Fixed Income Futures: Amendments to the Clearing Conditions of Eurex Clearing AG

1.   Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) regarding the following topics:

A. Amendments to the Clearing Conditions regarding the delivery of Fixed Income Futures Contracts on debt securities of the Republic of Italy, 

B. Editorial changes to the provisions on the Clearing of Fixed Income Futures in the Clearing Conditions.

The amendments will become effective as of 1 August 2022.

2.   Required action

Eurex Clearing invites Clearing Members who clear above-mentioned contracts to familiarize themselves and their clients with the adjusted obligations for performance for the delivery of Italian Fixed Income futures.

3.   Details 

A.  Amendments to the Clearing Conditions regarding the delivery of Fixed Income Futures Contracts on debt securities of the Republic of Italy

To perform the delivery obligation arising out of a short position in a Fixed Income Futures Contract, Eurex Deutschland decided to change the original term for deliverable debt securities of the Republic of Italy ("Buoni del Tesoro Polienali"). Please refer to Eurex Circular 068/22 for detailed trading-related information and the amendments of the relevant rules and regulations of Eurex Deutschland.

To reflect this decision in the legal framework of Eurex Clearing, the following provisions will be amended as outlined in the Attachment:

• Chapter II Part 2 Number 2.3.4 of the Clearing Conditions

B.  Editorial changes to the provisions on the Clearing of Fixed Income Futures in the Clearing Conditions

To improve the legibility, Eurex Clearing streamlines the provisions on Clearing of Fixed Income Futures in the Clearing Conditions (i.e. standardization of terms, deletion of terms that do not apply for Fixed Income Futures and deletion of duplicates of provisions).

To reflect the changes, the following provisions will be amended as outlined in the Attachment:

• Chapter II Part 2 Numbers 2.3.1, 2.3.3, 2.3.4, 2.3.5, 2.3.6 of the Clearing Conditions 

As of the effective date, the full versions of the amended Clearing Conditions will be available for download on the Eurex Clearing website under the following link:

Rules & Regs > Eurex Clearing Rules & Regulations > 1. Clearing Conditions

The changes and 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 ten (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.

Attachment: 

• Updated sections of the Clearing Conditions of Eurex Clearing AG

Further information