Changes to the Clearing Conditions of Eurex Clearing AG: Change of GC Pooling Settlement Timing and changes related to the decommissioning of Xemac

1.   Introduction   

Change of GC Pooling Settlement Timing 

The start time for the settlement of non-same day GC Pooling Transactions in EUR will be moved from 10:00 CET to 9:30 CET. The Target Settlement Time will be moved accordingly from 10:45 CET to 10:15 CET.

Changes related to the Decommissioning of Xemac

In Chapter IV of the Clearing Conditions of Eurex Clearing AG (Clearing Conditions), a special provision exclusively related to the migration of GC Pooling Transactions from Xemac to CmaX on a dedicated migration date (i.e. 24 October 2022) and other references relating to the decommissioning of Xemac will be deleted, as they are no longer required.

Implementation Date: 15 January 2024

2.   Required action

Clearing Members will need to review their internal operational processes due to the change in settlement timing for GC Pooling Transactions in EUR.

3.   Details

Change of GC Pooling Settlement Timing 

Today, the settlement of non-same day GC Pooling Transactions in EUR starts at 10:00 CET, whereby the Target Settlement Time of those transactions is 10:45 CET. To provide Clearing Members cash back from terming GC Pooling Transactions in EUR earlier, the settlement timing for those transactions will be shifted from 10:00 CET to 9:30 CET. The Target Settlement Time will be shifted accordingly from 10:45 CET to 10:15 CET.

The settlement timing for GC Pooling Transactions in USD, GBP and CHF remains unchanged.

The settlement timing for GC Pooling Transactions executed in CTD baskets will also remain unchanged.

In this context, the following provisions of the Clearing Conditions will be amended as outlined in the Attachment:

• Chapter IV Part 2 Number 2.2

Changes related to the Decommission of Xemac

Chapter IV Part 1 Number 1.5 on changes to the settlement and collateral management infrastructure includes a special provision for the migration of GC Pooling Transactions from Xemac to CmaX on a dedicated migration date. As all GC Pooling Transactions were migrated during the migration from Xemac to CmaX on 24 October 2022, this special provision and other references related to the decommissioning of Xemac are deleted as they are no longer required. 

In this context, the following provisions of the Clearing Conditions will be amended as outlined in the Attachment:

• Chapter IV Part 1 Number 1.2
• Chapter IV Part 1 Numbers 1.5 (3), (6), (8) and (9)
• Chapter IV Part 3 Number 3.11

The described changes will become effective as of 15 January 2024.

As of the effective date, the full version of the amended Clearing Conditions will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:

Rules and Regs > Rules and Regulations > 1. Clearing Conditions

The amendments to the legal framework of Eurex Clearing AG published by this circular shall be deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects in writing 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.

Attachment:

• Amended sections of the Clearing Conditions of Eurex Clearing AG

Further information