A member of
Eurex Clearing
1. Introduction
With this circular, Eurex Clearing would like to announce the production launch of EurexOTC Clear Release 12.1 (OTC Release 12.1) on Monday, 28 March 2022. All EurexOTC Clear Members are affected by the introduction of OTC Release 12.1.
Production start: 28 March 2022
Learn now more about the EurexOTC Clear Release 12.1 on our dedicated initiative page under the following link: Support > Initiatives & Releases > EurexOTC Clear Releases > EurexOTC Clear Release 12.1. Circulars, timeline and much more information is available there for you.
2. Required action
The functions and services introduced with this release (such as reports and FpML messages) might have an impact on the report and FpML processing of EurexOTC Clear Members. In order to be prepared for the start of production, please update your systems with the newly created schemas (e.g., report XSDs, XSDs for the Trade FpML Interface), valid for OTC Release 12.1.
After the batch processing on Friday, 25 March 2022, reports are created based on EurexOTC Clear Release 12.0 formats. Intraday and End-of-Day reports that are created on Monday, 28 March 2022, start of business, will be created based on OTC Release 12.1 formats.
3. Details of the initiative
A. Documentation for OTC Release 12.1
As announced with Eurex Clearing circular 112/21 and documented in the Functional Release Notes, there are enhancements and changes relevant for OTC IRS Swap Participants.
Further details on enhancements and changes can be found in the functional and technical documentations, which are updated with OTC Release 12.1. Final versions of all documents, samples and XSD files have been published and are available in the Member Section of Deutsche Börse Group under the following path respectively:
Resources > Eurex Clearing > Documentation & Files > EurexOTC Clear > System documentation
B. Changes to be introduced with EurexOTC Clear Release 12.1
Please note that the fallback pricing for trades referencing USD LIBOR will be implemented with OTC Release 14.0 instead of with OTC Release 12.1, as previously announced. This change is aimed at making systems ready ahead of the legal trade conversion of OTCClear trades referencing USD LIBOR post its index cessation to SOFR index plus the respective fallback spread planned for 2023 (exact timeline still to be announced).
Detailed information about each release item has been published on the respective initiatives page under the following link: Support > Initiatives & Releases > EurexOTC Clear Releases > EurexOTC Clear Release 12.1 and documented in the Functional Release Notes.
In connection with the introduction, please consider as well the “EurexOTC Clear Release Known Limitations” list which has already been updated and published in the Member Section of Deutsche Börse Group under the following path:
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.
Further information
Recipients: | All Clearing Members, FCM Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Related Circular: | Eurex Clearing circular 112/21 | |
Related Newsflashes: | Eurex Clearing Readiness Newsflash as of 11 February 2022 Eurex Clearing Readiness Newsflash as of 1 March 2022 | |
Contact: | client.services@eurex.com | |
Web: | Support > Initiatives & Releases > EurexOTC Clear Releases > EurexOTC Clear Release 12.1 | |
Authorized by: | Dmitrij Senko |