Changes to the Clearing Conditions and other related documents due to C7 SCS; Xemac Decommissioning Project and further harmonization measures - End of Consultation

1. Introduction

As announced and further explained in Eurex Clearing circular 053/22, Eurex Clearing AG (Eurex Clearing) proposed, among other things, changes and amendments to the Clearing Conditions of Eurex Clearing AG (hereafter: Clearing Conditions) and other related documents regarding the following topics:

• A.  Migration from Xemac to Cmax in relation to provision of security collateral (securities collateral for margin, insufficient own funds and Default Fund contributions)
• B.  Migration of Repo Clearing as part of C7 SCS Release 2.0
• D.  Introduction of title transfer on collateral giver accounts in CBL
• E.  Extension of appropriation right with respect to pledged margin securities of defaulted Clearing Members’ client related collateral and collateral location CBL
• F.  Harmonization of the third-party account structure across collateral locations CBF and CBL

Eurex Clearing has received no comments that led to further changes or amendments of the Clearing Conditions and other related documents and no requests for the application of a Prolonged Notification Period. 

Therefore, all changes and amendments regarding the above-mentioned topics, as notified in Eurex Clearing circular 053/22, will come into effect on 24 October 2022.

2. Required action

Clearing Members, Basic Clearing Members, Disclosed Direct Clients and FCM Clearing Members of Eurex Clearing AG should take the changes to the Clearing Conditions into account.

3. Details

Please refer to Eurex Clearing circular 053/22 for more details.

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 > Eurex Clearing Rules & Regulations

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:
(numbering according to Eurex Clearing circular 053/22)

• 1 – Chapter I - General Provisions
• 2 – Chapter IV - Clearing of Repo Transactions
• 3 – Appendix 5 - Clearing Agreement for the Clearing of GC Pooling Repo Transactions with the holder of an ISA Direct Light License
• 4 – Appendix 7 - Pledge Agreement relating to pledges of Eligible Margin Assets in the form of Securities
• 5 – Appendix 11 - Pledge Agreement relating to pledges of Eligible Margin Assets in order to provide ISA Direct Margin in the form of Securities
• 6 – Appendix 14 - Title Transfer Agreement relating to the transfer of ownership of Securities to Eurex Clearing AG by using securities accounts of a third party and/or certain securities accounts of the Clearing Member
• 7 – Pledge Agreement relating to pledges by an ISA Direct Light License Holder in relation to GC Pooling Repo Transactions in accordance with Chapter IV Part 3 Number 3.4 of the Clearing Conditions

Further information