Interest Rate Swap Futures: Discontinuation of clearing services for Interest Rate Swap Futures

1.  Introduction

This circular contains information with respect to Eurex Clearing’s service offering and corresponding amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and Price List of Eurex Clearing AG (Price List) regarding to the following topic:

• Discontinuation of clearing services for Interest Rate Swap Futures

The amendments will become effective as of 2 May 2023.

2.  Required action

There is no required action for the participants.

3.  Details

Trading of Interest Rate Swap Futures was suspended by Eurex Deutschland effective 27 January 2023. The Management Board of Eurex Deutschland took recently the decision to cancel the admission to trading for Interest Rate Swap Futures with effect from 2 May 2023. Eurex Clearing AG therefore will discontinue the clearing services for Interest Rate Swap Futures.

Please refer to Eurex Circular 027/23 for detailed trading-related information and the amendments of the relevant rules and regulations of Eurex Deutschland.

To reflect this decision in the legal framework of Eurex Clearing AG, the following provisions will be amended as outlined in Attachments 1 and 2: 

• Chapter II Part 2 Numbers 1.1.2, 2.1.2 and 2.20 of the Clearing Conditions 
• Number 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