With this circular, Eurex Clearing announces the production launch of EurexOTC Clear Release 14.0 on Monday, 21 November 2022. In this context, functional, GUI, and report changes are expected as highlights of the release. In addition, a simulation environment clean-up will be performed. Please see a detailed list of the changes that are part of EurexOTC Clear Release 14.0 in section 3. Details below.
The timeline for the new release is as follows:
Simulation start: 12 October 2022
Production start: 21 November 2022
Learn now more about the EurexOTC Clear Release 14.0 on our dedicated initiative page under the following link: Support > Initiatives & Releases > EurexOTC Clear Releases > EurexOTC Clear Release 14.0. Circulars, timeline and much more information will be available there for you.
2. Required action
Functions, services, and technical changes to be introduced with this release will have an impact on the internal processes of Clearing Members, FCM Clearing Members, and their clients who clear EurexOTC Clear products (hereafter: EurexOTC Clear Members).
Therefore, it might be necessary for EurexOTC Clear Members to update their internal processes and technical interfaces (e.g. XSDs for EurexOTC Clear Reports, Eurex Clearing FpML Interface).
In order to improve the quality of the OTC simulation environment in advance of its upcoming release, Eurex Clearing will perform a structured clean-up of old trades in the simulation environment on Monday, 26 September 2022. Therefore, all trades captured before Wednesday, 1 June 2022 will no longer be available in the simulation environment.
A. Changes to be introduced with EurexOTC Clear Release 14.0
Eurex Clearing has provided a description of the above-mentioned changes in the Functional Release Notes of EurexOTC Clear Release 14.0 that may be accessed via the Member Section of Deutsche Börse Group, under the following path:
All changes will be reflected via documentation updates as well which will be published according to the Eurex Clearing Member Communication Calendar. The updated documents as part of EurexOTC Clear Release 14.0 will be available in the Member Section under the path mentioned above, under “System documentation”.
B. Overview of functional changes
Extension of maximum maturities of EUR Swaps
The extension of maximum maturity of EUR Swaps to 61 years (or 22,335 days) will be implemented within EurexOTC Clear Release 14.0. The extension is applied to EUR Interest rate swap (IRS) (Fix/Float), Overnight index swap (OIS), and Basis Swap (Float/Float).
OTC IRS product extensions in Nordic currencies (SEK, DKK, NOK ) and Polish złoty (PLN)
Eurex Clearing will introduce the following enhancements related to Nordic currencies and PLN:
Please note that the details on the trade eligibility criteria enhancements will be reflected in the product list of EurexOTC Clear Release 14.0, which will be available in the Member Section of Deutsche Börse Group in September 2022.
New value of the UTI Issuer value for newly created EurexOTC trades
The current UTI Issuer '1050000007' generated for OTC trades cleared by the EurexOTC Clear system will be replaced by a new value '529900LN3S50JPU47S06'. The length of 10 characters will increase to 20 characters and the new value of the UTI Issuer '529900LN3S50JPU47S06' will be displayed on all trade notification messages, gross trade notification messages, netted trades notification messages and Member reports generated by EurexOTC Clear system.
This change will apply to new trades cleared in the EurexOTC system out of a bilateral trade novation or out of a PTE action like Trade Transfer, Account Transfer, Termination, Clearer Change, Netting or Compression triggered on an existing trade in VERIFIED status. The value of the UTI Issuer will remain unchanged for the legacy trades as no conversion or migration is planned.
The effective date of the UTI Issuer change is Monday, 5 December 2022 in EurexOTC Clear Production environment.
The reports of EurexOTC Clear will be enhanced as follows:
For further details on the report enhancements, please refer to the EurexOTC Report Manual for EurexOTC Clear Release 14.0, which will be published in September 2022 in the Member Section of Deutsche Börse Group.
The following enhancements will be implemented:
Termination of OTC Currency Clearing Services
As announced in Eurex Clearing Circular 043/22, clearing services for OTC FX Spot, OTC FX Swaps, OTC FX Forwards and OTC Cross-Currency Swap Transactions were terminated. Due to the termination, some of the fields will be removed from Member reports, and further changes on MC-API, OTC and MC GUI are expected. Members are advised to check the Functional Release Notes of EurexOTC Clear Release 14.0 for further details.
The NDF Clearing and ETD FX service are not impacted by this decision.
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.
All Clearing Members, Basic Clearing Members, FCM Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors
Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination
Eurex Clearing Circular 043/22
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