A member of
Eurex Clearing
1. Introduction
Effective 6 November 2023, Eurex Clearing AG will offer clearing services for new GBp (GBX) denominated Equity Total Return Futures (ETRFs) introduced at Eurex Deutschland.
In this context, the following measures will apply effective 6 November 2023:
Please refer to Eurex Circular 083/23 for detailed trading-related information, including fee classification and the related amendments to the Rules and Regulations of Eurex Deutschland.
Production start: 6 November 2023
2. Required action
Participants interested to trade ETRF/BTRF will need to fill in and submit the “Application Form for Participation in Trading/Clearing of Basket Trades Functionality” for the assignment of the ETRF product capacity and entitlement to Basket Trades functionality. The form will be sent to the participants via their Key Account Managers.
No additional registration is required for the participants already active in trading ETRF/BTRF. However, it is recommended that the participants analyze the potential impact front-to-back of the above changes.
3. Details of the initiative
A. Product overview
Please refer to Attachment 1 for the list of the new UK ETRF products.
B. Contract specifications
For the detailed contract specifications, please refer to Eurex circular 083/23.
C. Capacity Group
The new products will be included in the new C7 Capacity Group – "ETRF/BTRF-GBX".
D. Product group
Please refer to Attachment 1 for the product group of the new products.
E. Transaction fees
The transaction and maintenance fees for the new ETRFs can be retrieved from the updated sections of the Price List, as outlined in Attachment 3.
F. 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:
G. Amendments to the legal framework of Eurex Clearing AG
To reflect this decision in the legal framework of Eurex Clearing AG, the following provisions will be amended as outlined in Attachments 2 and 3:
As of the effective date, the full versions 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:
Further information
Recipients: | All Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients of Eurex Clearing AG, vendors, all FCM Clearing Members and other affected contractual parties | |
Target groups: | Front Office/Trading, Middle + Back Office, IT/System Administration, Auditing/Security Coordination | |
Contact: | client.services@eurex.com | |
Related circular: | Eurex Circular 083/23 | |
Web: | www.eurex.com/ec-en/ | |
Authorized by: | Jens Janka |