Eurex Clearing
1. Introduction
This circular contains information with respect to the service offering of Eurex Clearing AG and corresponding amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and to the FCM Regulations of Eurex Clearing AG (FCM Regulations) regarding the following topics:
The amendments for topic A. will come into effect on 1 January 2023.
The amendments for topic B. will come into effect on 23 January 2023.
2. Required action
Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members, vendors and other affected contractual parties should take the amendments to the Clearing Conditions and FCM Regulations into consideration.
3. Details of the initiative
A. Extension of fee reduction for MSCI Index Futures
According to Eurex Clearing circular 105/21, Eurex Clearing AG currently offers reduced transaction fees for selected MSCI Futures. This temporary reduction is valid until 31 December 2022 and should be extended in modified form as of 1 January 2023 until 31 December 2023, as shown in the table below:
The transaction fees for all other MSCI derivatives are shown in the full version of the Price List of Eurex Clearing AG, available on the Eurex Clearing website www.eurex.com/ec-en/ under the following path:
Rules & Regs > Eurex Clearing Rules & Regulations > 3. Price List
B. Editorial changes to the rulebooks of Eurex Clearing AG in order to align with the current Eurex OTCClear Product List
During the previous rulebook changes of Eurex Clearing AG (OTC Clearing Conditions Chapter VIII and FCM Regulations Chapter II) for OTC Release 14.0, a drafting error occurred, such that Eurex Clearing AG's OTCClear Product List and the rulebooks were not aligned on the Floating Tenors.
Eurex Clearing AG offers the following floating tenors for IRS and Basis Swaps: 1M, 3M and 6M for USD; 1M, 3M, 6M and 12M for EUR. The rulebooks will be in line with these service offerings.
Moreover, the FpML code of the currency SEK (Swedish Krona) will be corrected from "SEKS" to "SEST" due to erratum.
To reflect the editorial changes, the following provisions will be amended as outlined in Attachment 1 and Attachment 2:
The amendments for topic B. will come into effect on 23 January 2023.
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:
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 + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Contact: | client.services@eurex.com | |
Related circulars: | Eurex Clearing circular 105/21, Eurex circular 122/22 | |
Web: | ||
Authorized by: | Jens Janka |
