A member of
Eurex Clearing
1. Introduction
This circular contains information with respect to Eurex Clearing AG’s service offering and corresponding amendments to the Clearing Conditions and FCM Regulations of Eurex Clearing AG (“Clearing Conditions”, “FCM Regulations”) regarding the following topics:
A. Introduction of the Czech Koruna (CZK) and the Hungarian Forint (HUF) Interest Rate Derivatives for EurexOTC Clear,
B. Editorial changes to the provisions for the clearing of the Czech Koruna (CZK) and the Hungarian Forint (HUF) Interest Rate Derivatives in the Clearing Conditions and FCM Regulations.
The amendments to the Clearing Conditions and FCM Regulations will come into effect as of 8 May 2023.
2. Required action
Clearing Members, who would like to clear products in the Czech Koruna (CZK) and the Hungarian Forint (HUF) Interest Rate Derivatives for the EurexOTC Clear market, are required to have the necessary bank infrastructure for the payments in the given currencies. For more setup related questions, please reach out to your dedicated Clearing Key Account Manager or send an e-mail to client.services@eurex.com.
3. Details of the initiative
As announced in Eurex Clearing Circular 007/22, Eurex Clearing has extended its clearing product offerings for the Czech Koruna (CZK) and the Hungarian Forint (HUF) products technically starting from 27 June 2022. Upon receiving the regulatory approval, Eurex Clearing is pleased to inform its Clearing Members that clearing services for the Czech Koruna (CZK) and the Hungarian Forint (HUF) products for EurexOTC Clear will be offered in the production environment starting from Monday, 8 May 2023.
A. Product overview
The Czech Koruna (CZK) and the Hungarian Forint (HUF) Interest Rate Derivatives which will be supported by EurexOTC Clear are:
B. Indices and tenors overview
The new floating rate indices and tenors are:
In connection with the introduction, please also consider the “EurexOTC Clear Product List” which has already been updated for the simulation and published, and will be updated for the production as of 8 May 2023 in the Member Section of Deutsche Börse Group under the following path:
Resources > Eurex Clearing > Documentation & Files > EurexOTC Clear > System documentation > Overview
C. Transaction fees
The fees for the new products can be retrieved from the Price List of Eurex Clearing AG that was not amended for the introduction of the new products.
D. 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:
E. Amendments to the legal framework of Eurex Clearing
The following provisions will be amended as outlined in the Attachments 1 and 2:
As of the effective date, the full versions of the amended Clearing Conditions and FCM Regulations 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:
Further information
Recipients: | All Clearing Members, all FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Related circular: | Eurex Clearing Circular 007/22 | |
Contact: | client.services@eurex.com or your dedicated Clearing Key Account Manager | |
Web: | www.eurex.com/ec-en/ | |
Authorized by: | Dmitrij Senko |