular 006/22 for detailed trading-related information as well as the amendments of the relevant Rules and Regulations of Eurex Deutschland.
Simulation start: 25 February 2022
Production start: 28 March 2022
2. Required action
Similar Korean won (KRW) products are currently traded on the Eurex/KRX Link:
The requirement for Clearing Members is the same as for clearing the existing Eurex KOSPI products, i.e. having a KRW payment infrastructure ready prior to the activation for clearing the KRW capacity. Therefore, for Clearing Members who already clear KOSPI products, no additional action is required.
For Clearing Members who currently do not clear existing KOSPI products and would like to do so, the required action is to follow existing onboarding procedures to set up a clearing account in KRW. For this purpose, please contact your Clearing Key Account Manager or write to client.services@eurex.com.
Clients are encouraged to participate in the simulation phase.
3. Details
A. Product overview
For the product overview please refer to the table in Attachment 1.
B. Contract specifications
For the detailed contract specifications, please refer to Eurex circular 006/22.
C. Product group
The product group for the new products is as described in the table in Attachment 1.
D. Transaction fees
The fees for the new Daily Futures on KOSPI 200 Weekly Options can be retrieved from the updated sections of the Price List, as outlined in the Attachment 2.
E. Simulation
Starting 25 February 2022, the new product 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 www.eurex.com/ec-en/ under the link:
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 > Eurex Clearing 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:
Further information
Recipients: | All Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors, all FCM Clearing Members and other affected contractual parties | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Contact: | client.services@eurex.com | |
Related circular: | Eurex circular 006/22 | |
Web: | www.eurex.com/en-ec/ | |
Authorized by: | Jens Janka |
