23 Nov 2022

Eurex Clearing

Clearing, settlement and cash clearing on 23 December and 30 December 2022

Eurex Clearing Circular 087/22 Clearing, settlement and cash clearing on 23 December and 30 December 2022

1.  Introduction   

With this circular, we would like to draw your attention to the changed processing on 23 December and 30 December 2022.

2.  Required action

All Clearing Members, ISA Direct Clearing Members, FCM Clearing Members, Disclosed Direct Clients of Eurex Clearing and vendors must ensure that they are prepared to handle clearing-related business, including the assessment of reports and notifications on 23 and 30 December 2022, in accordance with the Clearing Conditions.  

3.  Details

A. Derivatives trading and clearing of transactions concluded at Eurex Deutschland

The trading times for 23 and 30 December 2022 are as follows (all times are CET):

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All other products will have normal trading hours. 

The trading hour changes will not affect Eurex Trade Entry Services (TES) hours, end of post-trading hours or the starting time of the batch. 

The C7 Clearing System will be open and close for clearing of transactions at the regular times. Exercises will be possible.

Cash clearing will take place on 23 December and 30 December 2022. All cash amounts will be settled on 23 December and 30 December 2022 at the regular times.

Contractual penalties (“Vertragsstrafen”) will apply in accordance with Chapter I Part 1 Number 14.2.2 of the Clearing Conditions of Eurex Clearing AG.

B. Clearing of transactions concluded at Eurex Repo or Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange)

The C7 Securities Clearing Service System for securities clearing will be available on 23 December and 30 December 2022 with the entire functionality. Buy-in auctions will be held as usual on these days. 

For the Late Delivery Process, 23 December and 30 December 2022 will count for determination of the buy-in auction days and for calculation of the ESMA Late Delivery Fine, i.e. they will be considered as regular business days.

C. Clearing of OTC transactions

EurexOTC clearing services for the clearing of Interest Rate Swaps are available on 23 December and 30 December 2022 with full functionality between 08:00 CET and 22:00 CET.

D. Risk management

Since the C7 Securities Clearing Service System for securities clearing and EurexOTC Clear Services is available with the full functionality, intraday Margin Calls may take place during the entire day on 23 December and 30 December 2022 and must be met by Clearing Members. Therefore, C7 Collateral Management Services (CMS) will be available as well.

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.
 

Further information

Recipients:

All Clearing Members, ISA Direct Clearing Members, FCM Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors

Target groups:

Front Office/Trading, Middle + Backoffice, IT/System Administration

Contact:

Clearing Operations, tel. +49-69-211-1 12 50, clearing@eurex.com
Risk Exposure Management, tel. +49-69-211-1 28 28, risk@eurex.com

Web:

www.eurex.com/ec-en/

Authorized by:

Jens Janka