Amendments to the Clearing Conditions of Eurex Clearing AG due to the Implementation of Article 9 (14) of Regulation (EU) 2021/23 (“Second Skin in the Game”) - End of Consultation

1. Introduction

As announced and further explained in Eurex Clearing circular 088/22, 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 topic:

• Implementation of the regulatory requirement on a “Second Skin in the Game” (SSITG) stipulated by Article 9 (14) Regulation (EU) 2021/23 (CCP Recovery & Resolution Regulation). 

Eurex Clearing has received some comments that are bilaterally discussed with the relevant Clearing Members. As the received comments did not relate to the proposed amendments to the Clearing Conditions, Eurex Clearing continues with the wording of the Clearing Conditions as published in Eurex Clearing circular 088/22. Further, Eurex Clearing has not received any requests for the application of the Prolonged Notification Period.  

Therefore, all changes and amendments regarding the above-mentioned topic, as notified in Eurex Clearing circular 088/22, will come into effect on 12 February 2023.

2. Required action

Clearing Members, ISA Direct 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 088/22 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 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:
(according to Eurex Clearing circular 088/22)

1. Updated sections of the Clearing Conditions of Eurex Clearing AG 

2. Updated sections of the FCM Default Rules of Eurex Clearing AG
 

Further information