22 Jun 2022

Eurex Clearing

Amendments to the legal framework of Eurex Clearing AG with respect to the introduction of the ISA Direct Indemnified Model (legal term: “ISA Direct Indemnified Provisions”) – End of Consultation

Eurex Clearing Circular 046/22 Amendments to the legal framework of Eurex Clearing AG with respect to the introduction of the ISA Direct Indemnified Model (legal term: “ISA Direct Indemnified Provisions”) – End of Consultation

1.  Introduction   

As announced and further explained in Eurex Clearing circular 034/22, Eurex Clearing AG (Eurex Clearing) introduced amendments to the legal framework of Eurex Clearing with respect to the introduction of the ISA Direct Indemnified provisions and conducted a Consultation regarding the following topics:

A.  Amendments to the Clearing Conditions Chapters I, IV, VIII, Appendices 5, 7, 10 and 11

B.  Amendments to the FCM Default Rules, FCM Regulations Chapter I and Chapter II

C.  Amendments to the Price List of Eurex Clearing AG

D.  Amendments to Ancillary Clearing Documents:

i.    Statutes for the EMIR Risk Committee

ii.   Default Management Committee Rules

iii.  Default Management Auction Rules

iv.  Statutes for the FIC Board Advisory Committee

v.   Statutes for the Disciplinary Committee

vi.  Disciplinary Procedures Rules Chapter I

E.  Amendments to General Terms and Conditions to the Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG 

Eurex Clearing has received no comments that led to further changes or amendments of the legal framework of Eurex Clearing specified above and no requests for the application of a Prolonged Notification Period.

Therefore, all amendments regarding the above-mentioned topics, as notified in Eurex Clearing circular 034/22, will come into effect on 15 July 2022.

2.  Required action

Clearing Members, FCM Clearing Members, Basic Clearing Members and Disclosed Direct Clients of Eurex Clearing AG should take the amendments to the legal framework of Eurex Clearing specified above into account.

3.  Details of the initiative

Please refer to Eurex Clearing circular 034/22 for more details.

Further information on the ISA Direct Indemnified Model will also be published on the Eurex Clearing website ISA Direct – Direct Clearing membership for the buy side.

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 > 1. 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:

  • 1 – Amended sections of Chapter I Part 1, Part 2 and Part 6 of the Clearing Conditions
  • 2 – Amended sections of Chapter IV of the Clearing Conditions
  • 3 – Amended sections of Chapter VIII Part 2, Part 3 and Part 4 of the Clearing Conditions
  • 4 – Amended sections of Appendix 5 to the Clearing Conditions
  • 5 – Amended sections of Appendix 7 to the Clearing Conditions
  • 6 – Amended sections of Appendix 10 to the Clearing Conditions
  • 7 – Amended sections of Appendix 11 to the Clearing Conditions
  • 8 – Amended sections of the FCM Default Rules
  • 9 – Amended sections of the FCM Regulations Chapter I
  • 10 – Amended sections of the FCM Regulations Chapter II
  • 11 – Amended sections of the Price List of Eurex Clearing AG
  • 12 – Amended sections of the Statutes for the EMIR Risk Committee
  • 13 – Amended sections of the Default Management Committee Rules
  • 14 – Amended sections of the Default Management Auction Rules
  • 15 – Amended sections of the Statutes for the FIC Board Advisory Committee
  • 16 – Amended sections of the Statutes for the Disciplinary Committee
  • 17 – Amended sections of the Disciplinary Procedures Rules Chapter I
  • 18 – Amended sections of the General Terms and Conditions to the Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG


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

Related circular:

Eurex Clearing circular 034/22

Contact:

client.services@eurex.com

Web:

ISA Direct – Direct Clearing membership for the buy side
Capital efficiencies through direct access  repo clearing models for the buy-side

Authorized by:

Matthias Graulich