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14 Nov 2022

Eurex Clearing

Money Market Futures: Introduction of Three-Month Euro STR Futures (FST3)

Eurex Clearing Circular 083/22 Money Market Futures: Introduction of Three-Month Euro STR Futures (FST3)

1.  Introduction   

Effective 23 January 2023, Eurex Clearing will offer clearing services for Three-Month Euro STR Futures introduced at Eurex Deutschland.

In this context, the following measures will apply effective on 23 January 2023:

  • Amendments to the Clearing Conditions of Eurex Clearing (Clearing Conditions) regarding the inclusion of Three-Month Euro STR Futures,
  • Amendments to the Price List of Eurex Clearing (Price List) regarding the inclusion of Three-Month Euro STR Futures.

Please refer to Eurex circular 108/22 for detailed trading-related information, including fee classification, as well as the amendments of the relevant Rules and Regulations of Eurex Deutschland.

Simulation start date: 1 July 2021
Production start date: 23 January 2023

2. Required action

There is no action required for participation.

3. Details of the initiative

A.    Product overview

Product name

Product ID

Currency

Product ISIN

Three-Month Euro STR Futures

FST3

EUR

DE000A3CNW06

B.    Contract specifications

For the detailed contract specifications, please refer to Eurex circular 108/22.

C.    Product group

The product group of the new product is as follows:

Product

Product group

Regulatory status

Settlement
type

Product type

Product
currency

Capacity name

Three-Month Euro STR Futures

Money Market Derivative

Approved for trading in the U.S

Cash

F

EUR

Cash EUR

D.    Transaction fees

The fees for the new products can be retrieved from the updated sections of the Price List, as outlined in Attachment 2.

E.    Simulation

From 1 July 2021, the new products are 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:

Services > Risk parameters

G.    Amendments to the legal framework of Eurex Clearing AG

The following provisions will be amended as outlined in the attachments:

  • Chapter II Part 2 Number 2.1.2 and 2.2.2 of the Clearing Conditions
  • Numbers 3.1, 3.3 and 3.4 of the Price List

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

Rules & Regs > Eurex Clearing Rules and 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 prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties. 

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 the Clearing Conditions of Eurex Clearing AG
  2. Amended sections of the Price List of Eurex Clearing AG

Further information

Recipients:

All Clearing Members, ISA Direct 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 + Back Office, IT/System Administration, Auditing/Security Coordination

Related circular:

Eurex Circular 108/22

Contact:

client.services@eurex.com

Web:

www.eurex.com/ec-en/

Authorized by:

Jens Janka