A member of
Eurex Clearing
1. Introduction
Effective 10 October 2022, Eurex Clearing will offer clearing services for five new FX Futures on Emerging Markets currency pairs introduced at Eurex Deutschland.
In this context, the following measures will apply effective 10 October 2022:
The following provisions will be amended as outlined in Attachments 2 and 3:
As of the effective date, the full versions of the amended Clearing Conditions and Price List will be available for download on the Eurex Clearing website www.eurex.com/ec/en under the following link:
Rules & Regs > Eurex Clearing Rules and Regulations
Please refer to Eurex circular 079/22 for detailed trading-related information as well as the amendments of the relevant Rules and Regulations of Eurex Deutschland.
Simulation start: 26 August 2022
Production start: 10 October 2022
2. Required action
Due to the cash settlement in either Euro or US Dollar, the futures are integrated into the respective existing C7 Capacity Groups "CASH USD - CFTC" and "CASH/PHYSICAL EUR - CFTC" and automatically assigned to the Clearing Member. Therefore, no further action is required for Clearing Members.
Please note that the standard transaction fee is in USD. In order to use the “quote currency” Euro as an alternative fee currency for the respective FX products, the form “Choice of alternative fee currencies for FX products” has to be filled out. For this purpose, please contact your Clearing Key Account Manager or contact client.services@eurex.com. The form is also attached to this circular.
Clearing Members and clients are encouraged to participate in the simulation phase.
3. Details of the initiative
A. Product overview
Please find the product overview as table in Attachment 1.
B. Contract specifications
For the detailed contract specifications, please refer to Eurex circular 079/22.
C. Product group
For the product group, please refer to the table in Attachment 1.
D. Transaction fees
The fees applicable to the clearing of the new cash settled FX Futures on Emerging Markets currency pairs can be retrieved from the updated sections of the Price List, as outlined in Attachment 3.
Please note that the standard transaction fee is in USD. In order to use the “quote currency” Euro as an alternative fee currency for the respective FX products, the attached form “Choice of alternative fee currencies for FX products” has to be filled out. For this purpose, please contact your Clearing Key Account Manager or contact client.services@eurex.com.
E. Simulation
Starting 26 August 2022, the Futures on the currency pairs Mexican Peso - US Dollar (FCMU), South African Rand - Euro (FCZE) and Brazilian Real - US Dollar (FCBU) 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:
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, all FCM Clearing Members, vendors and other affected contractual parties | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Related circular: | Eurex Circular 079/22 | |
Contact: | client.services@eurex.com | |
Web: | www.eurex.com/ec-en/ | |
Authorized by: | Matthias Graulich |