Amendments to the Clearing Conditions of Eurex Clearing AG – End of Consultation

1. Introduction

As announced and further explained in Eurex Clearing Circular 092/23, Eurex Clearing AG (Eurex Clearing) proposed changes and amendments to the Clearing Conditions of Eurex Clearing AG (hereafter: Clearing Conditions) regarding the following topics:

• A. Introduction of Euroclear SA/NV (Euroclear) as an additional securities collateral location.

• B. Extension of appropriation right with respect to pledged margin securities of defaulted Clearing Members’ CASS pledged client collateral, as well as to additional collateral location Euroclear.

Eurex Clearing has received no comments that led to further changes or amendments of the Special Provisions of the Clearing Conditions and no requests for the application of a Prolonged Notification Period. 

Therefore, all changes and amendments regarding the above-mentioned topics, as notified in Eurex Clearing Circular 092/23, will come into effect on 12 February 2024.

2. Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, vendors and other affected contractual parties should take the changes to the Clearing Conditions into account.

3. Details

Please refer to Eurex Clearing Circular 092/23 for more details.

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

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 – Amendments to Chapter I Part 1 Numbers 2.1.2, 2.4.1, 3.2.2, 6.1.2, 7.4, 13.3.1 and 17.2.4; Part 2 Subpart A Numbers 4.3.2.1 and 4.6.2; Part 4 Numbers 6.3.2.2, 6.5.2 and 6.5.3; Part 6 Subpart A Number 7.6.1 of the Clearing Conditions
• 2 – Appendix 7 to the Clearing Conditions
• 3 – Appendix 11 to the Clearing Conditions

Further information